Registered Company Number: 07267733 (England and Wales) Registered Charity Number: 1136618 ON COURSE FOUNDATION REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Russell & Co Chartered Accountants Station House Station Approach East Horsley Surrey KT24 6QX ON COURSE Contents Page Chaimian's Report Our Objedives and Activities Achievements and Perfommnce Financial Review Structure, Governance and Management Legal and Administrative Details 10 Statement of Trustees Responsibilities 11 Independent Examinerfs Report 12 statement of Financial Activities 13 Balance Sheet 14 Cash Flow Statement 15 Notes to the Cash Flow Statement 16 Notes to the Financial Statements 17 Detailed Statement of Financial Activities 27 ON COURSE Chainnan's Report After three challenging years the charity has enjoyed a strong ￿e1ve months during which it has successfully delivered more charitable activities to its increasing number of beneficiaries than ever before as it continues in its mission of transforming the lives of our wounded current and former members ofthe Armed Forces. Now in its fourteenth year, On Course Foundation looks to achieve this through the sport of golf, using the game as an important element in an individual's recovery programme helping to improve both physical strength and mental wellbeing whilst being delivered within an environment that promotes camaraderie amongst all of the participants. For many who join us, this may be their introduction to a sport which they had never considered playing before, however the benefits that Gan be gained and positive impact that can result from their participation in these activities is probably best illustrated by the comments of some of our attendees: 'We join the events and everyone has their story. but no one has to say an￿hIng a$ each pwson knows and understands and is there for each other if needed." "ltre 8ald it before and I'll say it again. On Course Foundation have literally saved my Ilfe these past couple of years. l%ve been in the darkest of places at times and if it wasn't for the events that OCF provide, I wouldn't be here today." The report that follows provides the detail on the activities that have taken place during a year in which we increased the number of events staged by 50 % over those held in the previous twelve months. The delivery of these additional opportunities allowed us to expand our golf programme across all four regions ofthe UK reaching 38 % more participants than the number of beneficiaries that attended our activities the year before. Demand for our charitable services continues to rise. Mlhilst recent trends show a reducing number of personnel being medically discharged from the ￿Med Forces (currently around 4 per day), they are joining an increasing pool of already discharged veterans from previous years. All are potential candidates in need of our support and Ét is vital that we continue to raise awareness ofthe charity amongst this group so they can find us and know that we are available should they be in need of our help. It is our small group of dedicated employees and expert team of golf teaching professionals that enables us to deliver the services required. Our success has been achieved through their hard work and enthusiasm and we are grate￿1 for their ongoing commitment to the charity. Nothing that we do would be possible without the generosity of our donors and the support that we receive from the wider golfing community of both individual golf clubs and their members. The continued support provided through their various fundraising initiatives enables us to change the lives of our beneficiaries for the better and allow5 each of them to begin to enjoy new tomorrows. Thank you to you all. Kenneth D Schofield CBE Chairman of Trustees ON COURSE Our Objectives and Activlties The charitable objectives of On Course Foundation remain unchanged and are: To support the recovery of Service personnel and veterans who have a physical disability. suffer from a physical or mental illness or who are in need of rehabilitation as a result of su¢h disability or illness through the encouragement, support and provision of golf activities. To assist their transition back to normal civilian life by providing life skills and employment training, facilitating work experience placements and sourcing both part-time and full-time employment opportunities. Public Benefit Statement On Course Foundation works to provide support for wounded, injured and sick Service personnel and veterans through the sport of golf. The Trustees have considered the Charity Commission's general guidance on public benefit and have taken it into account when reviewing the charity's aims and objectives and in planning its future activities. The Trustees are satisfied thal the aims of the charity are carried out wholly in pursuit of its charitable aims for the public benefit. How We AGhieve Our Objectives As the only military charity that uses golfto support the recovery pathway and ongoing wellbeing of our wounded Service personnel and veterans, we play a vital role in this phase of the process as each looks to retum to their previous milttary career or transition outside to a normal civilian life. By providing golf as an option, On Course Foundation introduces a sport that helps to restore self- Confidence and builds self-belief within an environment that promotes camaraderie as each individual looks to recover from their life-changing injuries. This is achieved by delivering a programme of nationwide golf events that range from one day introductory sessions for beginners to residential golf skills courses for the more advanced under the expert tuition of our PGA qualified teaching professionals. Supplemented with competitive matches against golf clubs and associations including the Army, Royal Navy and Royal Air Force as well as overseas warm weather training camps, this programme delivers a structured pathway for each beneficiary to follow Ihat improves not onty their golfing ability but also their rehabilitation and personal welfare. With many looking to complete their recovery journey from the military to a normal civilian life by finding employment, on Course Foundation endeavours to source appropriate opportunities for them within the golfing sector. From holding one-on-one interviews and career gLtidance during events to attendance at company "insight days" to learn about individual businesses, we aim to identify the different employment options that may be suitable and available for them as they look to rebuild their lives. Our Aims Going Forward With sport playing such a vital role in aiding recovery, our aims remain the same. We shall continue to support each and every wounded SeNiceman, woman and veteran who requires our assistance by introducing the game of golf into their lives, growing our programme of events that form part of their recovery cycle and sourcing employment opportunities within the industry in order to add financial security and a sense of purpose to their long-term future. ON COURSE Achievements and Performance Our Year in Numbers With continued growth acros5 all sectors of the charity, the key performance numbers achieved over the ￿e1ve months can be summarised as follows: We delrvered a programme of 77 nationwide charitable activities during the twelve months which represented a 50 % increase on the number of events stsged over the previous year. Attracting a total of 880 attendees our partbcipant level at these activities denoted a 240 uplift and 38% increase over the 2022 attendance figure. Scotland saw a near 100 % increase in the number of activities delivered across the region wFth 200 members attending the 19 events that were held. Membership continued to grow with 88 new beneficiaries joining the charity over the twelve month period. 18 beneficiaries were placed into either fvll-time, part-time or voluntary employment positions whilst a fvrther 4 were financially supported through golf industy management Gourses. Our Warm Weather Training Camps continued with ten beneficiaries enjoying week-long visits to both Orlando in May and Cape Town in October. Annual revenues exceeded £750,000 for the first time providing increased funds to enable us to deliver the enlarged programme of events. With support from over 1,000 golf clubs from around the world who donated 4 Ball vouchers for our fundraising efforts we were able to host our largest-ever annual online auction. Membership With 88 beneficiaries joinin9 Ihe charity during the year, at 31 March our membership totalled 983. The new annual intake inclLtded applications from 52 veterans whilst 36 were received from serving personnel awaiting their medical discharge. Ofthis number 45 were suffering from some form of physical injury whilst 43 experienced mental health issues. The new beneficiaries included 4 females and takes their total representation in the charity to 35. Continuing with our efforts to ensure GDPR compliance we have removed those individuals from our membership database who have not responded to our various communications or participated in OCF activities for a significant period. This action has resulted in 10 members leaving the Foundation and the removal of their personal details from our records. Events We delivered a programme of 77 activities during 2023 that were attended by 880 beneficiaries and compare to figures of 52 events held and 664 attendees from the year before. Extending the geographical footprint of our event programme has enabled us to meet the growing demand of beneficiaries looking to join our range of coaching courses which are now held across all four regions of the UK. Scotland saw the largest increase in events with 19 activities staged in comparison to the 10 a year previously whilst we continued to grow the programme in Northem Ireland delivering 4 events over the ￿e1ve months where our presence showcased the work of the charity encouraging new members and led to a 100 % increase in representstion from the province. ON COURSE With parbcipation in the event programme playing a vitsl role in a beneficiary's recovery pathway thanks to its focus on support, camaraderie, confidence restoration, employment education and golf coaching that is delivered by our PGA qualified teaching professionals, the diverse range of activities that made up our 2023 programme included- 22 and three-day residential Golf Skills and Employment Courses 24 Golf Skills Days 8 Introductory Golf Events 8 Service and Club Matches 2 Warm Weather Training Camps 4 Insight Employment Days 4 Vlfinter Golf Range Events 1 four-day Battleback residential course 4 Simpson Cup and OCF Championship events Much of the programme's growth was due to an increase in the number of our core residential and one-day Golf Skills events that are primarily attended by our existing registered beneficiaries and offer a more personal one-to-one experience for participants. We continued with our annual Warm Weather Training Camp to Orlando during May, however after elve years our visits to Menorca came to an end and we are hugely gratefvl to Rest and Recovery who have made these trips possible. Thanks to the generosity of the charitable arm of LIV Golf, we were able to replace this camp with a visit to Cape Town in October when we took ten beneficiaries for coaching at De Zalze Golf Club and during the week played a match against the South African Disabled Golf Association. Education on employment opportunities was provided with the staging of 4 Insight Days that allowed beneficiaries to learn more about golf club operations, toumament staging and golf club manufacture and fftting. These days give members the chance to experience the roles available within the different sectors of the golf industry and to leam about the individual career paths together with the specific education and training that would be required for each. Employment Vvhilst sucGess was achieved in sourcing employment positions within the golf sector for those that were interested. the numbers continue to decline due in part to the wider knowledge being provided to Service leavers prior to their discharge on the different career options available as well as the lower financial rewards offered by the golf industry at entry level. In total we placed g beneficiaries into long-term paid employment positions and supported a further 36 through voluntary, work experience, educational qualifications and attendance at insight days with a break-down of the different positions sourced and opportunities provided as follows- Full-time Employment Part-time Employment Voluntary Work Experience Industry Qualifications Insight Day Attendance 22 We have seen a growing trend in feGent years of increasing numbers interested in taking up fvll-tiTne caddiying positions. Our relationship with the Caddie School for Soldiers based in St Andrews has allowed many of our members to attend their residential month-long training courses resulting in them becoming a far more attractive option for potential employment. Over the last twelve months we have seen beneficiaries who have Gompleted the course take up positions at Royal Lytham, Dumbarnie Links and Royal County Down whilst another has been appointed as the lead mentor at the School itself helping to develop the future courses to be delivered and select the candidates to attend. ON COURSE Members Activities Throughout the year many of our members took on various personal individual challenges that not only raised vital funds but also helped to increase awareness ofthe charity amongst their community. We are hugely gratefvl to each one of them who supported us in this way, often stepping out of their comfort zone and testing themselves with the different fvndraising initiatives that they undertook. In September the eleventh edition ofthe Simpson Cup took place at Royal Lytham & St Annes Golf Club, returning to a venue which had hosted the first UK held tournament back in 2013. This annual Ryder Cup style event pits thirteen of our beneficiaries against their USA Counterparts and is staged to raise awareness whilst also setving as a fvndraiser for the charity. Held over three days to include a supporters golf day, in a closely fought tournament the match ended in a tie at g IA points each resulting in the GB team retaining the trophy and leaving the score in the overall series level at 5 1A matches each. We commissioned the production of a 30 minute television highlights programme of the event that was distributed worldwide and broadcast extensively by SKY Sports in the UK. Fundralsing and Supporters Our revenues are derived from either individual supporter donations, grants that are received from Trusts and Foundations or the golfing community itself through clubs. their members and our own fundraising initiatives. Each of these sources are major contributors towards our overall income total and we are hugely gratefvl to everyone who has supported us in the various fundraising activities thal have tsken place this year. We staged successful golf days at Swinley Forest and New Zealand Golf Club during the summer attracting teams of supporters who enjoyed these exclusive Berkshire and Surrey clubs raising substantial sums at both. The annual fundraising event held at Skipton Golf Club saw a number of our beneficiaries playing with club members and friends and we are again indebted to David Rasche who organises this day on our behalf that has contributed enormously to charity fvnds over many years. Club Captains designating On Course Foundation as their chosen charity not only helps to raise awareness amongst their members but also provides an important source of revenue for us through the events staged during their term of office. Thanks go to all the clubs that support us in this way but special mention this year to the Captains and members of Sand Martins and Brickendon Grange Golf Clubs for the significant ￿ndS that they were able to raise on our behalf. Individual donations and grants received from Trusts and Foundations make an increasingly important contribution towards our overall revenues. Many have supported us for a number of years and we would like to make particular mention of the following.. The Sinclair Charity The Charles Skey Charitable Trust LIV Golf David and Diane Rasche The Team Army Sports Foundation The Invictus Games Foundation The Joseph and Lilian Sully Foundation The Veterans Foundation The Scottish Veterans Fund The Simon Gibson Charitable Trust FB Coates No4 (Family Trust) The Charles Lewis Foundation The Guyll-Leng Charitable Trust Lord Barnby's Foundation The Queen Mary's Roehampton Twst The Bill Brown 1989 Charitable Trust The Hobson Charity Trust The Edith Murphy Foundation The National Lottery Community Fund The Army Central Fund ABF The Soldiers, Charity The Red ￿rowS Trust The Blue Light Card Foundation The Alfred Dunhill Links Foundation The Royal & Ancient Golf Club The Edward Cadbury Trust The Hugh Fraser Foundation Houghton Dunn Charitable Trust The HJ Charitsble Trust Forte Charitable Trust The Roger Raymond Charitable Trust The Loseley & Guildway Charitable Trust ON COURSE During the year we held our inaugural OCF Auction which replaced the National Golf Club Challenge initiative that had run for the previous 13 years in support of military charities. Administered by Stacey Jeffties and with the support of over 1,000 golf clubs from around the world who had donated 4ball vouchers to us which individuals then submitted bids for online via our website, the auction generated substantial revenues and represented a hugely successfvl first year for this project. On Course Foundation carries out fundraising activities through its own team of in-house dedicated staff and relies on voluntary support from the wider golfing community to generate revenues through member events within their individual clubs. We are registered with the Fundraising Regulator and look to ensure that we adhere to the Code of Fundraising Practice and comply with the General Data Protection Regulations at all times and have received no formal complaints in relation to our fundraising activities during the year. ON COURSE Financial Review General Perfomiance In the ￿e1ve months under review the charity generated income of £778,696 whilst incurring expenditure of £716,242 resulting in an operating surpus for the year of £62,454. With the addition of £10,498 on account of the net gain in the valuation of our investments during the period, the charity was able to record an overall profit for the year of£72,952 with this result signifying a welcome feversal from the deficits that have been experienced in each of the three previous years. The income figure of £778,696 represented a £226,399 {41 /.) increase over the previous year's total of £552,297 and was due to strong contributions from our three main income streams of individual supporter donations, grants receFved from trusts or foundations and monies raised through different golf fundraising initiatives enabling us lo reach the highest level of annual revenue ever recorded by the charity. Of these three income streams, the principal contributor towards the overall increase came from the delivery of successful golf fundraising initiatives with proceeds from these activities amounting to £453,079 in comparison to the previous year's total of £236,327 which represented a near 1000/0 uplift in revenue originating from this source. This increase was predominantly thanks to the strong commerGial and public support that we received for our Simpson Cup tournament, the annual online auction and the LIV Golf fvnded warm weather training camp. To maintain this higher level of annual income it will be essential that we continue to deliver these whilst looking to create new revenue opportunities going foward. Expenditure over the twelve months totalled £716,242 £15,454 being spent on fijndraising, £503,639 on the direct costs of delivering our charitable activities and £197,149 on governance and support costs. The increased number of activities delivered to beneficiaries during the year together with the inclusion ofthe home-based Simpson Cup staging costs resulted in our expenditure on charitable activities increasing by 30 % over the previous year's total of£381,659 to an amount of£503,639 - figure that represented 70p of every pound expended. Our support activities remain an essential requirement in enabling us to deliver against our charitable objectives and we continue to carefully monitor expenditure associated with such functions to ensure efficiencies and savings are made wherever possible. This year our support costs increased by just under 50/0 to a figure of £192,347. Increased fundraising activity during the year has led to an increase in fvndraising costs and the total spend of£15,454 is just over 20D/o higher than 2023 and represents a figure of 2p in every £1 of revenue raised. Investments At year end, the total value of the charity's investment portfolio was £230,223 Compared to £219,725 the year previously with our portfolio overseen by fjjnd managers, BlackRock and JM Finn. Funds managed by BlackRock are held in the Armed Forces Charities Growth & Income Distribution Fund. The value of investments in this fund at 31 March 2024 was £135,065 having gained in value by £2,431 over the twelve months whilst we received £5,225 in distribution income during the period. Funds held with JM Finn are invested in their CSI Growth Accumulation Fund and at year-end were valued at £95,158 reflecting a gain in value of£8,067 over the twelve months. ON COURSE Whilst uncertainty remained following the market volatility ofthe previous year, investments performed better than initially predicted with the valuation of the portfolio at year end reflecting this as we ¢ontinue to operate in line with our investment policy's objectives of producing the best financial returns within an acceptable level of risk. Risk Management The trustees have responsibility for the oversight of risk management. There has been no change to the Risk Policy operated by the charity this year which monitors major risks according to their probability and potential impact on the charity whilst ensuring that systems are in place to mitigate exposure to such dangers. The significant areas of risk that the charity Currently faces are: Financial - due to the unpredictable nature of its income generation. We continue to look to source new and alternative fundraising opportunities. Safeguarding- ensuring that the highest standards are maintained in order to protect both beneficiaries and stsff. Reputational Damage - making certain we have standards in place and procedures to identify, assess and manage such risk to ensure stakeholders do not form a negative view of the Gharity. The charity has strong internal controls in place and the trustees are satisfied that they are both appropriate and effective. Resenies Policy Reserves are held to ensure that we can continue to deliver our charitable activities in the event of a downturn in income. The trustees have considered the guidance issued by the Charity Commission and determined that to protect and meet its obligations, a target level of one year of operating costs should be retained to provide stability and certainty that these objectives can be met. The surplus for the year of £72,952 has resulted in the charities reserves increasing to £426.578 at 31 March and are in line with the current policy adopted by the trustees. There are no restri¢ted funds held at year-end and all reserves are therefore freely available to support the general objectives of the charty. Going Concern The Board are satisfied that On Course Foundation can continue to operate as a going concern having taken into consideration its level of reserves, operating challenges on income, delivery of charitable activities and fvture commitments. ON COURSE Structure, Govemance and Management The charity was incorporated on 27 May 2010, registered with the Charity Commission on 28 June 2010 and launched at the Royal Household Golf Club on 2 July 2010. The following sections explain how the charity is governed and managed-. Govemance The charity currently has a Board of six Directors, all of whom are trustees of the charity. The Board aims to meet three or four times a year. Formal minutes are taken and papers are circulated before each meeting. The charity seeks to appoint trustees with a broad range of skill-sets and backgrounds and the current make-up ofthe Board provides a cross-section of experience within the golf management, military, medical and commercial sectors and is well represented to fulfil all its responsibilities. Further information on the trustees is provided within the Legal and AdminFstrative Details section. There are currentiy no standing sub-committees of the Board. All trustees are issued with the Charity Commission guidance documents covering their roles and responsibilities and relevant governance updates are available as and when required. All trustees have signed a Trustee Code of Conduct Policy. Management The day to day management ofthe charity is delegated to the Chief Executive who is responsible for implementing the policy and strategic direction set by the Board. Regular Communication be￿een the parties ensures that key decisions are acted upon and delivered. The remuneration ofthe Chief Executive is determined by the Board. The employee roster consists of four full-time members of staff supported by a part-time bookkeeper alongside work experience and other staff who are taken on as and when required. Recommendations on staff salaries are set by the Chief Executive and presented to the Board for approval. Trustees are not remunerated for their role, however reasonable expenses are reimbursed when incurred which are directly related to their duties. The charrty does not currently make any direct use ofvolunteers. ON COURSE Legal and Administrative Details This is the fourteenth Annual Report of On Course Foundation and covers the period of twelve months from 1 April 2023 to 31 March 2024. The trustees who are also Directors of the charity for the purposes ofthe Companies Act 2006 present this report with the financial statements of the charity for the year ended 31 March 2024. Registered Company Number: 07267733 {England and Wales) Registered Charity Number: 1136618 Registered Office: 28 Falstaff House Bardolph Road Richmond Surrey TVV9 2LH Founder and President: John S Simpson MBE Trustees: Kenneth D Schofield CBE (Chairman) Neil C Coles MBE Dr Timothy J K Leonard Gillian M Faldo Sir Andrew Gregory KBE CB DL Charles 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 Station House Station Approach East Horsley Surrey KT24 6QX 10 ON COURSE Statement of Trustees Responsibilities The Trustees Iwho are also the directors of On Course Foundation} are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Awepted Accounting Pra¢ticel. Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure of the Charity for that period. In preparing these financial statements, the Trustees are required to.. Select suitable accounting policies and then apply them consistently. Observe the methods and principles in the Charity SORP. Make judgements and estimates that are reasonable and prudent. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity wll continue in business. The Trustees are responsible for keeping proper accounting records which disclose wtth reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking responsible steps for the prevention of fraud and other irregularities. This report has been prepared in accordance wth the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approval Approved by the Board of Trustees on 28 October 2024 and signed on its behalf by.. Kenneth D SchofieiOc8E Chairman of Trustees 28 October 2024 11 Independent Examiner's Report to the Trustees of On Course Foundation Independent ex2miiJer's report to tho trllstets of On Couyse fi oundation ('th¢ COMpa￿Y') I report to tho charity trustees on my examination of Ihe accounts of the Company for the year ¢nded 31 March 20J? . Responsibilitiox and bnsis of report As the Charity's trustees of the Company (and also its directors for the Purposes of company Itw) you Ère r¢spctrn5ible for the preparation of the a¢counts in accordance with Ilie requircments of ilie Companies Act 2006 {Ilie 2006 Act,). Having satisfied myself that the aceounts of the Comp9ny ar¢ not requ?red to be t[i￿lted under Part 16 of the 2006 Act and are eligible for independent examination, J report in respect of iny examination of yQEir charitys accounts as wried out und¢r Seotion 145 of th¢ Cliarities AGI 2011 ('the 2011 Act,). In etrrying out my examination J hav¢ followed the Dircctions given by the Cliarity Commisslon under Section 145(5) (b) of the 2011 Act. Independent examinei s stittment Since your charity's gross income exeeeded £250,000 your ex2min¢r must be a member of a listed body. I can confirm that l am qualified to undertake the examittation b￿allSe l am a member of the It)stitute of Ch2rtered Ac¢ouiitantS in England and Wales. which is one of Ihe listed bodies. I have completed my examtnation. I confirm Ihatno matters have cometo my attention in connection with the exainination giving me Cause to believe: accounting records were not kept in respect of the Company as required by S¢otion 386 of the 2006 Act: or the accounts do not accord with those records, or the accounts do not comply with the ac¢ounliJsg requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a trn¢ and fair view which is not a matter considered as part of 2n independent examination, or the aocount5 have not been prepared in accordance with the methods and principles of the Sthtemcnt of Recommended PTrctice fot accounting and reporting by oharities {applicable to charities prep2rii)g their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerng and have come goross no other matt¢rs in connection with the examination to which attention should b¢ drawn in tliis report in order to engble & proper understanding of the accounts to bc reached. Andrew Russell The Inslilule of Chartered Accountsnts in Englond and Wales Russttll & Co Station House Station Approach East Horsley Leoth¢rh¢ad Surrey Kf24 6QX Dale:... Pag¢ 12 ON COURSE FOUNDA TION Statement of FinaneiAI ActiTrities for the YeAr Ended 31 March 2024 2024 2023 Total funds Unrestricted fun(1 Notes INCOME AND ENDOWMENTS FROM l)onations and Ilgacies 766,012 546.821 Investment income 12,684 i.47C) 778,696 )i2.297 EXPENDITURE ON Raising funds 12,727 Charitable *ctivi¢ie$ Golt sk-ills aiid eniplol'nienl Iraiiikng 503,639 381,659 Other 197,149 187.912 Total 716.242 i82,298 Operating Surplus/(loss) 62,454 (30.001 } Net gains/(lobses) on inveslrnents 10,498 21.752 NET INCOMEI(EXPENDITURE) 72,952 151,753) RECONCILIATION OF FUNDS Total tunds brought torw'ard 353,626 405,379 TOT AL Fuf4DS CARRIED FORWARD 426,578 353_626 The notes torn) p8rt ot these tin(Incial statement Pa8e 11 ON COURSE FOUIYDATION Balance Sheet 31 March 2024 2024 Totvdl funds 2023 Total funds Notes FIXED ASSETS Social investments 14 230,224 219,726 CURRENT ASSETS Debtors Cash at bank and in hand 15 69,160 567 177 66,284 265,745 636 J37 3 32,029 CREDTTORS Amounts fallin8 due within one year 16 (439,983) (198,129) NET CURRENT ASSETS 196 354 133.900 TOTAL ASSETS LESS CURREr LIABILITIES 426J78 353.626 NET ASSETS 426 578 353,626 18 Unrestricted funds 426 353 626 TOTAL FUIWS 426 S78 353.626 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not requtred the company to obtain an audit of its fmancial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for ensurin8 that the charitable company keeps aooounting records that comply ￿th Sections 386 and 387 of the Companies Act 2006 and preparing fllmncial staten]ents which give a true and fair view of the state of affairs of the ch￿lIable Co￿PanY as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Se¢tions 394 and 395 and which othe￿1$e comply with the requirernents of the Companies Act 2006 Telating to financial statements, so faT as applicable to the charitsble company. (b) The fll]ancial staternents were approved by the Board of Trustees and authonsed for issue on .*. and were signed on Lts behalf by.. K D Schofield - Truste This page does not fomi part of the ststutory financial ststemenls Page 14 ON COURSE FOiJNDATION Cash Flow Siatement for the Year EndLd 31 March 2024 2024 2023 Notes Cash flows from operating activlties Ca81] generdted friirn operatiiiiis 288,748 18.887 Net cash provided by 01)¢ialing 2,297 (i82,298) (21,7i2) 51,753) A eiirrent lear12 months and prior N'ear 12 months combined p()%ition is as follow8.. Nel moi'Ltnenl in lunds At 1.4.22 UnrestriLted fund8 (veiieral fund 405,379 21,199 426.)78 TOTAL FUNDS 40i..179 21,199 426.i78 Page 25 continued... ON COURSE FOUNDATION Notes to the FiDancial Statements - continued for the Year Ended 31 March 2024 18. MOVEMENf IN FUNDS - continued A eilrrent ITeai 12 months d prior }'ear 12 months Lombined iiet movement in fiinds, InLliid¢d in the above Fjre gs t'ollows Tncoming resoLwceb Reb()Iirce% expended Gains aiid losses Moiiemenl in tund Unreslricted funds General fund 1..310,993 (1,298,541)) (11.254) 21,199 TOTAL FifNDS i..17(1.993 (1 ?98.i40) 11,2)4) 21,199 19. RELATED PARTY DISCLOSURES There ii'ere no related partS.- transactions for the year ended 31 March 2024. 20. CHAIUTABLE COIIIPANY LIMITED BY GUARANfEE Each meJnkr has a maximum potential liabililN' of £ l O in the event of the charitable companv being iwound up. Page 26 ON COURSE FOUNDATION Detydiled Statement of Financial ActiTrTrtie8 for the Year Ended 31 Mareh 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid 760,979 5,033 541.981 4,840 766,012 546,821 Investment income Deposit account interest 12 5,476 Total Incoming resources 778,696 552,297 EXPEIYDITURE Raising donations and legacies Fundraising costs 12,727 Charitable activitie$ Delivery costg Social *curity Staging COb1s 246JIM) 25,721 236,8(J) 26,112 118,747 503,639 381,659 Support CO8t8 Management Salaries & rnanagement Pensions Office rent Rates and water Insurance Light and heat Telephone Postage 8nd stationery Sundries Car parking Subsistence ClotEll'ng Computer costs & website B0okkee￿ng Cleaning Office maintenance Subscriptions Foreign exchange difference lo95￿) 4,934 43A80 4J05 3,771 2,725 2,888 1,179 1,629 298 448 1,210 4,392 7,913 105,OtKI 4.740 37,980 5,128 4,644 2.353 3,011 689 &15 348 91 10 5,408 7.170 2.(K)O 3,147 854 74 709 766 192,347 183,292 This page does not fonn part of the slatutory fmancial statements Page 27 ON COURSE FOUNDATION Detailed Statement of Financial Actii'itieg for the Year Ended 31 Mar¢h 2024 20?4 2023 Management Finance Bank. charge CoTrernance eostl Inde￿ndent LNaniiiier'8 fee 4,800 4,62() Total resol￿¢¢8 expended 716,242 i82,298 Net incomel(expenditure) before gains and lo$se8 62,454 (30,001) Realised reeognised gains and lo$xeg Realibed g