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 reqU1￿ment 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 V￿rk 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 f￿USSed 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 te￿nS 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 cOnsu￿antS 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 be￿een 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 InC￿a$l￿g1Y 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 E￿trical 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 r￿OrdIng 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 fo￿ard.
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 Year￿nd 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 fu￿11 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 be￿een
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 requi￿d.
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 Finan￿al 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 V￿11 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 Ca￿led
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
CRED￿oRs
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 COME￿nI¢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 acknuiv1L￿￿e Iheir T¥s￿nsIbilItIeS for
(u)
Ln%uring thjl Ihc charitable cOm￿nI. k￿pS 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)Mr￿n1¢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'Fn￿tee5 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 equiv*lenls 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 Ma￿h 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 re￿gnIsed in the Statement of Financial A￿1vItieS 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 conside￿10n 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 me￿Ured 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 Se￿ICe5 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 A￿1VITIEs 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 I￿stee5, 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
O￿lee
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 St*tement 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