Registered Company Number: 07267733 (England and Wales) Registered Charity Number: 1136618 ON COURSE FCLiNCJ4TI REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Russell & Co Chartered Accountants Station House Station Approach East Horsley Surrey KT24 6QX
ON COURSE Contents Page Chairman's Report Our Objectives and Activities Achi•vements and Porforniance Flnanclal Revlew Structure, Governance and Management Legal and Admlnlstratlve Oetalls 10 Statement of Trustees Responsibilltie8 11 Independent Examinerfs Report 12 Statement of Flnanclal Activlties 13 Balance Sheet 14 Cash Flow Statement 15 Notes to the Cash Flow Statement 16 Notes to the Flnancial Ststsments 17 Detailed Statement of Flnanclal Actlvlties 27
ON COURSE Chaimian's Report As the chanty enters its 1 year of operation, we can reflect on a strong perfomiance over the past twelve months that has seen On Course Foundation continue in its mission of supporting those members of the Armed Forces whose lives have been affected through their seprfice for our country. Illhilst military charities each offer their own particular type of support towards our wounded Service personnel, On Course Foundation looks to provide this through the sport of golf. By using the game as an integral elemenl in an individual's recovery programme, rt contributes lo the improvemenl of their physical strength and mental wellbeing whilst at the same time being delivered within an environment that promotes camaraderie amongst the various participants. We now support over 1,000 beneficiaries with many suffering from lrfe<hanging injuries sustained during recent conflicts who are now looking to return to a nomial way of life. Current statistics show that an average of four members of the Amied Forces are medically discharged from the military each day. a number that has been rising in recent years and confimis that the reqU1ment for our services is not going to diminish in the short-term. This ongoing need is enhanced by our recent decision to extend support towards, not just members of the UK Amied Forces but their allies as well The necessary amendments to our governing document have been completed which now enable us to Vrk alongside organisations such as The Invictus Games Foundation to support their international community, or others that may have suffered as a resu of global conflicts currently taking place and giving rise to the need for our services. In this changing world the widening of the potential recipient-base who may receive our charitable activities will allow us to deliver fUSSed support where rt is both appropriate and most needed. It will also give us the opportunity to involve our existing beneficiaries in any programme developed helping to showcase the benefits that On Course Foundation can provide in the recovery process.to all such participants. The past twelve months has seen the charty continue in its post-covid revival. We have consolidated our financial position to help ensure the charty's long-temi securty whilst delivering more activities to an increasing number of beneficiaries than ever before. The report that follows will provide the detsils on what has been a busy and full year but there is no doubt that we have never been in a better position to face what may lie ahead and as a small and niche charty, we are perfectly positioned to encounter whatever that might be and now have the flexibility to do so where and when necessary. It is thanks to our small group of dedicated employees and expert team of golf teaching professionals that we are able to do what we do and rt is their hard work and enthusiasm that ensures our success. We are grateful for their ongoing commitment to the chanty. All of this is only made possible because of the generosty of our donors and the support that we receive from the wider golfing community of both individual golf clubs and their members. This ongoing support provided through their various fundraising inrtiatives enables us to continue our objective of changing the lives of beneficiaries for the better. A mission that is the same now as it was when the charity was founded in 2010. Kenneth D Schofield C8E Chairman of Trustees
ON COURSE Our Objectives and Activities Whilst we have widened the powers for whom On Course Foundation may deliver its charitable activities towards, our objectives remain the same and are.. To support the recovery of SeNice 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 such disability or illness through the encouragement, support and provision of golf activities. To assist their transrtion back to normal civilian life by providing life skills and employment training, facilitating work expenence 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 that the aims of the charity are carried out wholly in pursuit of its charitable aims for the public benefit. How We Achieve Our Objectives As the only military charity that uses golf to support the recovery pathway and ongoing wellbeing of our wounded Service personnel and veterans, we play a vital role in this phase of the journey as each looks to return to their previous military career or transition outside to a nomial civilian life. By providing golf as an element in the recuperation process, On Course Foundation introduces a sport that helps to restore self-confidence and builds seff-belief in a social environment alongside other likeminded SeNice personnel. 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 compelilive matches against golf clubs and associations including the Army, Royal Navy and Royal Air Force as well as overseas wam weather training camps. this programme delivers a structured pathway for each beneficiary to follow that improves not only their golfing ability but also their rehabilitation and personal welfare. With many looking to complete their recovery cycle 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 guidance 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 Serviceman, 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-temi future.
ON COURSE Achievements and Performance The Year in Review Our perf0rnan during 2024 reflects the fact that the charity has continued its fomard momentum by showing growth across all key areas and ensuring that we have been able to deliver more support to our beneficiaries than ever before. Highlights can be summarised as follows.. We delivered a programme of 88 nationwide charitable activities during the twelve months representing a further 14/0 increase on the number of events staged over the previous year. These events attracted a total of 1,047 attendees compared to the 880 e1ve months previously- a 19% increase in attendance levels. The event programme reached across all regions of the country wrth 18 activities taking place in Scotland and a further 6 held in Northern Ireland. A further 82 beneficiaries joined the charity during the year to take our overall membership numbers to more than 1,000. 12 beneficiaries were placed into either full-time, part-time or voluntary employment positions with a further 4 undertaking industry-based qualifications and 17 attending employment insight workshops in specific golf industry sectors to learn about the opportunities available. In addition to our annual Warm Weather Training Camp held in Orlando we delivered a Golf Skills week in conjunction with the Invictus Games Foundation in Scotland attended by members of their international community of nations. Annual revenues continued to advance with a 50/0 increase over the previous year's total to reach a figure of £820,000. Fundraising initiatives included a three-day gotf event at St Andrews attracling teams from around the world who were able to play the iconic Old Course and enjoy a dinner in the R8A. Membership With 82 beneficiaries joining the charity during the year this new intake raised our membership to a total of 1,046 as at 3181 March. New applications were received from 51 veterans and 31 current serving personnel awaiting their medical discharge with 42 having suffered from some form of physical injury and 40 experiencing mental health issues. This intake included 6 females taking their total to 41. We continue to monitor our membership database to ensure that records are only retained of those wishing to aclively remain a part of the charity in accordance wrth GDPR regulations. This has resulted in 19 members along with their personal details being removed from our records. Events We delivered a programme of 88 activities during 2024 that were attended by 1,047 beneficiaries which compared to the 77 events and 880 attendees from the year before. These figures represent the largest number of activities and highest attendance that the charity has ever achieved in its annual programme as we continue to look to extend the geographical boundaries of our event schedule and move into new regions.
ON COURSE The range of events provided cater for all levels of golfing abilty and take place over periods varying from one day to a full week. Participation not only delivers the opportunrty for beneficiaries to improve their golfing skills but plays a vital role in an individual's recovery pathway thanks to the events focus on support, camaraderie, confidence restoration and employment education. During the year our programme included.. 22 two and three-day residential Golf Skills and Employment Courses 32 Golf Skills Days 12 Introductory Golf Events 10 Service and Club Matches 2 Warm Weather I International Training Camps 2 Insight Employment Days 3 Winter Golf Range Events 1 four-day Battle Back residential course 4 Simpson Cup and OCF Championship events In October we delivered a successful week-long training camp in the St Andrews area in conjunction with the Invictus Games Foundation which represented a new initiative for the charity involving wounded Service personnel from overseas. Attendees came from New Zealand, Australia, Colombia, Canada, Estonia and Denmark with plans already underway to repeat the camp again in 2025. This widening of our event programme to include participants outside of the UK Armed Forces has now led to other potential activities being considered as we Icok to extend our reach internationally. Employment It's been a quiet year in tenS of employment uptake despite our ongoing highlighting to members of the potential opportunities available within the golf industry. Any interest that is shown predominantly comes from new members. however it seems the greatly improved focus on career guidance that the MOD now provides prior to discharge is likely to have introduced many drfferent employment options available to them and whilst working in the golf sector may be one - for many it is not. We shall continue to feature employment support wrthin our event programme to encourage interest as this is a key element of our chantable services and whilst the trend has been away from looking art full-time roles, there does remain strong appeal to taking up part-time positions with caddying and greenkeeping the favoured options. Education on the opportunities available is reinforced by our staging of Employment Insight days and o were held during the year at The London Club which covered all aspects of golf club operations and at PXG equipment manufacturers who do so much to support military veterans. A third day that was arranged with the European Tour was unfortunately cancelled. In total we placed 6 beneficiaries into paid full-time or short-tem positions and supported a further 27 through other pathways on their employment journey A breakdown of the drfferent positions that were sourced and the opportunities provided is summarised below: Paid FulVPart-time Employment Voluntary Industry Qualifications Insight Day Attendance 17 Wrth much of the MOD career guidance being conducted by ims employment cOnsuantS at the Personnel Recovery Centres, we Continue to communicate wrth them to ensure employment in the golf industry remains on their radar and that they are aware of what we do so that individuals can be signposted towards us. Reality dictates that unless the individual specifically asks about employment in the golf industry, it is unlikely that their consultant will suggest considering rt and our access to them is lost unless they happen to go on and register with us.
ON c3uRSE Members Activities One of the main positive outcomes of members participating in our event programme is the friendships that are developed beeen them wrth associations leading on to activities being arranged directly amongst themselves. Golf is the perfect game for this and over the year there have been many occasions where beneficiaries have got together and fixed their own meetings which do much to help and support their ongoing recovery. In October we saw the twelfth edition of the Simpson Cup toumament laking place which on this occasion was held at Shinnecock Hills outside New York. This annual "Ryder Cup. Style event which pits thirteen of our beneficiaries against their USA counterparts is staged to raise awareness whilst also serving as a fundraiser for the charty. Although the financial benefits of holding the event are retained by the host nation and so did not impact on the charrty this year. the enthusiasm and aspiration of members to make the team ensures that the event. even in its 'away' year is an important element of our annual activities. Despite a strong showing by the USA leam in the fourballs on the first day of the tournament. the G8 team fought back in the singles games on day two to force a tie which took the overall series to 6 matches each. Fundraising and Supporters Revenues are derived from three main income streams - indivKlual supporter donations, grants that are received from Trusts and Foundations and funds from the golfing communty itself whether rt be through clubs, their members or our own fundraising initiatives. Each ofthese sources are major contributors towards our overall revenue total and we are hugely grateful to everyone who has supported us in the various fundraising activities that have taken place this year. In April we staged a three-day fundraising event at St Andrews vthere teams enjoyed golf on the Old Course, Jubilee Course and Dumbarnie Links. Accommodation was arranged in the Old Course Hotel overfooking the iconic 17th hole and dinner in the R8A providing participants with a "money can't buy. experience at the Home of Golf. We were able to attract several leams from the USA as well as a group from Estonia who participated alongside those from the UK in what was a hugely successful and enjoyable event. Individual donations and grants from Trusts and Foundations play an InCa$lg1Y important role in the make-up of 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 Chartes Skey Charriable Trust The Gosling Foundation The Rasche Family Trust The Team Forces Foundation The Invictus Games Foundation The Joseph and Lilian Sully Foundation The Veterans Foundation The Scottish Veterans Fund The Edward Cadbury Trust FB Coates No4 (Family Trust) The Charfes Lewis Foundation The Guyll-Leng Charitable Twst Headley Court Charrty The Queen Mary's Roehampton Trust The Royal Air Force Benevolent Fund The Armstrong Family Trust Brftish Forces Broadcasting Service The Edith Murphy Foundation The National Lottery Communty Fund The Rothley Trust ABF The Soldiers, Charity The Red Arrows Trust Nimar Charitable Trust The Alfred Dunhill Links Foundation The Royal & Ancient Golf Club Gale Family Charitable Trust The Hugh Fraser Foundation Houghton Dunn Charrtable Trust Officers Association Scotland The Stafford Trust Earl Filzwilliam Charrtable Trust The Loseley & Guihjway Charitable Trust Transteel Etrical Ltd
ON COURSE Grateful thanks go again to David Rasche for hosting his annual fundraising golf day for us at Skipton Golf Club in September. He works tirelessly to attract support from amongst his friends and the Skipton club members with each team joined by one of our beneficiaries and this year they enjoyed playing in glorious weather and yet again raised substantial funds for the charity. Special mention should be made of Duncan and Corinne Sinclair's ongoing support directed towards us. We are hugely grateful for their continued focus on our activities and the contribution that they make to ensure that we can keep doing what we do, be it personally or through their Foundation. Club Captains designating On Course Foundation as their chosen charily has the potential to raise significanl revenues as each embarks on their individual fundraising initiatives amongst club members during their year in office. In 2024 we were fortunate to have ten such Captains support us in this way, not only helping to raise awareness of the charity amongst their members but generating considerable funds on our behalf as well. Our annual OCF Spring auction which is administered by Stacey Jeffries achieved record results with well over 1 ,000 golf clubs providing their support. donating fourball vouchers for individuals lo purchase online through our website. With further auction and raffle initiatives taking place during the year, the total funds that stacey's projects generated made a significant contribution to our overall revenues and we are hugely grateful for his ongoing commitment and passion that he shows towards the charity- On Course Foundation carries out fundraising activities through its own team of in-house dedicated staff and relies on voluntary support from the wider goffing 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 whilst complying with the General Data Protection Regulations at all times. We have received no formal complaints in relation to our fundraising aclivities during the year.
ON COURSE Financial Review Perfomiance Summary During the year under review the charity generated income of £821.247 whilst incurring expenditure of £753,434 resulting in an operating surplus for the twelve months of £67.813. With our investments declining in value by £2.611 during the period, Ihis notional deficit will redu the operating surplus and result in the charity rOrdIng an overall profit for the year of £65,202, a figure that still represents a strong financial performance in what is becoming an increasingly dfficutt financial environment for the charity sector. With revenue of £821,247 representing a £42,551 (5.50kn) increase over the previous year's total of £778,696, the charity was able to record rts highesl ever level of income during the twelve months Period. Our revenues are derived from three main income streams - individual supporter donations, grants from charitable trusts and foundations or monies that are raised through a variety of golf fundraising initiatives. All three sources made signfficant contributions to the overall total with successful grant applications from supporting trusts and foundations providing the largest year-on- year increase of the three with a near 100°/o uplift over the previous year's amount raised. In recent years we have staged several golf fundraising events where we have taken ownership for the responsibility of sourcing the participating teams as well as arranging all organisational matters and by concentrating on offering high quality and exclusive experiences, we have been able to drive increased revenues from such initiatives Our three4ay St Andrews event in April was a successful example of this where we were able to deliver a unique opportunity at the Home of Golf to participants that would not otherwise be available.to them and it is importanl that we look to create more of these types of enhanced experiences to maintain revenue levels going foard. Expenditure over the trwelve months totalled £753.434 wrth £19,114 being spent on fundraising. £538,624 on delivering our charitable activities and £195.696 on govemance and support costs. These figures reflect an overall increase of £37.192 over the previous year's total expenditure and is almost exclusively due to the increased spend on charitable activities delivered during the twelve months period with an amount that represented 71.5p of every pound expended by the charity. We continue to monitor support costs to ensure the charity operates efficiently and effedively with savings made wherever possible. This year we were able to reduce our support costs by £1,457 over the previous yearfs total thanks largely to successful negotiations in the renewal temis of our office lease. Fundraising costs for the year totalled £19,114 and presented a figure of a little over 2p in every £1 of revenue raised. Investments At year end, the total value of the charity's investment portfolio was £227,612 compared to a figure of £230,224 the year previously with our portfolio overseen by two different fund managefs, BlackRock and JM Finn. Funds managed by BlackRock are held in the Armed Forces Chartlies Growth & Income Distribution Fund. The value of our investment in this fund on 31 March 2025 was £129.085 having declined in value by £5.980 over the e1ve months whilst during this period we received £5,500 in distribution income from the fund. Funds held wrth JM Finn are invested in their CSI Grov•th Accumulation Fund and at Yearnd were valued at £98.527 reflecting a gain in value of £3,368 over the twelve months.
ON COURSE 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 polential impact whilst ensuring that the necessary systems are in place to mitigate exposure to any 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 so as to protect both beneficiaries and staff. Reputational Damage- making certain we have standards and procedures in place to identify, assess and manage such risk to ensure stakeholders do not fom a negative view of the charity. The charity has strong internal controls in place and the trustees are satisfied that they are both appropriate and effective. Reserves Pollcy 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 obligalions. a target level of one year of operating costs should be retained to provide slability and certainty that these objectives can be met. The surplus for the yaar of £65,202 has resulted in the charities reseryes increasing to £491,780 at 31 March which are freely available to support the general objectives of the charity and are in line with the current policy adopted by the trustees. Restricted Funds At 31 March the charity had received £78,130 of grants classified as restricted income that is shown as Income in Advance on the Balance Sheet. These grants have been received prior to year-end where the donor has specified that the funds should be directed towards a specific purpose in our event programme going forward. This deferred income has yet to be recorded as Revenue and does not form part of our Reserves total with £60.830 allocated for distribution in the 2025126 financial year and £17,300 in the 2026127 year. 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 future commitments.
ON COURSE Structure, Governance and Management The charity was incorporated on 27 May 2010. registered with the Charty Commission on 28 June 2010 and launched at the Royal Household Golf Club on 2 July 2010. The following sections explain how the charty is governed and managed. Governance The charity currently has a 8oard of six Directors, all of whom are trustees of the charty The Board aims to meet three or four times a year. Fomial 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 of the Board provides a cross-section of experience within the golf management, military. medical and commercial sectors and is well represented to fu11 all its responsibilities. Further information on the trustees is provided within the Legal and Administrative Details section. There are currently no standing sub-commrtlees 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 Twstee Code of Conduct Policy. Management The day-tTrday management of the charity is delegated to the Chief Executive who is responsible for implementing the policy and strategic direction set by the Board. Regular communication beeen the parties ensures that key decisions are acted upon and delivered. The remuneration of the 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 consultant staff who a tsken on as and when requid. 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 charity does not currently make any direct use of volunteers.
ON COURSE Legal and Administrative Details This is the fifteenth Annual Report of On Course Foundation and covers the period of twelve months from 1 April 2024 to 31 March 2025. The trustees who are also Directors ofthe charty for the purposes of the Companies Act 2006 present this report wilh Ihe financial statements of the charity for the year ended 31 March 2025. Registered Company Number: 07267733 (England and Wales) Registered Charity Number: 1136618 Registered Offjce: 28 Falstaff House Bardolph Road Richmond Surrey TW9 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 (who are also the directors of On Course Foundation) are responsible for preparing the Annual Report and the Finanal Statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view ofthe state of affairs of the Charity and of the incoming resource5 and application of resources, induding 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 appty them consistently. Obserie 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 V11 continue in business. The Trustees are responsible for keeping proper accounting records vthich disclose with reasonable accuracy at any time the financial position ofthe Charity and to enable them to ensure that the financial statements comply th 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 with the special provisions of Part 15 ofthe Companies Act 2006 relating to small companies. Approval Approved by the Board of Trustees on 28th November 2025 and signed on its behalf by: Kenneth D Schoffield CBE Chairman of Trustees 11
Independent Examiner's Report to the Trustees of On Course Foundation Independent examiner's report to the trustees of On Course Foundation ('the Comp#ny') report to the charity Irusiees on my examination of ihe accounts of the Company for the year ended 31 March 2025. Responsibilities basis of report As the charity's trustees of the Company Ixnd also its directors for the purposes of eompany law) you are responsible for the preparation of the accounts in accordance wilh the requirements of the Companies Act 20061'ihe 2006 Act,). Having satisfied myself that the accounts of Ihe Company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your chariiy's accounts as Caled out under Seclion 145 of ihe Charities Act 2011 {'the 201 l Act')- In carrying out my examination I have followed the Directions given by the Charity Commission under Section 14515) Ib) of the 201 l Act. Independent examiner's statement Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confim that l am qualified io undertake the examination because l am a member of the Institute of Chartered Accounlants in England and Wales, which is one of the listed bodies. have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe.. accounting records were not kept in respect of the Company as required by Seciion 386 of the 2006 Act. or the a¢¢ounts do not accord with those records- or the accounls do not comply with the accourkting qUirementS of Section 396 of the 2006 Acl other than any requirement thal the accounts give a true and fair view which is nol a matter considered as part of an independent examination: or the ac¢ounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Praclice for accounting and reporting by charities {applicable to charities preparing iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concems and have come 8cross no other matter5 in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of ihe accounls lo be reached. Andrew Ru The Inslitute of Chartered Accountanls in England and Wales Russell & Co Siation House Station Approach East Horsley Leatherhead Surrey KT24 6QX Dal¢: -281h November 2025......-..-.... Page 12
ON COURSE FOUNDATION Statemettt of Finanri%l Attivities for the Ye4r Ended 31 March 2025 2025 Unrestrie¢edTotal fund 2024 funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 801,064 766.012 Investment income 20,183 12.684 To¢41 821247 778,696 EXPENDITIIRE ON Raising funds 19.114 15.454 ChAritAble *ctivilies Golf skills and employrnent training 538,624 503.693 Other 195 696 197.149 Total 753,434 716.242 Operating Surplus 67,813 62.454 Nel g4inslllosses) on investments 10,498 NET INCOME 65302 72,952 RECONCILIATIOIY OF FUNDS Total funds brought forward 426.578 353.626 TOTAL FUIYDS CARRIED FORWARD 491780 426.578 The notes forni part of these financial slatements Page 13
ON COURSE FOUIYDATION Balance Sheet 31 M4r¢h 2025 2025 TotT41 fund% 2024 T(sth1 funds Notes FIXED ASSETS kncial investmenls 14 227.612 2.10.224 CURRENf ASSETS IX.btors Lash al bank and tn hand 15 C)9.1 ()() 567.177 648.497 636,337 CREDoRs Am()unl% lullin8 due within onc v¢ar 16 (440834) (43() <)83) NET CURRE ASSETS 264 168 196 .154 TOTAL ASSETS LESS CURRENT LIABILITIES 491,78 42(),578 NET ASSETS 491780 426,5711 FUNDS ljnrestricled funds 42() 57 TOTAL FUNDS 491780 426 578 ThL ¢harithblL company is enliiled to excmption from audit under kniion 477 of the COMEnI¢S knt 2(K)6 for thL year Lndud I l March 2025. 'I"hL mLmiKr% have not rcquired thL ¢()mpani' lo obiain an audil ol" lis financial statcmcnls for the vcor Lmded I l March 21)25 in a¢Lx)rdancc wilh %Lction 47() ol.the Lompnies Act 21X)6. 'rh¢ Irust¢¢s acknuiv1Le Iheir T¥snsIbilItIeS for (u) Ln%uring thjl Ihc charitable cOmnI. kpS accounlin8 ri%ords thal cvmpl!, wTrth Sections .186 and .387 of the Li)mp4niity A¥1 200() and preparin8 finanLial %laI¥ents whi¢h Bll'e a and fair i'iew of Ihe slate of uffairs of the ¢harithblc cc)mpan)' as at th¢ ¢nd of each fmancial Year and of its 5UTplus or dL'ficit fnr cach financial lear in acc()rdancc w'ith the requiremcT]l% i)r SL'itii)ns 394 and .195 and ii'hich c)theTh'ise compl!. ii'ith th¥ r¢quiremenls of thL Li)Mrn1¢S A¢t 2006 rLlaling tc) IinanLial slalemL'nts. si) far as applicoblL% Ic) thc charilablL COrnP(In!'. (b) 'I'he finuncial stalemcnt8 'Cre approved b!, the Board or'Fntee5 and authorised for issue on .... and signLxl c)n ils behalf kn.: K r) Schoficld - Tru%t¢e Th¢ notes fom) part of these fmancial atements Page 14 continued...
ON COURSE FOUNDATION C4sh Flow StAtemenl for the Year Ended 31 M4rch 2025 2024 Notes Cgsh flows from operating setivities Cash generated from operations 61.137 288.748 Net cash provided by opernting activities 61,137 288,748 Cash flows from investing activilies Sale of social investmenis Interest received 20,183 12.684 Net cash provided by investing aclivilies 20.183 12,684 Change in cash and ¢sh equivalen15 in the reporting period Cash And cash equivlenls It the beginning of ihe reporting period 81J20 301.432 567,177 265.745 CAsh and cash equivalents At the end of the reporting period 648.497 567,177 The notes forn) part of these financial statemenls Page 15
ON COURSE FOUNDATION Noles lo the Cash Flow Statement for the Year Ended 31 March 2025 RECONCILIATION OF NET INCOME TO IYET CASH FLOW FROM OPERATING AcfiviTIES 2025 2024 Iyet income for the reporting period {as per the Statement of Financial Attivities) Adjustments for: Lossesl(gain) on investments Interest received Decrease/{increase) in debtors IDecreasel/increase in creditot 65,202 72.952 2,611 (20,183) (10.498) (12.684) (2.8761 241.854 Net eash provided by operations 61,136 288,748 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.24 Cash flow Al 31.3.25 Net cash Cash at bank and in hand 567,177 81J20 648,497 567,177 81J20 648,497 Total $67 177 648.497 The notes forni part of these financial statements Page 16
ON COURSE FOUNDATION Notes to th¢ Financial Statements for ihe Year Ended 31 March 2025 GENERAL INFORMATIO The chariiable company is incorporated and domiciled in the United Kingdom. The address of its gIstered office is 28 Falstaff House. Bardolph Road. Richmond. Surrey, TW9 ?LH. The registered number of the company is 07267733. The registered number of ih¢ charity is 1136618. The financial inforniation presented is for the year ended 31 March 2025 and 31 Mah 2024. The infonnation is presented in sterling. AccouiwfiNG POLICIES BASIS of preparing the financial slatements The financial slatements of the charitable company. which is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP IFRS 1021 'Accounling and Reporting by Charities: Sialement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in ihe UK and Republic of Ireland IFRS 1021 (effective l January 2019).. Financial Reporting Siandard 102 The Financial Reporting Standard applicable in ihe U K and Republic of Ireland, and the Companies Act 2006. The financial slalemenis have been prepared under the historical cost convenlion, as modified by the revaluation of certain assets. a) Going coneern basis The "Reserwes Policy and Going Concern" section of the trustees. report sets out various consideraiions relative lo ihe going concern position of the charity and explains why the trustees continue io adopt the going concern basis in preparation of these financial statements. b) Significant judgements and estim*tes The trustees consider that there are no areas of judgement or esiimation which malerially affect the financial statements. Income All income is regnIsed in the Statement of Financial A1vItieS once the charity has entitlemenl to the funds. it is probable that the income will be received and the amount Can be measured reliably. Voluntary income is received by way of donaiions and is included in full in the Stalement of Financial Activities when receivable. Other income in respecl of services provided is recognised when. and to the exienl thaL perfomlance occurs and is measured at the fair valu¢ of the conside10n receivable. Interest on funds held on dewsii is included when receivable and the amouni can be measured reliably by the charitable company. this is nornially uw)n notification of ihe inlerest paid or payable by the bank. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or cot)structive obligation committing the charity to ihat expendiiure, it is probable ihat a transfer of economie benefits will be required in settlement and the amount of the obligalion can be meUred reliabl).. Expenditure is accounied for on an accruals basis and has been classified under headings that aggregate all cosl related to the caiegory. Where cosls cannot be directly tributed to particular headings they have been allocated to activilies on a basis wnsistent with the use of resources. Irrecoverable VAT is charged ls a cost against the activity for which the expendilure was incurred. Page 17 ntinued...
ON COURSE FOUNDATION Notes to the Financial StAtements - contiDued for the YeAr Ended 31 March 2025 ACCOUNTING POLICIES- continued Charitable activities Charitable expendilure comprises direct and support costs. Direcl cosis relate specifically 10 the delivery of golf skills and employment training. Support cosis are those costs Ihal. whilst necessary to deliver the activity of golf skills and employment training, do not themselves produce the output of the charilable activity. GoverD4nce costs Governance costs include compliance with consiilutional and slatutory requirements. Allocation And Apportionment of costs Support costs include all those overhead costs of office. utiliiy services and other SeICe5 and costs. which are in support of the activity. They have been allocated to aclivity cost categories on a basis consistent with the use of resources. T4ngible fixed Assets Depreciaiion is provided at the following annual rates in order to write off each asset over ils estimated useful life. Office equipmeni Straight line over 3 years Taxation The chariry is exempt from corporation lax on its charitable activities. Fund aeeounting Unrvstricted fund5 can be used in accordance with the charitable objectives at Ihe discretion of the Irusiees. Resiricled fund5 can only b¢ used for particular restricted purposes wiihin the objects of the charily. Restrictions arise when sp¢¢ified by lh¢ donor or when funds are raised for particular restricled purposes. Further explanation of the naiure and purpose of each fund is included in Ihe note5 to ihe financial statements. Hire purchase Ind leasing eommitments Rentals paid under operating leases are charged lo ihe Statement of Financi81 Activilies on a siraight line basis over the period of the lease. Pension eosts And other post-retirement benefits The ¢harilable company operates a defined contribulion pension scheme. Contributions payable to the charilable comparty's pension scheme are charged lo the Statement of Financial Aclivilies in the period to which they relate. Financial instruments The charity only has financial instruments of a kind that qualify as basic financial instruments. Basic financial inslrumenls are initially recognised al transaclion value and subsequenily measured at their settlement value. C45h At bank C&8h at bank in¢ludes bank deposit accounts and is measured at transaction price. Debtors Trade and other debtors a recognised at the settlement amount due. Prepayments are recognised at the invoiced cosl prepaid. Creditors Page 18 continued...
ON COURSE FOUNDATION Notts to the FinAnei*l Stattments- continued for the Year Ended 31 March 2025 ACCOUNTING POLICIES- eontinued Financial instrnments Creditors are recognised when the charity has a present obltgation resulting from a past event that will probably resuli in the Irdnsfer of funds to a third party and the amouni due to settle the obligaiion can be measurcd or eslimatcd reliably. Creditors are nornially ¢08niSed ai the settlernenl amouni. DONATIONS AND LEGACIES 2025 2024 Donations Gift aid 792,492 8572 760,979 5.033 801.064 766.012 INVESTMENT INCOME 2024 Deposit account inieresi 20,183 12.684 RAISIIYG FUNDS R4ising don•tions and legacies 2024 Fundraising costs CHARITABLE A1VITIEs COSTS Totals Golf skills and employment iraining 538,624 Page 19 conlinued...
ON COURSE FOUNDATION Notes to the FinAneial Statements- continued for the Year Ended 31 March 2025 DIREcf COSTS OF CHARITABLE ACTIVITIES 2025 2024 Delivery ¢osis Staging costs 298,981 239,643 272.021 231.618 538,624 503.639 SUPPORT COSTS Governance osis Management Finance Toials Golf skills and employment trdinin8 190.890 4,800 195,696 Support cost& included in the above. are as follows: Management 2025 2024 Total activities Total activities Sa18ries & managemeni Pensions Office rent Rates and water Insurance Light and heal Telephone Posiage and stationery Sundries Car parking Subsistence Cloihin8 Compuier costs & websile Bookkeeping Cleaning Office maintenance Subscriptions For¢ign exchange difference 109,-400 4.934 43,480 -SJ48 32JOI 6,760 3,771 5203 896 (187) 2.888 1,179 1.629 298 448 1,210 4J92 7,913 2,000 (803) 8220 800 144 709 766 190 192 90 a47 Page 20 continued...
ON COURSE FOUNDATION Notes to the Financial Statements - continued for the Year Ended 31 March 2025 SUPPORT COSTS- continued Finance 2025 Other resources expended 2024 Total activities Bank charges Governance ¢o$ts 202.5 Other resources expended 2024 Total activities Independent examiner's fee 4,800 4,800 IYET INCOMEI(EXPENDITIIRE) Nel incomel{expenditure} is staled after chargingl{crediting)'. 2024 Other operalirtg leases Independenl examiner - independent examination 32JOI 4,800 43.480 4.800 io. TRUSTEES, REMUNERATION AND BENEFITS There were no Istee5, remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees, expenses During ihe year, the trustee5 and the de facto iruslee charged trustees, expenses of £012024 £01 in respect of travel, subsisiertce and other cosls incurred whilsi undertaking charitable aclivities. STAFF COSTS 2025 2024 Wage5 and salaries Social security cos15 her pension costs 320,000 33,481 295,800 25,721 3$8 829 326 455 The average monthly number of employees during the year was as follows.. 2025 2024 Staff Other Page 21 continued...
ON COURSE FOUNDATION Notes to the Financial Statements - eontinued for the Year Ended 31 March 2025 12. COMPARATIVES FOR THE STATEMEYT OF FINANCIAL AcfiviTIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and legacies 766.012 Investment income Tolal 778.696 EXPENDITURE ON Raising funds 15.454 ChAri¢*ble ictivi¢ie$ Golf skills and employment training 503.693 Other 197 149 Total 716242 Net gains on investments 10.498 IYET INCOME 72.952 RECONCILIATION OF FUNDS Total funds brought forward 353.626 TOTAL FUNDS CARRIED FORWARD 426.578 Page 22 Continued...
OIY COURSE FOUNDATION Notes to the Financial StA¢emen¢s - continued for the Year Ended 31 Mirch 2025 13. TANGIBLE FIXED ASSETS Olee Equipment COST At l April 2024 and 31 March 2025 DEPRECIATION Ai l April 2024 and 31 March 2025 NET BOOK VALUE Ai 31 March 2025 Al 31 March 2024 14. SOCIAL INVESTMENTS Other investments MARKET VALUE Ai l April 2024 Revalualions 230,224 2,612) Ai 31 March 2025 227.612 NET BOOK VALUE At 31 March 2025 227.612 At 31 March 2024 230 224 Cost or valuation al 31 March 2025 is represented by: Other investments Valualion in 2022 Valuation in 2022 Valuation in 2023 Valuation in 2024 Valuation in 2025 (8,$22 (21,752) 10,498 227612 Page 23 conlinued...
ON COURSE FOUNDATION Note5 to the Financial Statements - continued for the Year Ended 31 March 2025 15. DEBTORS 2024 Amounts fallin8 due within one year.. Prepayments 65,160 Amounis falling due after more than one year: Other debtors 4,000 4,000 Aggregate amounts 69,160 16. CREDITORS: AMOIINTS FALLING DUE WITHIN ONE YF.AR Deferr come 202S ?024 Balance broughi forward Amounts released 10 incoming resources Amounls deferred in the year 413Jll 176,514 -413Jll 176,514 320,848 413,311 Balance carried forward 320 848 413.311 Accruals Trade Creditors Other Tax 100,047 9,760 10,179 9.917 9,589 7.166 Tot*1 440,834 439.985 Deferred income comprises donations received in the year. but which relate lo events to be held after the year end. 17. LEASING AGREEMENTS Minimum lease payments under non-cancellable operalin8 leases fall due as follows- 2024 Within one year 31,200 18. MOVEMENT IN FUNDS Net movement in funds At 31.3.25 At 1.4.24 Unrestricted funds General fund 426,578 65,202 491.780 TOTAL FUNDS 426.578 491,780 Page 24 ¢ontinued..-
ON COURSE FOUNDATION Notes to the Financial StAtements - continued for the Year Ended 31 March 2025 18. MOVEMEIYT IN FUNDS- continued Nel movemenl in funds. included in the above a &8 follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 821247 (743,434) (2.611) 65202 TOTAL FUNDS 821247 7$3,434) 2,611) Comp74r*¢ives for movement in funds Net movemenl in funds At 31.3.24 Ai 1.4.23 Unrestricted funds General fund 353,626 72.952 426,578 TOTAL FUNDS 353,626 72,952 426,578 Comparative net movement in funds, included in the above are as follows: Incomin8 resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 778.696 (716.242> 10.498 72.952 TOTAL FUNDS 778.696 716.?4?1 10,498 72.952 A current year 12 months and prior year 12 monihs combined postlion is as follows: Net movement in funds At 31.3.25 At 1.4.23 Unrestricted fuDd$ General fund 353,626 138.154 491,780 TOTAL FUNDS 353.626 138.154 491,780 Page 25 ¢ontinu¢d...
ON COURSE FOUNDATION Notes to the FinaneiAI Statements - continued for the Year Ended 31 March 2025 18. MOVEMENT IN FUNDS- continued A current year 12 monihs and prior y&qr 12 months combined net movement in funds. included in the above are as follows= Incoming rey)urce5 Resources expended Gains and losses Movement in funds Unrestricted funds General fund 1.599.943 (1.469.676) 7,887 138.154 TOTAL FUNDS 1,599,943 (1.469.676} 7.887 138,154 19. RELATED PARTY DISCLOSURES There were no related party transactions for ihe year ended 31 March 2025. 20. CHARITABLE COMPANY LIMITED BY GUAIi4NTEE Each member a maximum potential liability of £1 O in the event of the charilable company being wound up. Page 26
OIY COURSE FOUNDATION Detailed Sttement of Financi&l Activities for the YeAr Ended 31 March 2025 2025 2024 INCOME AND ENDOWMENTS DonatlOn5 and lega¢i¢s Donations Gift aid 792,492 ,-$72 760.979 5.0.13 801,064 766.012 Investment income Deposit accounl inleresl 20,183 1?.684 Total incoming resources 821247 778.696 EXPEIYDITURE R4ising donations and legACbes Fundrnising costs 19.114 15.454 Charitable ctivities Delivery cosis Social security Staging costs 246,300 25.7?1 231,618 33,481 239.643 503,639 Support costs ManAgement Salaries & managernenl Pensions Office rent Raies and water Insurance Lighi and heat Telephone Postage and stationery Sundries Car parking Subsisience Cloihing Computer costs & website Bookkeeping Cleaning Office maintenance Carried fon¥ard 117.-q00 109.500 4.934 43,480 4.505 3,771 2,725 2,888 1,179 1.629 298 448 1,210 4,392 7,913 2,000 32JOI 6,760 896 (187) (803) 8220 800 144 189299 192.347 This page does not forn part of the statutory financial slatements Page 27
ON COURSE FOUNDATION Detailed St4temen¢ of Financial Activities for the Yegr Ended 31 Mareh 202$ 2025 2024 Management Broughi forward Subscriptions Foreign exchange difference 189,299 190,872 709 766 1,080 190,890 192.347 Finanee Bank charges Govern#n¢e costs Independent examiner's fee 4,800 4,800 Total resources expended 753,434 716,242 Net IDcome before gains And 10s5es 67,813 62,634 Realised reeognised gains Ind losses Realised gainslllosses) on programme related investmenls 10,498 Net income 72,952 This page does not fom part of the statutory financial statements Page 28