Registered Company Number: 07267733 (England and Wales) Registered Charity Number.. 1136618 ON COURSE REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Russell & Co Chartere(l Accountants Station House Station Approach East Horsley Surrey KT24 6QX
ON COURSE Contents Pag• Chairnian's Report Our Objectives and Activities Achlevements and Performancg Financial Reylew Structure. Governance and Management Legal and Administrdtive Details Statement of Trustees Responsibilities 10 Independent Examinerfs Report Statement of Financial Activiti8$ 12 Balancg Sheet 13 Cash Flow Statemont 14 Notes to the Cash Flow Statement 15 Notes to tho Flnancial Statements 16 Detsiled Statemgnt of Financlal Activities 26
ON COURSE Chairman's Report On Course Foundation was founded thirteen years ago during the height of the Afghanistan conflict at a stage when our milit- ry actiVeS were daily fronl-page news and pictures of our fallen and returning wounded Servu personnel were regular feures on nightty telewsion broadcasts. Our missv)n was lo support tse who were injured in this and previous military campaKJns by usirKJ the sport of goff ds a vehIe to aid recovery as they each looked lo return to a normal lrfe after suffering what foi mans, were life<hanging initjries. Alongside their familEs, tw all needed to adjust to their new-found srtuation and to leam to cope with the daity drfficuttFes that they woukl now be facing_ Since 2010 we have bEen there to help them on theirjoumey through this pr$$ by introdLJcing a game into their lives wtriich many had never considered participating in before. Whilst the benefits of playing golf may be academically drfficuli lo prove, the IMpvernent in their physical 2nd mental strength along with the camaraderie enjoyed during the projramme of activi(ies that the charity deliveis makes it obvious that we are ab to offer a way out of the datl(ness and cree opportunities for a brighter future. "It has saved my lrfe. I slwggled to leave Ihe house with my PTSD and my anxiety was through the roof, but the OCF evenJS have helped me get back into s(uety through golf and its the only thing I ally enjoy in lrfe.. CP- Benefi¢iary since.. Following two drffIcu pandemic-f¢xussed years we have now moved on and enjoyed e1ve months in which we have been able lo deliver more a¢tivf(ies wrthin our event programme lo a larger number of benefiCiarS than ever before. The report that follows will provide the detsils on this and whilst fundraising has continuKJd to remain a challenge, we are confident and enthused about facing the demands made on us that Ite ahead. One of the most gratyiii g eyriences has been the support that the Charty has received from the beneficiaries themselves. Many have taken on a variety of inrti"atives to generate funds, raise awareness and incmsi! the profile of their charty. wanting to gwe back for the help that they feel they have received. None more so than the group that walked the length of the country last ju via I past and present Open venues to arrive at Sl Andrews on the eve of the 150kn Championship to be met by HRH The Princess Royal beside the 181h green - a challenge that ld on camaraderie and teamwork that had been such essential requirements during their military Carrs. th golf being the charity's ccfflerslone. we would not have been able to hleve any of this over the years wrthout the support of the golfing famity themselves. The sport has a history of coming together in the name of charity and wrth the game being front and centr& of everything thal we do. we are hugely grateful for the halp that we reCee from trx)th golf ¢lubs and their individL¢al members who consistently support US through their drfferenl fundraising initiatives_ Thank you lo everyone INho has worked so hard lo ensure that On Course Foundation remains bc*h relevant and successfvl so that we can continue lo provhde our serwces to those that need them. Kenneth D Schofield CEE Chairman of Trustees
ON COURSE Our Objectives and Activities The charrtable objectNes of On Course Foundation remain unchanged and are. To support the recovery of Service personnel and veterans who have a physical disability, suffei from a piysical or mental illness or who are in need of rehabilitatK)n as a sU11 of such disabiSrty or illns Ihroijgh the encouragement supwrt and provision of golf actvities. To assist their Jansrtion back to nom)al civilian lrfe by providing lrfe skills and employment training, facili181ing work experien placements and styjrcing both part-time and full-time employment opportunibes. Public Benefrt Statement On Course Foundation works to provKle support for wounded, injured and sick SeNice personnel an veterans through the sport of gow. The Trustees have consklered the Charty Commission's general guidance on public benèfft and have taken it into account when VIewIng the chaty's aims and objectives and in plann ng its f(rture activrties. The Trustees are satisfied that the aims of the charity arè carried out wholty in pursuit of ((s charitable aims for the public benefft. How We Achieve Our Objgctives As the only military eharity that uses goW to support Ihe recovery pathway and ongoing wellbeing of our wounded Serviee p>rsonnel and veterans, we play a vital role in this phase of the process as each l¢Joks to retum lo their previous milrtary career or transilion outside to a normal civilian lrfe. By providing go as an option, On Course Foundation Introdu a sport that helps to restore self- confidence and buikls sew-belief within an environment th promotes camaraderie as eath individual boks lo recover from their life-changing injuries. This is achieved by deliring a programme of nationwide gotf events that range from one day introductory sessions fcr beginners to residential gow skills courses fr>r the more advanc under the expert luf(ion of our PG,1 qualified teaching profe&8ionals. Supplemented wrth compelrtwe matches ainsl golf clubs and associations including the Amiy, Royal Navy and Royal Air Force as well as overseas warm weather training camps, this programme delNers a structured phway for each beneficiary to follow th81 improves not only their goIng ability but also their rehabilrtation and pwsonal welfare. W((h many looking to complete their recovery joumey from the military to a nomwl ciwlian lif& by finding employment, On Course Foundalh)n endeavours to source appropriate opportunrf(ies for them wrthin the golfing sector From hokling one-on-one interviews and career guKlance during events lo 8ttendan¢e at company 'insight days" lo learn about indwidual businesses, we aim lo identfy the different omployment opb.ons that may be $urtable and avaitabk for them as they look to rebuild their OurAims Going Forward Wlh sport playing such a wtal role in aidrng recovery. our aims remain the same. We shall continue to support each and every wounded Serv1Man, woman and veteran who requires our assistance by introducing the game of golf into their Iwes, growing the programme of events that form part o their recovery cycle and sour-ing employment ¢)pportunities for them wthin the industry in order to add financval security and a sense of puryxjse to their long-tem) future.
ON COURSE Achievements and Perfomiance 2022 was a year in which we were able to fully retum lo delivering our nomial activrties folkming a iwo-year period when the govemment restiictions impos&Y forced us lo adopt nthv initiatives to ensure that we could c,)ntinue lo serve our benefaries al a tume of nKJst need. We have looked to eons01idate our POSTtion across all key areas increasing the range of act1vil that we offer to beneficiaries to provide a support structure th* many have come to rely on. This sectK)n provides a summry of &tivities and rewews their impact and Ihe outcomes that were achieved. Membership There were 69 applicat ons for membership during the year with 30 teing receThied from veterans and 39 from eurrenl serying personnel awarting their medKal discharge. Of this number 46 were suffering from some form of physical injury whilst 23 experienced mental health issues. The new irrtake of members indudecl 2 females taking their total representation to 32. In a continued effort to ansuie GDPR C(¥npIian we have removed those individuals from our membership datsbase iNho have not participated in any OCF activ"e$ for a signrfi¢ant period of lime or responded to our various communications. PeTsonal infomation rs no longer retained in accordance with our GDPR Register of Systems and Ihks action ha% resulted in 77 individuals leaving the Foundation. Al 31 March the total number of beneflarIeS St¢X * 905. Wrth over haW of the nem members experiencing the game for the first time, joining On Course Foundation not only introduces golf as playing an integral part in their recovery program bul also represents for many the beginning of a lif&long asscciation wrth the sport. Events We delivered a programme of $2 events during 2022 that were attended by 664 benefick8ries. Figures that represent the largest number of activit$ and hNJhest attendance that the charity has ever achieved as we kx)ked to extend the geographtal boundaries of our event programme into new rlon$. For the first linie we visited Northem Ireland stsging three events and attracting strong support encouraging us lo Ik at increasing our presence there over the next e1Ve months. After making Scotland an area of focus for our event prcyJramme we wefe able to hold 9 events north of the border which were attended by a total of 87 benefiC[S and included 3 of our flagship two-day residential GOW Skills and Employment Courses. After a gap of three years we were ab to wntroduce Ouf Wami Weather Training Camp held in Orlando. Florida when tLan of our beneficiaries travelled for a week of intensive coaching alongside their counterparts al OCF USA. The camaraderie shared between the groups and the experiences gained froni the trip ensure that this is a highty posilNe and Valuab element in the recovery pathway for the individuals involved. With matches against the vari(S Services and specific coaching days directed towards both introductory and elitè groups, the year's programme offered beneficiaries at all drfferenl levels of ability the opportunity lo be inVoe and benefrt from the charitable activities provided.
ON COURSE Changes of personnel and restrucbjring at the various Personnel Re(x)very Centres and Units meant that we were able to stage fewer events than had been inrtialty scheduled with these facilrties reducing our opportunity lo showcase the charty to serye personnel attending as part of their habilitation programrne prK)r to diharge. Tradi(ionalty this has aKvays been a sliong Sour for attracting new membe1"5 and it is hopa that our activities will retum to prewous levels wrth these bcations shortty. Employment 11 was a quiet year in terms of employment actNity continuing the recent trend of beneficiaries showing 8 redUd leval of interest in taking up posilions wtthin the go industry. Various reasons can be attributed to this and whijst the MOD have an increased focus on retenbon rather than discharge, those that a transitioiiing out of the milrtary are being offered far greater resetuemenl support and career guidan¢e now on the drfferent options available. Whilst working in the gotf sector may be one of them- for many it is not. One of the highlights was CravJe Hume's appointment as General Manager ofworlebury Gotf Club in Somersel and becoming our first benekiary to lake such a leading management role in the industry. Having supported CraiiJe through his GCMA Diph)ma Course to gel the necessary edtJcatK)nal qualifutions, we can be iustifKably proud of playing a part in his career achievement. In totsl during the year we placed 34 benefici?ries into a variety of employment arKI educational training positions which fell wthin the following Catege$." Full-time Empl¢)ymenl Part-time Empk)ymenl Volurtary Work ExperierTrce Exterial Courses 18 We a fortunate in that many golf clubs approach us with the offer of potential employment opportunibes for our beneficiaries. however too often geographical restraints pLgy a part in u$ not being able lo take advGnlage of them- due eithe¥ to a lack of members residing in the locab.on concemed or low level of interest in employment from those that do. Members Actlvlties Juty saw over fifty of OLr beneficiaries working together on an inrtiative of their Q•¥n making to raise fvnds for the charity around the 150th Open Championship. Over a period of three weeks, members walked, ran, cycled ancl even swam in relay frorn Royal St George's Gow Club in Kent visiting all 14 past and present Open venues before arriving at St Andrew5 on the eve of the Championship. After o of our beneficiaries walked up the 18th fairway along5Kle Tommy Fleetwood, they were then greeted by the Captain of the R&A and HRH The Princess Royal beside the green in front of the crowded spectator stands. The annual Simpson Cjp match against our counterparts at On Course Foundation USA is held to raise awareness and sèlves as a fundraiser for the h¢Jst country. Thirteen members from each of the o charlties compete i i Ihe"Ryder Cup. style event over tsvo days showcasing the faet that golf provides the opportunitrj for indiwduals of all different ab51rt and disabiif(ies lo play against ea¢h other competi(ively thariks lo rts unique handicapping system. Whilst nomialty slagecl on an af(ernaling home and away basis, the 2022 edrtion was again held in America al 8aKusrol GOW Club, New Jersey and followiig a recent run of USA successes, the GB team managed to come away wf(h a convincing 13.5 to 5.5 vttory lo levd up the series at 5 matches each.
ON COURSE Fundraising and Supporter5 Revenues are principally derived from th main sources- frcm supporter donations, grants from trusts and foundations or from the gow eommunty itself thanks ef(her lo the support of individual golf clubs or from our own-undraising inTtLives. Having relumed to a period when one wjld be confhlent that planned aCtive$ would aclualty take place, in April we slagLxl a two-day fundraising event wrth the support of Royal Sl George's and Princes Golf Clubs. Ten teams of four enjoye(f 36 hoFes over these two iconic courses and attended an auct)n dinner in the Royal St George's clubhouse during the evening beeR the two rounds. Its success has led us lo plan further exclusive events for our Supporte in the fthure. Our annual fundraising event at Skipton GolF Club saw rnany of our beneflarieS joining teams of membefs and friends trelping to ra15e sbJnfficanl sums and we ale hugely indebted to David Rasche who is one of our bgest supporters for continuing to organise this event to benefft us exh year. 2022 saw the end of OLir seven-year relationship with the National Golf Club Challenge. during whKh time Stacey Jeffn"es and Matt Leighton have worked hard to raise signfficanl funds for us from their nationwide online aucti)n. We have now brought this initiative in-house under our own OCF Auction banner with Stacey continuing to W the proieet on our behaff. Much of the revenue derived from the golfing community comes from being designated as the benefitting charity by clJb eaptains during their year in office. We are hugely grateful lo them which not only provides on important souree of revenue for us but also helps raise awareness and the Profile of the charity amongsl-.heir members. Special mention must go to our beneficpry, Kale Surman who as Lady Captain of The Springs. t¢)gelher wf(h the Men's Captain raised subslanlial funds for us during the year. Vffth individual donors and grants received from Trusts and Foundations becoming an increasingly vital source of revenue helpn9 to underpin the financial stability of the tharity, we would wish to make special mention of the f?Ilowing.' The Armed For¢es Covenant Fund Trust The Sinclair Chartty The Charles Skey Charitable Trusl David and Diane Ras¢he The Team Am'l Sports Foundation The Royal FO Benevolent Fund The Joseph anil Lilk8n Sulty FOUndatn The Veterans Foundation The National G,JW Club Challenge The Simon Gibson Charrtable Trust FB Coates No4 (Famity Trust) Charles S French Charrtable Trust The Hobson Charity Trust The Edrth Murphy Foundation The Nath)nal Lottery Community Trust The Am)y Central Fund ABF The Soldiers, Charity The Red Arrows Trust The Poslcode Community Trust The Awred Dunhill Links Foundation The Royal & Ancient GO Club Ryder Architecture The Hugh Fraser Foundation Houghlon Dunn Charitable Tfust On Course Foundation ,-.arries out fundraising activsties through its own team of in-house dedicated staff and relies on voluntary 5UPPOrt from the wider gojfing communty to ger*rate revenues thfough rnember events wf(hin their individual clubs. Vve look lo ensure th81 ive comply wf(h the General Data Protection Regulations and follow the Fundraising Regulator's Code of Fundraising Standards al all times and have ceiVed no formal complaints in relation lo our fundraising activities dunng the year_
ON COURSE Financial Review General Perfonnance During the mon=hs under review the chanty incurred a loss of £51,753 and follows on from the previous two years in vihich we also recorded deficrts of £22,566 and £44,755 SpeCtety. sin the outbreak of the pandemic we have SLrffered a £119.074 reductM)n in the level of our retained reserves reflecting the damaginJ( impact that Covid-19 has inflicted on the ¢harrty's finances. Income for the year tolalled £552.297 representing a small increase on the prwous fvIee months figure of £529.184 and whilst we saw an improvement in the amounts generated from our various goLf fundraising activities, revenues from indNidual donatk)ns atjng wrth grants recewed from trusts and loundalk?ns declined ir comparison to the year before. GOK fundraising revenues increas&l by 21% to a figure of £236.328 compared to the previous year and whilst this total is still well below the amounts that were achieved pre-pandemic, the outbok is encouraging with $ome excrting new fundraising initiatNes bwng planned for the future. Income from individual donations and grants reVed from charitable trusts declined by £24,952 10 figure of £300.729 in comparison to the previous year. AKhough our grant revenues from trusts and foundations actually rose by £41.993 year-on-yeaf, this inciease was ouiweighed due to the dip in voluntary income from ndNidual supporter donations whKh totalled £33,626- down from the £100,571 that had beer) recewed the year before. Expendf(ure on charitah activities, raisirwJ fttnds and support costs anUnted to £582,298 which represented a 7% increase over the previous yearfs figure and was predominantly due lo our spend on charitable actNrties I"ising ty £22.019 on account of the greater number of activities that we were able lo deliver lo beneficiaries. We conlinue to monitor support costs careftjlty to ensure efficiencies and savings are made iyherever possible. DireLt fundraising costs account for 2p of every £1 of revenue raised. We suffered a net Ioss i)f £21,752 on our investments during the twefve months reflecting the market value of the portfolio at yearond. Investrnents Following th& 608rds d6rision in 2021 th the eharrty shoukl invest some of its cash resetves, a review of the various OFtions available in the market was Concluded wrth hyo investment managers appointed. A pooled fuiid approach was adopted in accordance with our Investment Policy and assets currenlly held by the two funtj managers al yearond We valued al £219,726. Funds managed by BlaithR¢xk are held in the Amied Forces Charities Growth & Income Distribution Fund. The value of investments in this fvnd at 31 March 2023 was £132.634 having declined by £15.834 over the fvjelve months whilst we retsived £5,042 in distributh)n income during the period. Funds held with JM Finii are invested in their CSI Growth Accumulion Fund and at yearnd were valued al £87,090 which was £5.918 lower than the year previousty. World events over the past fvIee months have created uncertainty and vojalility in the matets and current valuations of the portfolio reflect this. Risk Management The trustees have overGII responsibilty for the management of risk in the charity and regularty review policies at each Board Nleeling, amend where necessary and update.lo reflect current practice. Major risks are mon(£ored according lo their probability and potential impact on the charty to ensure that systems are in place 1¢ Initigale exposu lo such dangers.
ON COURSE The signfficanl areas cf risk that the charity eurrentty faces are". Financial- duè lo the Unpredictab nature of its income generation. We continue to loc4(10 source new ard aliemative fundraising opportunities. Safeguarding .. ensuring that the highest standards are rroinlained in order to protect both beneficiaries and staff. The charity has strong internal controls in pLace to prevent financial k)ss and lo guard against any potential reputstional damage. Reserves Pollcy Reserves are held lo ensure that we can continue to delNer our charitable activrf(ies in the event of a downturn in income. Tlie trustees have considered the guidance issued by the Charity Commis$ion ancl detemiined that to protect and meet its obligations, a tsrget Ve1 of one year of operating costs should be retained to Frovide stsbility and rtaInty that these objexlives can be met. The deficrt for the year of £51.753 has resutted in the Charities reserves falling to £353,626 al 31 March and is a figu that is telow the target level set by the trustees. The resurts of the last Ihree years Sin the outbredk of the pandemic have had a maior impaci the levd of our retained fund5 however the trustees feel that the reserves held are within acceptable parameters of the current pdicy. There are no reslrictgj fvnds held at yearend and all reseryes are therefore freely available to support the general ob ectives of the chaiity. Going Concem The Board are satisfied that On Course Foundation can continue to operate as a going concem having taken into consider8tvJn Tts level of reserves, oper*'ng challenges on income. delivery of charrtable a¢tivrbes and future commitsnents.
ON COURSE Structure, Governance and Management The charity was incorporated on 27 May 2010. registergj wrth the Charty CoMmissn on 28 June 2010 and launchgd al the Royal Household Golf Club on 2 JlI 2010. The following sections explain how the charty is govemed and Manag.. Govemance The charty currentty has a Board of six Directors. all of whom are tteeS of the charity. The Board aims lo meet three ¢y f?ur times a year. FomiJ minutes are taken and papers ar8 circuLated before each meeting. The charity seeks to apwinl trustees wth a broad range of skill-sels and backgrounds and the clFenI make-up of the Board provides a cross-seetK)n of expernce within the goW management. military. medical and commercial sectors and i% well represented to fulfil all i(s spOnsibl1111es. Further information on the trus-.ees is prowded within the Legal and Admini5tralNe Details section. There are currently no standing sub-cc¥nmrttees of the Board. A51 Iruslees are issued wf(h the Charity Commission guidance documents covering their roles and responsibilities and rehjvant govemance updates are available as and when required. All trustees have signed a Trustee C(xle of Conduca Polw. Management The day lo day management of the charty L8 deleged to the Chief Executive who is responsible for •mplemenling the polioi and Strateg direction set by the Board. Regular communication btheen the parties ensures that key decisions are acted upon and delTvered. The remuneration of the Chief Executive is detemiined by the Board. The employee roster ¢i)nsists of four full-lime members of staff supported by a part-time b(x)kkeeper alongside work experience and other staff who are taken on as and when required_ Recommendations on staff salaries are set by the Chief ExecutNe and present lo the Board for approval. Trustees are not remunerated for their role. however reasonab expenses are reimbursed when incurred whh a directly related to their duties. The charity does not Current make any direct u of vdunteers.
ON COURSE Legal and Administrative Details This is the thirteenth N nnual Report of On Course Foundation and cover5 the periDJ of hvelve morrths from 1 April 2022 to 3- March 2023. The trustees who are also Directors ofthe charity for the purposes of the Companies Act 2006 present this report wi(h the financial statements of the charty for the year ended 31 March 2023. Registered Company Number. 07267733 (Engtand and Wales) Reglstered Charty Number: 1136618 Reglstered Office: 28 FaIaff House Bardolph Road Richmond Surrey TW9 2LH Founder and President: John S Simpson MBE Trustees: Kenneth D Schofield CBE Ichairmanl Neil C Coles MBE Dr Timothy J K Leonard Gillian M Faldo Sir Andrew Gregory KBE CB DL Charfes Michael Lake CBE LVO Chief Executive: Alistair J B McKay Forbes Bankers Coutts & Co 440 Strand London WC2R OQS Independent Examiner of Accounts Russell & Co Chartered Accountants Stathjn House Statk)n ApprOh East HOrsY Surrey KT24 6QX
ON COURSE Statement of Trustets Responsibilitles The TrpJstees (who ar* also the directors of On Course Foundab"onl are responsible lor preparing the Annual Report and IhE Financial Statements in accordance with appl¢cable law and Unrtèd Kingdom Accounting Standards IL•nited Kingdom Genelalty Aec•pted Aecounting Pr8cticel. Company law requires the Trustees to prepare financial ststements foi ea¢h financial year which gNe a true and fair view ol the state of 8ffairs of the Charty and of the incoming resou¥ces and application of resources, includtng the ineorne and expenditure of the ChaTty for that period. In preparing these financial statements, the Trustees are requited to.. Sow surtable auounting poIleS and thèn appty thèm consBtenty. Observe the rnethijfss and pnnp1e$ In the Charty SORP. Make judgements and ests"mat8s that are reasonable and prudent Prepare the fina al statements on Ihe going concein basis unless it is inappropriate to presurr that the Charty will continue in business. The Trustees are respnnsibEe for keeping proper accounting records whh dis¢k)se wrth reasonab18 accur8¢y at any tsme tr e financial pOs0Th of the Charty and to enable them to ensure that the financial statemallts cotTh)ly with the Companies Act 20L_ They are also re$ponsi?le for safeguarding the assets of the Charity and he fortaking responsible steps forthe preventiori of fraud and other irregularrties. Thn8 report has been pi"eparèd in accordance wth thè specral piowsions of Part 15 ofthe Companies Act 20(XS relating to small ¢ompanies. Approval Approvèd by the Board ol Trustees on 25 Septèmber 2023 and sb3ned on its behalf by.. Mr Kènneth Schofièld C BE Chairrron of Trust¢•s 25 September 2023 10
Independent Examiner's Report to the Trustees of OD Course Foundatio Independetlt tAminer's report to the trustees ofon Course FoundatiOJI ('the Co]nwny'} rep)rt to the charity trustee> on my examination of the ac¢ounts of the Company for the year ended 31 March 2023. Responsibilities and bssis (>f report As the ¢harity's tn15tees of tF e Cornpany {and also its directors for the purtx)se5 of company Saw) you are $nSIble for the preparation of the accourits in acwrdance wilh the requirements of the Companies Act 26 {he 2006 Aci'l Having satisfled myself thai the accounts of the Company are rKTrt requiFed io be audited under Pan 16 of the 2006 Act and are eligible for indepen<lent examination, I retK)rt res[1 of my examination of your charity's accounts as carried out under Section 145 of th: Charitie5 Act 201 I (Ihe ?01 l Act'l. In carrying oui my eXaMiatIon I have followed the DiTECtions giveTh by the Chariry CotnEnission wider Seaion 145{5) (b) of the 2011 Act. Independent eyamintr's st&temeDt Since your charity's gross irtome exc¢ed £250.0(KJ your examiller must be a Tnemb¢r of a lisied tM)dy. I can confirni Ihat l am qualified to undeTtake the examination because l am a member of the Institut¢ of Charted Accountants in England and Wales, which is one of the listd Ixmjies. I have completed my examir*ion. I coTrfimi that M rnatteys havecometo my attention in tonne¢tion with the examination giving me ¢&use to believe: aceouniing records i¥ere not kepl irt reS¢t of lh¢ Company as required by Section 386 of the 2006 Act. or the accounts do not Jccord with those records: or the acc4)unts do noi comply wilh ihe accounting requir¢m¢nts of Section J96 of ihe 2(K)6 Act oiher than any requirement thAtthe accounts give a and fasT view which is Th)1 a rnatter ¢on5idered as part of an independetlt examination; or the accounts have not been prepared in a¢¢ordanc¢ with the methods and principles of th¢ Staternent of Recornmended Prdctice for ac¢ouniing and ieponing bv ¢hariiies lapplieable to charities preparing thcir accounts in accordance wilh ihe Financial Rep)rting Staodard applicable in the UK almi Republic of Ireland {FRS 102)). I have no ¢on¢erns and hav¢ come acn)ss Do other matttTS in corcct10rt with the examination to which attention should be drawn in this report in order to enable a proper understhnding of the to be reached. Andr¢w Rus The Institute of Chartered tkccouniants in England and Wales Russell & Co Station Elouse Station Approach East Horsley Leatherhead SUeY KT24 6QX Date.. Page 11
OTr4 COURSE FOUliDATION Statement of FinAn¢ial Aoivities for the YeAr Ended 31 Ma rch 2023 2023 UDf¢5tricted fund 2022 Total funds Notes INCO,ME AND Er1)wMETs FROM Donations and legacies 546121 526,223 Investment income 2.961 Totsl 552297 529.184 EXPENDITURE ON Raising funds 12.727 11,492 Charitable activities Golf skills and employment tfdining her 381,659 359,640 187.912 172096 Total 582298 543,228 Operatin8 Loss (30.001) {14.044) Nei gainslllosses) on investffients NET INCOMEI(EXPENDI'fuRE) (51.753) (22.5661 RECOYCILIATION OF FIINDS Total futtds brought fonvard 405J79 427,945 TOTAL FUNDS CARRIED FORWARD 353.626 405.379 The notes form part of these finan¢¥ai statements Page 12
ON COIIRSE FOIJYDAThON Balance Sbeet 31 M$rth 2023 2023 Total fund$ 2022 'lotsl ¢$ FIXED ASSETS SoL"ial illvestmwits 14 219.726 241.478 ctrRRENT ASSETS DebioTS Cash at bank" a#d 15 66 265.745 76,143 241 382 332,029 277525 CREDftORS Allt5 fdbM8 withill i)ne l.ear 16 (198,129) 1113.624) NET cuRREr A&%ETS 133. 163.901 TOTAL ASSETS LESS CIJRRENT LIABILITIES 353.626 40i.379 IYET ASSETS 354.046 4ai.179 FUNDS Uwestrictd fun(ts 18 353.626 4115.R79 TOTAL FufiDS The ¢ltsritable Losnpalli. is eJitit]yJ to eKeTllPtion from alit s1]0 477 of the Comp4mies Aci for the v¢>r eudtrj 31 Mar¥"h 2023. The ni¢nitrft5 h81"e not requiied the co[[EI. to obtain m A]it ot" its fin¢]] statanetlts for the Lithd ?1 March 21)21 in acc()rdan section 476 of the ComtonitsAct 21M)6. Th¢ trus3 aLknol¢8¢ IhirrwnsJTr>ilis for (al sunng thal the chlb]e kJS a¢eothJtillg rttotds that torDpty SOn$ 186 ajxi 387 ot the Companies Act 2(Itk5 md prcpllring funCIal s&. lunents Mhtch give and faIr•.0ftht ate o(atTairs of the chwt(ablecompans" as al die Lnd of Lacli tLiancJal and o( its Ststplu¥ or defjcil (or (h flliartciaj Tr.r aciorJallLe w.ith IWIUTements of Sthliilljb 394 anKt.?9i attd Iitii¢h otheryiise io]nph the Iwuirettieutsof the COM5 Act 2006 rllabng to ttnanLial stateM¢ll so faras app]icabk thechaJitsNe¢Omw.'. Ibl The fllwiLidl sknl¢mellts' tTL" apwJi'¢d b} the EJo8DJ ofTnJst¢ts and awh0iij i.or 25 wete SLgnedoJi its behaifbv." Sepkjnber 1023 a K D 8chofield_ Trustee ThrN rAge does not forni p&t ofthe StsDJion' financial 4al¢ments Pa8e I
ON COIJRSE Fouf¥DATION Cash Flow Statement for the Year Ended 31 March 202J 202) 2022 Note5 C#$h flows fry)m oper#tlllE aetivitses Cash generdtrd from opeMii)ns 18087 78 548} Net c&sh providd by/lused in) opeming a¢tivities 18J87 78 548} Cash flow$ from investing activities Pllr¢hase of social investments Interest received (250,000) 2,961 5.476 Net cash provided byllused irn) investing a¢tivities 247 0391 Change in casb c5h equivAlents the reporting perlod Cash and ¢$h equivalents .4t the beginning of the reporting period 24J63 {325.587) 241 J82 Cash and cgsh equiv#lents Jt the eDd •f the reporting perlod 265 745 241.382 The rtote$ ftirm part of these finaTKia] statement5 Page 14
ON COURSE FOUIYDATION Notes to the Cash Flow Staiement for the Year Evded 31 larch 2023 RECOIYCILIATION OF NET EXPENDITLRE TO YET CASH FLOW FROM OPERATIYG ACTIVJTIES 2023 2022 Net expenditure for the reporting peri (as p¢r the Ststement of Financial Activities) Adjustments for: Losses on investmenis Jnterest received Increase in d¢btors Incre&selld¢crease) ir creditors (51 J33) (22,566) 21.7S2 (5,4761 130.1411 84.085 8.5?2 1?.961} (23,738} 37,805 Net cash provided byl{used in) operxtions 18J87 78,5481 ANALYSIS OF CH.INGES NET FUNDS At 1.4.22 Cash flow At31J.23 Net cg$h Cash at batlk and in hand Z41 J82 24J 265.745 241JS2 24J63 265.745 Total 241 JS2 24J63 265.745 The notes form part of these r1naTtci statement5 Page 15
ON COURSE FOUTr4DATION Notes to the Financial Statements for the Year Ended 31 March 2023 GENERAL INFORMATION The Charitable compimy i$ incorporated and domiciled in the United Kingdom. The addres5 of its regi51ered office is 28 Fa]staff House. Bardolph Road. Richmond. Surrey. TW9 2LH. The registered numbeT of the company is 0726773-' The registered number of the charity is 1136618. The financial irtfomi<ttion presented Ès for the year ended il March 2023 and 31 March 2022. The infonnation is presented in sterlin Accour(riG POLICIES Bssis of preparing tl)e finAn¢il statements The financial statemEnts of the ehatitsble company. which is a public benefjt entty under FRS 102. have b¢en prepared in accordan:e with the Charities SORP ffils 102)'Accounting and Rwrting by Charities.. Siai¢metti of Recommended Praetice appli¢able to charities preparin8 their ac£ouThis Ln accordance with the Financial Reporting Standard ai)plitable In the UK and Republie of Ireland (FRS 1021 (effective l January 2019).. Financial Reporting Standard l J2 The Financial Reporting Standard applicable in the UK and Repllblic of Ireland, and the Companie5 Act ?OOI). The financial sternellt5 have been prepared under the hisiori¢al ¢osi ¢onveniion. as modified by the revaluation of certain &¥sets. 4} Going ¢ott¢ern b¥$i$ The "Reserves Polic) and Goirtg Cortcern" section of the rnstee5' TerATrrt sets out various considerntions relative to the going ¢oncem position of the Charity artd explains why the mjstees eontinue to adow the goit)g concern basis in preparniion of these financial $eMen bl Significant judgejnettts and ¢stimaies The trnstees considcj. that th¢re art no ar of judgement or estitnation whÉch MtriallY affect the financial statements. Income All income is recogn sed in the Ststement ofFir)athciai Activities once the charity has entitlement to the funds. it is probable that the ircome will be received and ihe atllount can be measured reliably. Voluntsry income is Y¢¢ived by way of dOl0S and is included in full in the Statement of Financial Activities when receivable. Other income in re5PXkn t of Services provided 15 rec1$¢ when. and to the extent that, rfonanCC occur5 and is me&sured at the fair value of the considerdiion receivable. Inie¥est on rtd$ held on dep)sit is included when receivable and ihe amount can be measured reliably by the charitable company.-this is normally urybn notification of the inieffsi w4id or payable by the bank. Expenditure Lsabilities are recoyiised &$ expenditure as 5(K)n as ihere is a legal or constructive obligation committing the ¢hariry to th expeniliture. it is probable a transfer of econotnic benefits wtll be required in Settlement and the amount of the obligation can be measured reliably. Expenditute 15 attounied for on an accruals basis and has been ¢lassifi¢d unde.. htrddit)gs that aggrega ail cost relatrd to the ¢t80ry. Illhere eosts cannot be directly attributed to particular headings they have been allocated to activiti¢s on a basis consistent with the use of resourG¢s. [r)verable VAT iq charg&4 &5 a cosr against the activtty for which ihe expendan]re was ineurred. Ch#ritsble activitie Charitable expenditut comprises direct and 5UPP)rt o)sis_ Direct costs relate specifically 10 the delii'ery of golf skills and employmejit training. Supwrt Costs are those costs that, whilsi necessary to deliverthe activity of golf skills and employmeiit trairting, do noi themselves produce the output of the ¢harithbl¢ activity. Page 16 continued...
ON COURSE FOUNDATION Note5 to the Fallancial Stgttments- eontinued for the Year Ended 31 March 2023 ACCOUNTING POLICIES- coTrtlDued Govern&Dee costs Governan¢e costs inc ude compliance with Constitution and stOry requireMts. Allocation and APtM)rtionmeNt of costs Support costs include all those overhead costs of office, ulility rViceS and other serwites and ¢ost& which ar¢ in support of the activiti. They have been allocated to attivity cost categories on a basis ¢onsisient with the use of resources. Tangible fixed AsseL& Depreciation is provided at ihe followin8 annual raies in orderto write off each asset over itscstlmed useful lift. OtTice equipment - Straight line over 3 years Tgxatio The charity is exempt from ¢orp)r&ion t&x on its charitsble activities. Fund xceounting Unrestricted funds ¢wi be used in cordan¢e with the charitable objectives at the discretion of the trustees. Restricted funds can ctjly be used for particularresth¢ted purrK)ses within the objects of the charity. Restrictions arise when specifi¢d by the dO[r or wh¢n funds are rald for particular r¢siri¢ted pu[se5. Further explanation o-.the natur¢ anil purpose of each fund is includa in the noies to thr financial ststements. HRr¢ pureltase #Dd I$n¥ ¢ommltmettts RetLla15 pasd under OFieraiing le&ses are eharged to the Swement of Financial Aetiviiies on a straight line b&fjis over the period of the lease. Pensi(bn COSt$ other post-reiiremeNt benefits The eharitable CoMp]Y operes A deflned eontriblliion pet)sion scheThe. Contributions payable to the ¢haritsble company's pension sc.ieme are charged to the Stataneni of Financia] A¢iiwities in the period to which they rela_ Finncial instrurntn Th¢ ¢harity only h&5 1 inancial in5trurnenis of a kind that qualify as basic financial instruments. Basic finart¢ial instruments initially recognised at transaction value and subsequently measured at their s¢ttl¢ment Vuc. Cash at b*k Cash at bank inelud¢s bank dew)sÉt aceollnts and is measured at traCtIon price. Debtors Trade and other debtory are Tgnised at the settlemet)i amount due. Prepaymentsare reeognised at the invoi¢ed cost pr¢paid. Creditors cditOrS are re¢ognised when the charity a psent obligation resulting from a p&st event that will probably result in the transfer i)f funds to a third party and the amount due to settle the obligotion can be measured or estimat¢d reliably. Creditors are nornially itgnISed at the settlement amowit. Pag¢ 17 continued...
or4 COURSE FOUNDATION Notes to the Financial StatsmentS- Colltittued for the Year Ended 31 March 2023 tK)r4ATIONS AND LEGACIES 2023 2022 Ik)nations Gift aid 541,981 4.840 521 ?72 4,951 546021 526,223 INVESTMEi4rt INLOME 21123 20?2 tkposit account inteiE5t 5.476 2,961 RAISING FUNDS Raising donations *Rd legacies 21123 2022 Fundry4ising ¢osts 12.727 11.492 CHARITABLE ACTIVITIES COSTS Golf skills and employmeni training 381.659 DIREcf COSTS OF CHARITABLE AcfiviTIES 2023 2022 Delivery co$ Staging costs 262,912 118747 261,504 98.136 381ffj59 359.640 Page 18 Continued...
ON COURSE FOUTr4DATION otes to the Finantixl Stttments- contillD¢d for the Year Ended 31 March 2023 SUPPORT cosrs Governance cost5 Management Totals Golf skills and emplc,yment tia¥ning 183.292 4,620 187,912 Support ¢OSts, in¢luded in the alxkve. are as follows= MAngemtnt 21123 2022 Total activities Total aciiviiies SalaTies & managemeni Pensions Office reNt Rates and water Insurance Lighi and heat Telephone Postage and s¢ation¢iy Sundries Car parking Sub515tence Clothing Computer costs & website Bookkeeping clning Offjce maintenance Subscriptions Forei exchange di-.Terence lo5.(0 4,740 37.980 5,128 4,644 2J53 3.011 103,%M 4,6211 37,9811 5331 3095 lJ32 2JlS 1,262 445 654 391 17,492) 4,984 6J85 645 348 91 10 5,408 7.170 2.000 3.147 854 74 J08 14 167,896 Page 19 continued...
ON COURSE FOUNDATION Notes to the Financial St•tÉ.rn¢nts- CODtived for the Yvdr Ended 31 i¥lareh 2023 SUPPORT cosrs- continued Govern40¢e ¢o$ts 21123 Other resources expertded 2022 Tot a¢tivitie5 Independent examtner's fee 42110 NET INCOMEI(EXPENDITURE) Net incomeJ(expendiiurel is ststed afterchargintylcreditingl: 2023 2022 Other operdtin8 leases 37,980 i7.980 Independent examiner- independent extTnination 4,620 4,?00 TRUSTEES. REMI'NERATION AND BENEFITS There were no irnstee's, reTnuThcration or other benefits for the year cndcd 31 March 2023 Tror for the year ¢nded 31 Mar¢h 2022. Trnstees. expenses DuTing the year. the trustees and rhe de fa¢to tTUSiC¢ charged trusrees. expenses of£0 {202I £0) in trspeclof travel. subsistence and other costs incuned Whil undertaking charitable aciiviiies. STAFF COSTS 2023 2022 Wages and salaries Social securiiy costs Other pension costs 284,800 26,112 4.740 281,500 29.204 4.620 31S652 315.6?4 The averdge monthly nllmber of employees during the year w&$ &$ follows: 2023 2022 Stsff (hhers Page ?0 continued...
ON COURSE FOUNDATION Noies to the Financial StateTnent5- continued for the Year Ended 31 March 2023 12. COMPARATIVES FOR THE STATEMEYT OF FINcIAL A1vITIEs Unresiriaed fijnd Ir4coME AND ENI)OWMENTS FROM Ik)nations and lega¢i# 526223 Investsneni income Total 529 184 EXPENDITURE ON Rwsing fvnds 11,492 Charitable #etivitie5 Golf skills and emplcyment training 409,140 Other 122.596 Tot81 543228 Net gain{lOsSeS} on investments NET INCOMEI(EXPEI%DITURE} 122,5661 RECOYCILIATIOiY OF FLPIDS Total funds brought lJn¥ard 427,945 T(YfAL FUNDS CARRIED FORWARD 40i.379 13. TATraGIBLE FIXED ASSETS OtTic¢ Equipment COST At l April 2022 and."Jl March 20?3 42 DEPRECIATION At l April 2022 and.ll March 2023 42.854 IYET BOOKVALUE At 31 March 2023 At 31 Mar¢h 2022 Page21 continued...
ON COURSE FOUNDATION iotes to the FinaThciY41 Statements- tontinlle ror the Yeor Ended 31 March 2023 14. SOCJAL INVESTMENTS Other investments MARKET VALiiE Ai l April 2022 Revaluations 241,478 21752) At 31 March 2023 219,726 NET BOOK VALUK At 31 Match 2023 219.726 At 31 MaTch 2022 241,478 COM or valuation at 31 March 2023 is represented by.. Other investments Valuaiiorl in 2022 Valuation in 2023 241.478 219,726 DEBTORS 21123 2022 Amounts falling due-within year= Other debtors Pr¢payments 29527 32,757 427 31.716 62284 Amounts falling due.ifier more than one year. Other debtors 4.000 4,000 Aggr¢gat¢ amounts 66384 36,143 Page ?? continued...
ON COURSE FOUNDATION Notes to tht Financial Stattments- continued for ihe Year Ended 31 March 2023 16. CREDITORS: AMC)UYTS FALLING DUE WITHIN ONE YEAR d Inctsme 2023 2022 Balance broughi fon4ard Amounis released io .neoming resources Arnounts deferred in the y 93977 -93,977 176514 137,107 137,107 Balance carried forw.wd 176514 Ikferred income comprises donations rtteived in the yvar, which relate to events to held after the year end. 17. LEASING AGREEMENTS Minimum lease payments under non-¢an¢ellable operating Iwes f811 du¢ as follows: 2023 2022 Within one year 37.980 18. MOVEMEiIT ITr4 FIJNDS N¢t movement in fvnds At 31.3.23 At 1.4.22 UDr¢stri¢ted funds General fund 41W79 (51,753) 353.626 TOTAL FUNDS 405J79 51.753} 353,626 Net movement in fvnd& included in the aiK)ve a as follow5.. locoming resources Resources expended Gains and losses Movement in funds Lnrestrirted funds GeneraI fund 552297 (582298) (21.7S21 {51.753) TOTAL FUNDS 552297 582298 21.7521 Page 2) eontinued...
ON COURSE FOiiNDATION r*otes to the Fin&ncixl Statements- CODtinued for the Year End¢d 31 March 2023 MOVEMENT IN FiJf4DS- continued Comparatives for mgvement ID fuDds Net movement in funds Ai 31.3.22 Ai 1.4.21 Unrestrieted General fund 427.945 {22J661 405,379 TOTAL FUNDS 427.945 22,5661 405.i79 CoTnparative n¢t Motment fund& included in the above are as follows= IncoTning resources R¢sourees expended Gain5 and ios5e5 Mov¢m¢nt in fllnds Unrestricted funds Genera] Thd 529,184 (543228) {8,52?1 {2?,5661 TOTAL FUNDS 529.184 {54i2281 .527} 22.566 A ¢urr¢nt year 12 months and prior year 12 Tnonths Combined pjsiiion is as follows: Net movement in funds At 31.3.23 At 1.4.21 i'Jnre5tricted fund5 General fund 427.945 {73,899) 354,046 TOTAL FUNDS 427,945 73 899) 354.046 A ¢urrent year 12 months and prior year l? months combined net movement in funds. included in th¢ above are as follows: Incoming tesourtts Resources expended Gains and losses Movem¢nt in funds Unrestricted hDds General fund 1.081.481 {I,125,106) (302741 (73.8991 TOTAL FUNDS .081.481 11,l?j.1061 (iO.274) {73,899 Page 24 continued...
ON COURSE FOUNDATION Notes to the Fin#neial StAternenis- continued for the Ye#r Ended 31 Marth 2023 19. RELATED PARTY DISCLOSURES There were no r¢lateO party transa¢tions for the year ended 31 March 2023. 211. CHARITABLE COMPANY LI.MITED BY GL'ARAhTEE Each member has a .]MUM wktential liability of £10 in the event of the chlble company being wound up. Pdge 25
OY COURSE FOUNDATION Detailed Statement of Finatitil A¢tivilies for the Year Ended 31 M4rch 2023 2023 2022 INCOME AND ENDOwmErS DoDAtions legcles Donat1ts115 Gift aid 541.981 521.272 4.951 546121 526223 Investment income Dep051t account interest 5,476 2,961 Total incomiDg resources 552297 529.184 EXPENDITURE Raising domtions #Thd legALie5 Fundraising costs J2,727 11,492 Chritable activiti¢s Delivery costs Social security Staging costs 236WO 26,112 118.747 232.300 29,204 98,li6 381ffj59 359.640 Support Costs Management Salaries & mafia#ement Pensions Office rent Rcs and water Insurance Light and heat Telephone Postsge and stationery Sundries Car parking Subsistence ClothiRg Computer costs & websiie B(x)kkeeping Cl¢aning Office maintenance Subscriptions Foreign exchange differenc- 105.000 4,740 37,980 5,128 4,644 IOi,500 4,6?0 37.980 5231 3,895 l.i32 2.815 1.262 445 6)4 i91 {7,4921 4,984 6.385 1,800 3,011 689 645 348 91 io 5,408 7,170 2,OIM 3,147 854 74 108 183292 167,896 Th s page does not fornj part of the statutory financial $ementS Pdge 26
ON COURSE FOUNDATION Detailed Statement of Finaiicial Activitits for the Ye#r Ended 31 March 2023 2023 2022 Management GowerD#n¢e costs Independent examinerfs fee 4ffj20 4200 Total resources expended 582398 543,228 Net expenditsre before gaiiis alld losxs {30WI) 114,0441 Re#lised reeogni5ed gains and losses Realised gain{losSes) on pr.)grrn¢ related investttlents 21.752 Net expenditur¢ 51.753 225661 This page th)e5 not form part of th¢ statutory financial statements Page 27