Charity number: 1179513 GET GOLFING CIO FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
GET GOLFING CIO CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Tyustees, report Independent auditors, report on the financial statements 8-11 Consolldated statement of financial activities 12 Consolidated balance sheet 13 Charity balance sheet 14 Consolidated statement of cash flows 15 Notes to the financial statements
GET GOLFING CIO REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Mr J Covey Mr S Pilbeam Iresigned 20 May 20241 Mr l Timbertake (resigned 15 April 2024) As T Swanson Mr O Jenkins {appoinled 20 May 2024) Charity reglst&red number 1179513 Principal office Redlibbels Golf Club Manor Lane Ash, New Ash Green Sevenoaks Kent TN15 7HT Independent auditors Magee Gammon Corporate Limited Chartered Accountants & Slalulory Auditors Henwood House Henwood Ashford Kent TN24 8DH Bankers Metro Bank plc 10 Week Street Maidslone Kent ME14 IRN Page 1
GET GOLFING CIO TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report together with the audited financial slalemenls of the Gel Goff ing CIO lor the year 1 January 2024 10 31 December 2024. Objectives and actlvities Pollcies and objectlvÈs The principal charitable objective of the Charity during the period under review was that ol the pMOtn ol community paTiicipatKin in heaSlhy recreation, in particular by the provision of facilities lor the playing of golr. The secondary charitable objective of the Charity Is lo carry out su¢h other ¢harit2ble purposes benefla1 lo the community consislent with the principal objective as the Trustees shall in their absolule discretion determine. b. Activities undertaken to achieve objectives At the slart ol the year under review the Charity oporaled twelve leasehold goll facilities. The Charily acquired the lease of a furthar one golf venue over the year under review: Easlbourne Downs was acquired in May 2024. The Charity continued to invest hoavily in improvements lo ils leasehold sÉes. Such inv&slmenl is now proven lo drive a virtuous circle by which the improvements generate increased particip8lion, which in lum generate surpluses available for further improvement works and expansion ol our community engagement. Public benefits statemènt The Trustees confirn th31 they have had due regard lo the Charity Commission's general gLJidance on public benefit when revieVng the Charitys aims and objectwes, and in planning ils lulure aclivrties. We have increased our contact and meetings with the Charities and Communities Director in order lo best support and have oversight of the aclivalions. Gel Golfing CIO was established with the vision ol m8kSng gotr accessible to os many people as possible. while encouraging broader engagemenl from the local community wth ils facilities. In assessing its charitable impact, the organisation cOnserS both the benefit aspect, whether ils activities provide measurable positive oul¢omes. 8nd the public aspect. who those benefits are intended for. Followng the appoinlmenl ol a new CEO in June 2024, we have significantly slrenothened our Community and Charity inilialives. With an InCaSed departmenlal budget and broader involvement from the wder Gel Golling team, we have been able lo further our charitable goals with Tenewed energy and focus. The introduction of General Managers al each sile, has enabled our Charities and Communities Director to align eaoh10¢8lion wlh specrfK Community and chariloble objectives while also coordinating shared group-wide activations. This approach has not only enhanced local ownership bul also improved internal Clarity on how we deliver our rnission. Our team of Community (fer$ has grown from three in 2023 to seven in 2024. Th8 officers are responsible for two sites or one site in some cases, ensuring that we consislently deliver impacllul inilialives within budget. In addition, Gel GoWing CK) has 8xpanded its ollerings to include more lamily4ocused and women-only gessions. Recognising the vital role grandparents play in provLding infomal childcare, have also launched free gow aclbvilies for grandparenls and their grandchildren duri ng school holidays. This initiative has been sijccesslully piloted al IhTee sites, vAlh plans now lo expand across most of our locations in 2025. Page 2
GET GOLFING CIO TRUSTEES. REPORT Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2024 Beneficiarias The following groups are among those who benefit from the Charity's purpose.. Children Individuals with disabilities Women n6w lo the game Families Juniors Iwilh free membership available for those aged 18 and underl Older adults Vulnerable adults Achievemenls and performance a. Review of activities The Trnslees are pleased lo report that activities undertaken wlhin 2024 have built subslan11211y on the success of the preceding financial years. The charity is almost entirely So fund1 lo deliver its services. 11 is therefore reliant on ils own commercial aclivities lo generate suipluses that ¢an then be deployed tts meet ils objectives. Al this stage in the Charity's evolution, surpluses are invested into facility improvements, ils slaff and local community en9agemenl. The re investment into our facilities, plant, and equipment in 2024 amounted to just under £2m. and since commencement, the lolal value ol such investments has exceeded £12m. As the Charity continues lo grow, we expecl this area of our charitable endeavours lo continue to Ceive the mosi funding. By investing in our facilities, planl, and equipment, we are able lo improve our venues and cours8s and increase participation in Ihe game of goff . The increased level of funds enable the charity lo further improve Ihe services provided lo our local communities. The 2024 season saw further improvements lo course conditions and irfrastruclure. Practices that have been pul in place over the last couple of years are starting to pay divklends resulling in a high level of expe¢lalion when visiting the siles. A focus on fundamental glemenls of the greens department Wds implemented resulting in irnprovd welfare facilities, irrigation and course drainage. These efforts led to Vi%1b improved Course 8esthelics and playing condilion5, contributing lo a stronger reputation for quality 8cross the Gel Golfing network and industry. Investmenls in machinery have become a critical ¢ompoTrenl in our strategy lo maintain and improve course Gondilions. The purchase of new equipment via Lislei Wilder played a pivotal role in all Course success. Our ongoing commitment lo upgrading equipment ensures that cc)urses are maintained to high standards. To continue allracling new partiGipanls lo the game. particularly those lacing economic hardship or livi wlh physical or menlal health challenges, we have expanded our Community Officer team. We've brought on individuals with both a goffir¥J background and experience in Special Educational Needs and Dis8bililies ISENDI and education. Where existing staff lacked relevant expertise, they received tailored training focused on inclusive golf coaching and SEND support. Pag¢ 3
GET GOLFING CIO TRUSTEES, REPORT Iconlinued) FOR THE YEAR ENDED 31 DECEMBER 2024 Gel GOing CIO has also continued the successful gnwth of our Fun, Food and Goff CaTnps. Recognisin9 the slrong link between household disposable income and gow particrpation, we have partnered closely with local councils and schools lo idenlrfy areas with high levels of deprivalK)n and scFK)ols wlh a large propotlion of pupils el1b1& for Free School Meals IFSMI. This targeted approach enables us to invite children and families who might otherwise be excluded Inm the sport due io cost. Our HAF (Holiday AGlivities and Food) camps offer a mix of golf and non-gow aclwities, provIng nutritiou5 meals, recreational opportunities, and hands-on educational experiences. In 2024, we delivered over 6,000 meals through Ihis iniliatwe, with further expansion planned for 2025 across additional venues. In 2024, we further exler¥ded these camps for children eligible for FSM. Research continues to confim) the direct Gorrelalion between household income and gow participation. and we also recog nise Ihal new gowers are typallY introduced lo the game through family. Our camps are ellectively breaking down these barriers, welcoming child ren who have tradilionally had limited access lo golf. Additionally, Get GOing CIO has broadtrned its offerings to include family-orienled and women-only sessions. ACknoedgIng the important childcare role grandparents often play, we introduced free goK sessions lor grandparenls and grandchildren during school )lidayS. Pibted al the lo¢alions, this inilialive eng8ged over 50 grandparenls and 76 grandchildren, with expansion planned across more venues in 2025. Our charity continues to welcome local mMunitY groups and charities lo use our facilities free of charge. To further enhance inclusivity we provide complimentary leas and Coffees lo remove any financial hurdles. In 2024, we proudly hogled our firsl-ever event for sealed goff ers in partnership with WheelPower, a charity supporting theelchair sports. Using a Paragoff er, we enabled individuals wlh MS and other mobility issues lo experience gow, some for the first time, and others returning after Many years away. Thirty participants attended, and we covered all event costs, including hol meals. The event also supported social inletsction, addressing potential isolation in participants. We are especially proud ol launching and expanding our Memory Cafés in 2024, a new initiative that reflects our continued enrnmilmenl lo supporting communities Ihrough goK and beyond. The Memory Cafés support those in the community SLrflering from Demenlia relalecl illnesses. Feeling part of the community as well as access lo open space or a¢tivilies Ihal we can provide in the form of golF on the pulling green can be extremely valuable lor people with age-related changes in the brain, genelic predisposilions. and lifeslyle choices. In addition io compliance training in areas such as food hygiene, fire safely and first aid, in 2024 we supported 15 apprentices across the organisation with topics including genkeeplng, hospitality and food production. We have a further 11 polenlial apprenlictss al either initial enquiry stage or waiting lo begin their apprenticeship. We have supported internal progression wth 10 of OLJr 13 General Managers being appoinlad from within Gel Golfing. As we continue to lake steps lo esla)lish an HR and penp1e development function Ihal is fit for purpose for an organisalion of our size, the implementation of Ihe following ar&as are being prioritised.. The developmenl of our management cohort through 8 planned and costed annual training programme Investing in people development land succession planning) via the implementation of our'GM Academy. lo develop potential fuluie General Managers from within our existing s181f group Support loi prof&sK)nal development and qualrficalion5 through an annual budget and application process The Trustees ¢onsider that the future of all i(s facilities io be financially socure and they VMII, in the opinion of the TTUStees, provide substantial community benefit into the future. Nolwthslanding the above, the Trustees are mindful of the Considerable personal financial ¢hallenges ils member8 and visilors are subject to with the current cost of livirYJ crisis and irff lalK>n8ry challenges in the UK economy. Wherever possible the Trustees will lake sleps to mitigate those drflicullies, seeking lo maintain a balance between the financial suslainability of the Charity and affordability for the facility users. Page 4
GET GOLFING CIO TRUSTEES. REPORT l¢ontinuedl FOR THE YEAR ENDED 31 DECEMBER 2024 The Charity continues lo seek opportunities lo èxpand the sphere ol th& benefit it can prOVe. Since Ihe year erKI, the Ghaiily has been aclivdy exploring olher opportunities, including cout5es, gotr ranges and pade courts. b. Investment policy and performan¢È The income and capital of the Charity is solely dedicated to the promotKJn of the objectives of the Charity. The Trustees expect all and any operating surpluses lo be reinvested inlo the aclivllies of the Charity for the foreseeable future and hav8 no plans lo invest exlemally lo Ihe Charity. Financlal review Prlncipal fundlng The primary sources of in¢ome are income generated from charitable a¢livities of £13,836,724 {2023 £12,074,710) and income from other trading activities within the trading subsidiary of £8,159,216 12023 £6.994,455). The main expenditure of the Charity is staff costs of £9,323,72212023 .. £8,132,904). b. Res9Nes Reserves al the year end lotalled E4.100,480 12023 .. £3,961,708). After deducling fixed assets and Reslricled funds, the free reserves lolalled £ -3,189,33212023 £ -3,462,288). These figures are as at 31 December 2024 which is during the qijieter stsason of goff iru aclivity. The Trusloes hav8 agreed that durin9 2025 Ihe charity will build up reserves. Structure, governance and managament Constltution Gel Golfing CIO is a registered charity. number 1179513 and was registered on 10 August 2018. Gel Golfing CIO has three 100°k SLJbsidiaries. The active subsidiaries as al the end of the year under review were Gel Golfing Trading Limited and Gel Golfiru Retail Limited. Bucklield Park Limited was dorrnant throughout ihe year. b. Methods of appointment or election of Trustees The management ol Ihe Charity is Ihe responsibility of the Trustees who are appointed under the terms of the Twsl deed. Page 5
GET GOLFING CIO TRUSTEES. REPORT Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees remain in post until they resign or otherwise cease under the provisions ol the Charity's ¢onstitullon. New Truslees are elecled by the Trustees in post afler undertaking an interview process lo ensure skills offered a a good match for the charity. The Trusle&s who served during the y8ar were as follows.. r J Covey Ms T Swanson Mr S Pilbearll (resigned 20 May 20241 Mr l Timberlake (resigned 15 April 20241 Mr D Jenkins lappoinled 20 May 20241 The Trustees recognise the need lo increase the size ol the Board as the ¢harily grows. The existing Trustees are actively recruiting for new Trustees over the next twelve months. Organlsatlonal stru¢ture and declsion maklng policies Very sad ly, our founder and CEO, Ed Richardson, passed away in November 2023. Ed started the charity in 2018 and $2w Il g row lo 12 clubs by November 2023. Over this period he saw the game ol gow being enjoyed by groups of people and children who would not Iradilionally have a¢¢ess to the game and ihe number of community inilialives the charity provided al ils venues increase. The Trustees initiated a recruilmenl campaign during which an interim CEO was appointed from Ihe Senior Management Team. Following a th0Ugh wruilmenl process assisted by a recruilmenl ag&n¢y, Chris Morris was appointed as our new CEO on 3 June 2024 with a strong background in sports, leisure and hospitality management and having worked for high profile non-for-prolil distribution organisalions. The organis81ion8I structure of the charity k% evolving under Chris Morris. leadership and as the Charity grow5. Trustees make and approve key decisions al Trustee meetings, which are held a minimum of four limes per year. Due lo the changes in management duri ng the year, Trustees increased Iheir oversighl by having more regular meetings lo slay abreast of operations. The CEO meets with the Senior Management Team and General Managers regularly. The Senior Management Team consists of the Chief Financial Officer, Chief People Officer, Charities and Communities Director and Courses Dire¢tor. Plans for future pgrlods Building on ils purpose lo irrprove Ipies through goff , the Charity proudly expanded tis operations in May 2024 by leasing an addilk)nal go venue, bringing the total number ol venues under its slew8rdship to thirteen. With o slrong wmmilmenl to its misSn 'lo make gow couses and Clubhouses accessible lo all,, the Charity is actively developing a robust management and IT infrastructure designed lo support further expanslon. This forward-thinking approach wll enable Ihe Charity lo welcome new venues aligned with ils values of collaboration, accounlability, respect and enjoyment, and enhance its ability to deliver meani ngful and lasting benefi15 to communities. ststement of Trustees, responslbllitles The Truslees are responsible lor preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kinodom Generally Accepted Accounting Praclicel. Page6
GET GOLFING CIO TRUSTEES. REPORT Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2024 The law applicable to charities in England & Wales requires the Trustees lo prepare financial statements for each financial which give a true and lair view of the stale of affairs of the Group and the Charity and of their incoming resources and application of resources. including their income and expenditure, lor Ihal period. In preparing these financial slalemenls, the Trustees are required to.. select suitable accounting policies ard then apply them consislenlly.. obseNe the melhods and principles of the Charities SORP IFRS 1021., make judgements and accounting eslimates that are reasonable and pnjdenl., stale whether applicable UK Acix)unling Slandards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the fin8ncial slalemenls,. Prepare the financial slalemenls on the going concem basis unless it is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping ad4uale accounting records that are 8Lrffi¢ient lo show and explain the Group and the Charily's Iransa¢lions and disclose with reasonable accuracy at any lime the financial position of the Group and the Charily and enable them lo ensure that the financial slalemenls comply with the Charities Acl 2011, the Charfty {Ac¢ounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsble lor safeguarding the assets of Ihe Group and the Charily and hence for taking reasonable steps for the prevention and deleclion ol fraud and other irregularities. Dlsclosure of Information to auditors Each of the persons tho are Trustees al the time when this Trus18es' report is approved has confirmed Ihal.. so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and that Truslee has laken all the steps that ought to have been taken as a Trustee in order lo be aware of any relevant audit information and lo establish that the oharilable group's 8uditors are aware ol that information. Audltors The auditor3, Magee G8mmon Corporate Limile(J, have indicated their willingness to continue in office. The designaled TnJslee8 will propose a motion reappointing the auditors al a meeting of Ihe Truslees. Approved by order of the members of the board of Trustees on 30 June 2025 and signed on their behalf by.. Ms T Swanson Page 7
GET GOLFING CIO INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF GET GOLFING CIO Oplnion We have audited the financial slalements of Gel Golfing CIO Ilhe 'pa¥enl charily'l and its subsidiaries (the 'group'l lor the year ended 31 December 2024 which comprlsts the consolidated slalement of f inaneial activilies, the consolidated balance sheet. the charity balance sheet, Ihe consolidated slalemenl of Cash Ibws and the related notes, including a summary of 5ignrficanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice). The financial slalemenls have been prepared in accordance wilh Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland {FRS 1021 in preference lo the Accounting and Reporting by Charities-. Statement of Recommended Practice issued on 1 Apiil 2005 which is referred lo in the exlanl regulations bul has been withdrawn. This has been done in order for the accounts lo provKle a true and fair view in accordance with the Generally Accepted Accounling Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial stalemenls.. give a true and fair view of the stale of the Group's and of the parent charity's affairs as al 31 December 2024 and ol the Group's incoming resources and 8pplicatn of resources. in¢ludin9 Ils income and expenditure for the year then ended., have beon properly prepared in accord8nce United Kingdom Generally Accepled Accounting Pra¢lice', and have been prepared in accoTdanc¢ wilh the requirements of the Charities Act 2011. Basis for oplnlon We conducted our audit In accordance with International Sland2rds on Auditing (UK) IISAS IUKII and applicable law. Our responsibilrties under those standards are further described in the Athitors, responsibililles for the audit of the financia5 slalernenls settn of our report. We are indtspendent of the Group in accordance with the ethical requi remenls that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Cc)uncil's Ethical Standard, and we hav8 fU117ed our olher ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis lor our opinion. Conclusions relallng to going concgm In audiling the linan¢ial slatemenls, we have concluded that the Trustees. use of the going (xJn¢em basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have perfom)ed, we have not identrfied any material uncertainties relating lo events or conditions Ihal, individually or collectively, may cast svJnsFiGant doubl on the Group's or the parent charity's ability to continue as a goin9 COnG6rn for a period ol at least Iwelve months f rom when the financial statements are aulhorised lor issue. (Xjr responsibilities 8ncl the responsibilities of the Trustees wilh respecl lo going concern are described in the relevant sections of this report. Page 8
GET GOLFING CIO INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF GET GOLFING CIO {CONTINUEDI Other information The other information comprises Ihe information included in the annual report other than the financial slalements and our auditors, report thereon. The Truslees are responsible for the other informalion cx)Nlained wthin the annual report. Our opinion on the financial statements does not cK>ver Ihe other information and, except lo the exienl othetwise explicitly stated in OLJr report, we do not express any form ol assurance conclusion Ihereon. Our iesponsibilily to read Ihe other information and. in doiro so, consider whelhef the other information is materially inconsistent with the financial slalemenls or our knowledge obtained in tha Course of the audit, or otherwise appears to be materially misstated. W we identify such material inconsistencies or apparent material misslalemenls. we are required lo delemiine whether this gives rise lo a material misstatement in the financial slalements Ihemsalves. 11, based on the work we have performed, we conclude that the is a material mi551alemenl of this other infomalion, we are reqUId lo report thai lacl. We have nothing lo report in this regard. Matters on whi¢h we are required to report by exception We have nothing lo report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us lo report to you if, in our opinion.. the information given in the Truslees, report is inconsislenl in any material respect Vwith the financial stalemenls.. or the parent Charity has not kepl suff i¢ient accounting records". or the parent Charity financial slaleThenls are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we require lor our audit. Responsibilltiès of truste8s As explained more fully in Ihe trustees, responsibilhfies stglemenl, the Trustees are responsible for lh8 preparation of th¢ financial statements which give a true and fair view. and lor such inlemal control as the Truslees determine is necessary lo enable the prepaialion of financial slalemenls that are free from malerial misslalemenl. ether due lo f raud or error. In pYep2ring the financial statements, Ihe Trustees are responsible for assessing the Group's and the parent charity's abllity to continue as a goiTVJ concern. dBck)sing. as applicable, mallers related lo going concem and using the going wnGern basis of accounting unless th$ Trustees either intend lo INuidate the Group or the parent charity or to cease operations, or have no realistic allemative bul lo do so. Page 9
GET GOLFING CIO INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF GET GOLFING CIO (CONTINUED) Auditors, responsibilities for tha audit of the financial statem8nts We have been appointed as auditor under seclion 151 of the Charities Act 2011 and report in a¢cordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about vthelher the financial statements as a whole are free from malerial misslalemenl, whether due to fraud or error, and lo issue an auditors, report that includes our opinion. Reasonable assurance is a high level of assurance. bul E not a guaranlee Ihal an audil ¢oruCted in accordance with ISAS IUKI will always delecl a material misslalemenl when il exists. Misslatemenls can arise Irom fraud or error and 8re considered rllalerial rf, indwidu811y or in the aggregate, Ihey coukj reasonably be expe¢ted to influence the ecorK)mic decisions of users laken on the basi5 of Ihese financial stalemenls. Irregularities, including fraud, are instances ol non-coryliance with laws and regulations. We design procedurtss in line wth our responsibilities, outlined above, lo detect material misslatemenls in respect of irregularities, including fraud. The extent lo which our procedures are capable ol detecting irregularities, including fraud is detailed below.. Based Dn our understanding of the ¢harity, we have considered those laws and regulations that hav8 a direct impaol on the preparation ol the finan¢ial statements such as the Charities Act 2011. We evaluated rnanagement incentives and opportunities loi fiaudulenl manipulation of the f inancial statements including management override, and consKlered (hal the principal risk was related to the posting of inappropriate )uma1 entries to improve the resuS1 before lax for the year. We designed audll procedures to respord to the risk. recognising that the risk of n)1 dele¢ting a material misstatement due lo fraL%d is higher Ihan the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery. misrepresenlations or through collusion. Procedures perfomied by the audit team included.. DiscuSsnS with management regarding known or suspected instances of non-compliance with laws and regulations., Evaluation of controls designed lo prevenl and detect iiiegularilies,. and Assessing joumal enliies as part of our planned audit approach. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial stalemenls, the less likely we would become aware ol it. As in all of our audils we also addressed the risk of managemenl override ol internal conlrols, including testing journals and evaluating thelher there was evidence of bias by the Trustees that represented a risk of material misstatement due lo fraud. A further description of our responsibilities lor Ihe audit of the fin8nci81 slalemenls is localed on the Financial Reporting Council's website al.. w]fiw.Irc.org.uklaudilorsresponsibililies. This deSCriptn forms part of our auditors, report. Page 10
GET GOLFING CIO INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF GET GOLFING CIO ICONTINUED) Use of our report This report i% made solely lo the charity's Iruslees, as a body, in accordance with Patl 4 01 the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state lo the charily's trustees those mallers we are required lo slate to them in an auditors. report and lor no olher purpose. To the lullesl exlenl permitted by law, we do rk)t accept or assume responsibility to anyone other than the charity and its trustees, as a body, lor our audit wort(, for this report, or for Ihe opinions we have formed. Magee Gammon Corporatg Limited Chart&red Accounlanls & Slalulory Auditors Iqenwood House Henwood Ashford Kent TN24 8DH 30 June 2025 Mageg Gammon Corporate MIted are eligible lo act as auditors in lems ol section 1212 of the Companies Act 2006. Page11
GET GOLFING CIO CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Note Income from.. Donations and legacies 27,597 27,597 40,126 Charitable activities 13,836,724 13,836,724 12,074, 710 Other trading aclivilies 8,159,216 8,159,216 6,994, 455 Other income 69,778 69,778 58.250 Total Income Expenditure on- 22 093 315 19 167541 Raising funds 6.810,861 6,810,861 6, 184,857 Charitable aclivilies 15.266,667 15,266,667 12, 179,207 Total expendlture 220775 22 Net movement in funds before othèr recognised galnslllossesl 15,787 15.787 803,477 Other recognisad gainsl{lossesl: Falr value adjuslmenls of fixed assets 122,985 122,985 84,000 Net movement in funds Reconciliation of funds.. Tolal funds brought forward 3,961,708 3,961,708 3, 074. 237 Nel movement in funds 138.772 138,772 887,4Tf Total funds carried fOard The Consolidated statement of financia1 a¢tivilies includes all gains and losses recognised in the year. The notes on pages 16 to 39 lomi part ol these financial slalemenls. Page 12
GET GOLFING CIO CONSOLIOATED BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Intangible asse18 13 42,500 72,500 Tanglble assets 14 7,247.313 7.357,496 7,289,813 7, 423.996 Current assets Stocks 17 411,232 412,377 Debtors 18 2,674,234 3,241,802 Cash al bank and in hand 1,130,552 676, 164 4.216,018 4,330,343 Creditors.. amounts falling due thIn one year 19 {5,852,415) f6, 474,0961 Net current liabilitles 11,636,397) (2, 143, 753) Total assets less current Ilabllities 5,653,416 5,280, 243 Creditors.. amounts falling due aller more than one year 20 11,552,936) (1.318,535) Total net assets Charity funds Restricted funds 22 General funds 22 3,930,183 3,813,036 Revaluation reserve 170,297 148,672 Total unreslricled funds 22 4,100,480 3,961, 708 Total funds The financial slalements were approved and aulhorised for issue by the Trustees on 30 June 2025 and signed on IheiT behalf by.. Ms T Swanson The notes on pages 16 10 39 form part ol these financial slalemenls. Page 13
GET GOLFING CIO CHARITY BALANCE Sfr4EET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Intangible assets 42,500 72,500 Tangible assets 14 7,247,313 7.351,496 Inveslmenls 15 7,289,816 7,423.999 Current assets Stocks 17 122,766 113,917 Debtors 18 2,661,276 3,241, 324 Cash al bank and in hand 1,101,304 641.455 3.885.346 3,996, 696 Creditors- amounts falling due wlhin one year 19 16,892,602) {7, 153,962) Net Current liabilities {3,007,2561 (3, 157, 266) Total assets less current liabilities 4,282,560 4,266, 733 Creditors.. amounts falling due after more than one year 20 11.552,9361 fl,318.535) Total net assets Charity funds Reslricled funds 22 Gtrneral funds 22 2,559,327 2, 799,52S Revaluation reserve 22 170,297 148,672 Total unreslricled funds 22 2,729,624 2.948, 198 Total funds The financial slalemenls were approved and aulhorised for issue by the Trustees on 30 June 2025 and signed on their behalf by.. Ms T Swanson The notes on p8ges 16 10 39 form parl of these financi81 slalemenls. Page 14
GET GOLFING CIO CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Cash f5ows from operatlng activities Net cash provided by operaling activitiès 24 1.782,661 2,576,678 Cash flows from investing activities Proceeds from Ihe sale of tangible fixed assets 38,098 7, 700 Purchase ol tangible f ixed assets 11,562,815) [3.677,985) Net cash used in investing activities 11,524,717) 13.670.285} Cash flows from finan¢lng activities Cash inflows from new borrowng 500,000 1,800, 000 Repayments ol borrowng (760.0001 f1.000,OOOJ New finance leases 1,065,282 1,010, 747 Repayments of finance le8ses 1608.838} (327,825) Net ¢ash provlded by financing actlvllles 196.444 1,488,922 Change in cash and cash equlval&nts in the yèar 454,388 395,315 Cash and cash equivalents al the beginning of the year 676,164 280,849 Cash and cash equlvalents at the end of the year The notes on pages 16 to 39 form part of these financial statements Page 15
GET GOLFING CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General information Gel Golfing CIO is a charity registered in England and Wales and is incorporated under the Charities Act as a Charitable Incorporated Organisation ICIOI. The company number 15 CE014847 and the charity number is 1179513. The registered address is Henwood House, Henwood, Ashford, Kent, TN24 80H and the principal place ol business is Redlibbèts Goll Club, West Yoke, Sevenoaks TN15 7HT Accounting pollcles 2.1 Basis of preparatlon of fSnanclal statements The financial slalemenls have been prepared in accordance with the Ch8rilies SORP IFRS 102) - Accounting and Reporting by Charities". Slalemenl of Re¢ommended Practice applicable lo charities preparing their accounls in accordance with the Financial Reporting Slandard applicable in the UK and Republi¢ of Ireland IFRS 1021 lefleclive 1 January 20151, the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 and the Charities Act 2011. The financial slalements have been prepared lo give a 'true and fail view and have departed f rom the Charitie5 IA¢¢ounts and Reports} Regulations 2008 only lo the exlenl required lo provide a 'lrue and fail view. This departure has involved folk>wing Ihe Charities SORP IFRS 1021 published on 16 July 2014 rather than the Accounting and Reporting by Char41ies'. Slalemenl of Recommended Practice effective from l April 25 which has since been withdrawn, Gel Gowing CIO meets the def inilion of a publi benefit enlily under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otheISe slated in the relevant accounting policy. The consolidated stalernenl ol financial a¢livilies {SOFAI and consoldated balance sheet consolKJale the financial slalemenls of the Group and ils subsKliary undertakings. The results of Ihe subsidiaries are consolidaled on a line by line basis. 2.2 Income All income is recognised once the Charity has enlitlemenl lo the income. il is probable that the income will be received and the amount ol income receivable can be measured reliably. Grants are included in the consolidated slalemenl of financial activities on a receivable basis. The balance of income received lor specrfic purposes but not expended during the period is shown in the relevant funds on the b81an¢e sheet. Where income is received in advance of enlillemenl of receipt, ils recognilk)n is deferred and included in creditors as dderred income. Where entillemenl occurs before income is received, the income is accrued. Olher income is recognised in the period in which il B receivable and lo the exlenl the goods hav8 been provided or on Completion of the s8rvice. Page 16
GET GOLFING CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Icontlnuedl 2.3 Expenditure Expenditure is rec<4nised once there is a legal or conslru¢live obligalion to ITansfer economic benefit lo a third party, il is probable th81 a transfer ol economic benefits will be required in selllemenl and Ihe amount of the obligatn can b& measured reliably. Expenditure is ¢lassrfied by activity. The costs of each aclivily are made up of the tolal of direcl costs and shared Costs, including support costs Involv in undertaking each activity. Direct costs allributable lo a single activity are allocated directly lo that activity. Shared costs which conlribule lo more than one activity and support cnsis which are not allributable lo a single 8clpiity are apporiioned between those activities on a basis consBlenl with the use of resources. Central staff oosls are allocated on Ihe basis of lime spent, and d&preciation charges allo¢aled on the portion ol the asset's use. Expenditure on charitable aclivilies is incurred on dire¢lly undertaking the aclivilies which further the Group's objectives. as well as any associated support costs. 2.4 Government grants Grants are accounted under the accruals model as permilled by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profrt or bss 81 the same rale as the depreciation on Ihe assels to which the grdnl relates. The deferred element of gi8nls Is included in ¢redilots as deleired income. Grants of a revenue nature are re¢ognised in the Statement of financial activities in the same period as the related expenditure. 2.5 Intangible assols and amortisation Intangible assels cosliro £NIL or more are capitalised and recognIs when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are inilially recognised al cost. After recognition, under the cost model, intangible assets are measured al cost less any accumulated amortisalion and any accumulated impaimi enl losses. Amortisation is proVidj on intangible assets al rales calculaled to write off the wst of each asset on a sloight-line basis over ils expecled useful life. Amortisation is provided on the following basis.. 20% Goodwill Page 17
GET GOLFING CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Icontinuedl 2.6 Tangible fixed assets and depreciation Tangible fixed assets costing £2500 or more are capilalised and recognised when future economic benefits are probable and the cost or value ol the asset can be measured reliably. Tangible fixed assets are initially recognis8d al cosl. Aller recognition, under the revalLJation model, planl and equipment that are purchased al a nOTMinal sum upon acquisitn ol a new goff sile, whose fair value can be measured reliably shall be carried al a revalued arnounl, being their lair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated irnpairmenl losses. Revaluations aff m ade wlh sufficient regularily lo ensure that the carrying amount does not drffer materially from Ihal which would be determined using fair value al the end of the reporting date. Fair values are determined from markel-based evidence by appraisal that is normally undertaken by the Tru51ees. 11 therè is no markel-based evidence of fair value because of the specialised nature of Ihe tangible fixed asset and il rarely sold, ex¢epl as part of a contributing business, a Charity may need to estimate fair value using an income or depreciated replacement cost approach. Gains and losses on revaluation are recognised in the consolidated slalemenl of financial aclivilies. wlh a separate revaluation reserve being shown in the Slalemenl of funds nole. Depreciation is charged so as to allacale the cost of tangible fixed assets less Ih8ir residual valu& over their eslimaled useful lives. using the slraighl-lino method. DeprecialSon is provided on Ihe following bases.. Leasehold improvements Planl and machinery Motor vehicles Fixlures and fillings Office eouipmenl Softwar8 and website Over 213 of the remaining lease term 250 200/0 25Q/o 12.54/. 2001. 12.5°/0 - 25° 25'/o 2.7 Investments Fixed assel investments are a form of financial insl¢umenl and are inilially recognised al their transaclion cost and subsequenlly measured at fair value at the balance sheet dale, unless the value cannot be measured reliably in which case il is measured al cost less impaiimenl. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments. in the consolidated slalement of financial activities. Inveslmenls in subsidiaries are valued at cost less provision for impairment. 2.8 Stocks Slod(s are valued at the lower ol cost and nel realisable value after making due allowance lor obsolete and sbw-moving sto¢ks. Cost includes all direct costs and an appropriate proportion of lixed and variable overheads. 2.9 Debtors Trade and other deblors are recognised al Ihe selllemenl amount after any trade discounl olle red. Prepayments are valued al the amount prepaid net ol any trade discounts due. Page 18
GET GOLFING CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Icontlnuedl 2.10 Cash at bank and in hand Cash at bank and in hand includes tash and short-term highly liquid investments with a short malurily of three months or less In)m the dale of acquisition or opening of the dq)osil or similar account. 2.11 Liabllitiès and provisions Liabilities are recognised when there is an obligation al the balance sheet date as a resull of a past event, il is probable Ihal a transfer ol economic benefrt will be Tequired in settlement, and the amount of the selllemenl can be eslimaled reliably. Liabilities are recognised al the amount that the Charity anlicipales it will pay lo settle the debt or th8 amount il h8s received as advanced payments for the gooés or services il musl provide. Provisions are measured al the best estimate of Ihe amounts required to settle the oblu811on. Where the eflecl of the lime value of money is material, th¢ provision is based on the present value of those amounts, dBcounled al the pre-tax discount rale that reflects the risks specrfic lo the liability. The Unvtyinding of the discount is recognised in the consolidated slalemenl of financial activities as a finance cost. 2.12 Financial inslruments The GfOUP only has financial assets and financial liabililies of a kirKJ that qualrfy as basic financial instruments. Basic financial instrumen15 are initially recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequenlly measured al amortised cost using Ihe elfe¢live interest method. 2.13 Flnance leases and hlre purchase Assets obtained under hire purch8se conlr8¢1s and fin8n¢e leases are capilalised as lanoible fix8d assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire pui¢hase are depreciated over their useful lives. FinanGe leases are those where substantially all ol the benefits and risks of ownership are assumed by the Group. Obl8110nS under such agreemenls are included in creditors, net of the finance charge allocated to future periods. The finance element ol the rental payment is charged to the consolKlated slalemenl ol financial aclivities so as lo produce a constant periodic rate ol charge on the nel obligation outstanding in each period. 2.14 Penslons The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group lo the fund in respect of the year. 2.15 Fund accountlng General funds are unrestricted funds which are available lor use al the discretion of the Truslees in furtherance ol Ihe general objectives of the Group and thich have not been designated lor other purposes. Restricted funds are funds which are lo be used in accordance vth Specif reslrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are ¢harged against the specrfic fund. The aim and use of each reslricled fund is sel out in the notes lo the financial 51alemenls. Page 19
GET GOLFING CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donations and lègacies Unrestrlcted funds 2024 Restricted funds 2024 Total ftjnds 2024 Other Charitable grants 27,597 27,597 Total other grants Unrestricl&d funds 2023 Reslricled funds 2023 Total funds 2023 Other charitable grants 546 39,580 40,726 Total other grants Income from charitable activities Unrestricted funds 2024 Total fLtnds 2024 Golf operdlions 13,801,942 13.801,942 Rental income 34,782 34,782 Total 2024 13836724 13 836 724 Page 20
GET GOLFING CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from charitable actlvlties {continuedl Unreslricled funds 2023 Tot81 funds 2023 Golf operations 12.032. 785 12,032, 185 Rental income 24, 239 24,239 Total 2023 12 074 710 12 074 710 Income from other tradlng actlvities Income from non charltable trading activities Unreslrlcted funds 2024 Total funds 2024 Sa9 8,159,216 8,159,216 Olher ineome 8 159,216 8 159216 Unrestricted funds 2023 Total funds 2023 Sales 6.994,375 6,994,375 Other income 80 6 g94 455 6 g94,445 Other incoming resources Unrestrl¢ted funds 2024 Total funds 2024 Other income Page 21
GET GOLFING CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Other incoming resource5 Icontinued) Unrestricted funds 2023 Total funds 2023 Other income Expenditure on raising funds other Irading expenses Unrestricted funds 2024 Total funds 2024 Cost ol sales 2,838,719 2,838,719 Adminislralion expenses 599,356 599,356 Cost of sales slalf costs 3.035.9)7 3,035,507 Adminislralion staff costs 337.279 337,279 Unreslricled funds 2023 Tolsl funds 2023 Cost of sales 2, 595,951 2, 595,951 Adminislialion expenses 599,593 599, 593 Cost of sales slafl costs 2, 780, 139 2, 780, 139 Adminislration slafl costs 209, 174 209, 174 Page 22
GET GOLFING CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditurè on charitable activltles Summary by fund type Unrestrscted funds 2024 Restrf¢ted funds 2024 Total 2024 GoSf operations UnS117Cled funds 2023 Restricted funds 2023 Tot81 2023 Golf operations Analysis of expenditure by activltles Activities undertaken dlrectly 2024 Support cost$ 2024 Total funds 2024 Golf operations Activities undertaken direclty 2023 SupKort cosls Tolal funds 2023 2023 Golf opeTalions Page 23
GET GOLFING CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by activities (continued) Analysis of support costs Golf operations Total funds 2024 2024 Support costs 7,307,395 7,307,395 Property maintenance 820.837 820,837 Govemance costs 33,000 33,000 Total 2024 8 161 232 8 161 232 Golf opeTrlions 2023 Total funds 2023 Support costs 5,235,615 5,235,615 Property maintenance 354,360 354,360 Govemance costs 35,962 35,962 Tolal 2023 5 643 937 5 643 937 10. Auditor5. remuneratlon 2024 2023 Fees payable lo the Charity's auditor for the audit ol the Charity's annual accounts 31,505 23, 725 Fees payable lo the Charity's auditor In respect of.. Taxation complianco setvices 1.495 1,475 Other consultancy services All non-audil seNices not included above Page 24
GET GOLFING CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Staff costs Group 2024 Group 2023 Charity 2024 Charily 2023 Wages and salaries 8,472,806 7,475, 571 5,608,465 5,023, 671 Social security costs 692,013 559,080 458.069 210,320 Contribution to defined contribution pension schemes 158,903 98, 253 105.183 36, 840 The average number of persons employed by the Charily duiing the year was as follows.. Group 2024 No. Gn)up 2023 No. Charlty 2024 Charily 2023 No. Employees The number of employees whose employee benefits (including employers national insurance contributions bul excluding employer pension costs) exceeded £60.000 was.. Group 2024 No. Gn)up 2023 In the band £60.001 £70.000 In the band £70,001 £80,000 In the band £80.001 £90.000 In the band £90.001 £100,000 In the band £100,001 - £110,000 In the band £110.001 £120,000 In the band £120,001 £130.000 In the band £140,001 - £150,000 In the band £260,001 £270.000 Page 25
GET GOLFING CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. Slafl costs Icontlnuedl The total empbyee benefits received by key management personnel during the year was £434,401 lincluding £48,468 employevs national insurance) {2023 £588,052 lincluding £60,295 employer's nalional insurancell. Trustees. remuneration and expenses During the year, one Trustee, M r l Timberlake. re¢eived £11,880 in his role as acting CEO of Ihe Charity. None of the other Truslees received any remuneration or other benefits (2023- £Nil). During the year ended 31 December 2024, Trustees have incurred expenses of £681 (2023 - £Nil). 13. Intangiblè assets Group and Charity Goodwlll Cost At 1 January 2024 150.000 Al 31 December 2024 150,000 Amortisation Al 1 January 2024 77,500 Charge for the year 30,000 Al 31 December 2024 107,500 Net book value Al 31 December 2024 Al 31 December 2023 Page 26
GET GOLFING CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Tangible fixed assets Group and Charity Sofhare and website Leasehold Plant and improvements equipment Motor Office vehicles equipment Total Cost or valuation At 1 Janu8ry 2024 6,218.843 4,068,378 405,860 26,299 260,261 10,979,641 Additions 1,407,631 67,852 15,834 71.498 1,562,815 Revaluations 122,985 122,985 Disposals 158.3941 158,394} Al 31 December 2024 6,218,843 5,598,994 415,318 42,133 331,759 12,607,047 Depreciation Al 1 January 2024 1,536,702 1,835,894 146,422 12.550 96,577 3,628,145 Charge for the year 409,521 1,145.946 106,722 75.254 1,745,087 Disposals 113,4981 113,4981 Al 31 December 2024 1,946,233 2,981,840 239,646 20,194 171,831 5.359,734 Nel book value Al 31 December 2024 Al 31 December 2023 Page 27
GET GOLFING CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Tangible fixed assets Icontinuedl Plant and machinery includes revalued assets with a nel book value of £271,657 12023 - £148, 6721. The carrying amount under the cost rrK>del of the assets which have been revalued would have been £Nil 12023 £Nill. The nel book value ol assets held under finance leases or hire purchase conlracls, inc1led above. are as follows.. 2024 2023 PSanl and equipment 1,838.589 t,414, 770 Motor vehicles 170,232 251,818 Page 28
GET GOLFING CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Fixed asset investments Investments in Subsidiary ¢ompanies Charity Cost or valuatlon Al 1 January 2024 Al 31 December 2024 Net book value At 31 December 2024 Al 31 December 2023 Prlnclpal subsidlaries The following were subsidiary undertakings of the Charity.. Company Principal placo of number business Names Class of shares Holding Included in consolldation Gel Golfing Trading 11558440 Redlibbels Goll Club, Liimiled Wesl Yoke, Sevenoaks TN15 7HT 12985275 Redlibbels Golf Club. Wesl Yoke. Sevenoaks TN15 7HT 04027302 Pine Ridge Goll Club Old Ordinary Bisley Road, Frimley, Camberley, Surrey. GU16 9NX OTdinary Get Golfing Retail Limited Ordinary 1000h Yes Buckfield Park Limited 1(M)Yo Yes The financial results ol the subsidiaries for the year were.. Names In¢om8 Expenditure Profit for the period Net assets Get Golfing Trading Limited Gel Golfing Retail Limited Bucklield Park Limited 7,391,427 729,921 6,223,871 526,620 1.167,566 203.301 1.167,567 203,302 Page 29
GET GOLFING CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Parent charity 2024 2023 Gross income 13,911,596 12, 168, 782 Deficit for the year 11,355,071) 1215, 999) 17. Stocks Group 2024 Group 2023 Charity 2024 Charity 2023 Greenkeeping stock noi for resale 122,766 113,918 122,766 173.917 Finished goods and goods for resala 288,466 298,459 18. Debtors Group 2024 Gmup 2023 Charity 2024 Charily 2023 Due withln one year Trade debtors 2,212,764 2,832,658 2.212.766 2,832,657 Amounts owed by group undertakings Other debtors 168,350 142, 793 168,350 142, 793 Prepaymtsnls and accrued income 293,120 266,351 280,160 265,874 Page 30
GET GOLFING CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 19. Credllors: Amounts falling due within one year Group 2024 Group 2023 Charfty 2024 Charily 2023 other loans 60,000 260.000 60,000 260,000 Trade creditors 662,783 781, 736 482,685 527,909 Amounts owed to group undertakings 1,227,067 933,693 Olher taxation and social security 228,046 329,816 228,046 329,815 Obligations under finance lease and hire purchase conlracls 600,923 438,880 600,923 438,880 Other creditors 501,815 552, 301 501,814 552,301 Accruals and deferred income 3,798,849 4,111,363 3,792,068 4,111,364 Finance lease and hire purchase contracts are secured on the assets concemed. Group Gmup 2024 2023 Charity 2024 Charity 2023 Deferred income at 1 January 2024 3,138,421 2, 151, 182 3.138,421 2, 157, 182 Resources deferred during the year 2.817,144 3, 138.421 2.817.144 3, 138,421 Amounts released from previous periods {3,138,4211 12, 151, 182) 13,138,421 I (2, 157, 182J 20. Creditors: Amounts falling due after more than one year Group 2024 Group 2023 Charity 2024 Charily 2023 Other loans 480,000 540,000 480,000 540,000 Nel obligations under f inance lease and hire purchase contracts 1,072,93fj 778,535 1,072.936 778.535 Page 31
GET GOLFING CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Financial instrumènts Group 2024 Group 2023 Chaylty 2024 Charity 2023 Financlal assets Financial assets measured al fair value through income and expenditure Financial assets thal are debl instruments measured at amortised Cost Group 2024 Group 2023 CharSty 2024 Charily 2023 Financial Ilabllities Financial liabilities measured at amortlsed costs Financial assets measured 31 fair value through income and expendllure ¢ompri5e cash at bank and in hand. Financial assets that are debt instruments measured al amortIs ¢ost conprise of trade debtors and other debtors. Financial liabilities measured al amortised cost comprise of bans, trade ¢rediiors, other creditors and obligations Lsnder finance lease and hire purchase contracts. Page 32
GET GOLFING CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 22. statement of funds statement of funds - current year Balanc& at 31 De¢èmber 2024 Balance at I January 2024 Gainsl (Losses) Income Exp•ndilure UnreslKi¢ted funds General Funds 3.813,036 22,093,315 121,976,168) 3,930,183 Fair value reserve 148,672 1101.3601 122,985 170,297 3,961,708 22,093,315 122,077,528) 122,985 4,100,480 Reslrlcted funds The Wellness Community fund Arlington Insurance SeNices Fun, Food and Golf Welwyn and Halfield Fun, Food and Golf Ed8s¢o Ltd Fun, Food and Goll Hertfordshire Communily Funding Fun, Food and Golf Hertlordshire Council - Wami Spaces Hertfordshire Community Funding Mother and Daughter Total of funds Page 33
GET GOLFING CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 22. Statement of funds Icontinuedl Restricted Funds Mill Green communil This grant received was lo Iransfom) a Clubhouse into a community hub that actively engages and provides for those in the community currently feeling isolated, lonely and inactive. The Wellness Communit Fund This grant received was lo hold a Monday night club based al Mill Green. The sessions ll11 have a wide variety of accessible and stimulating 8¢1ivilies and become a r8gular meeting venue lor those at risk ol social isolation, inactivity 2nd loneliness following the return from Covid-19 pandemit. od and olf sch me The grants received during Ihts year were to help fund the charity's Free School Meals programme during non-lemi time alongside goll & other enrichment activities al our amazing venues. Muma hlerlchild scheme The grants received were lo encourage women ol all ages to try gow, a sport that is Iradilionally male dominated. Free inlroduclory sessions ol one lo two hours, were made available for women and children and sometimes more specifically, mums and dau9hlers. Warm s aces s¢ The grant was lor charities lo use our sile for free. Or for groups of people to come and use the space which can include space for a coffee moming, group meet ups andlor a goff sessK>n run by someone in oommunity. Page 34
GET GOLFING CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 22. Statement of funds Icontinutsdl ststement of funds prior year 8alance al 31 Balance al 1 January 2023 Gains/ (Losses) December 2023 Income Expenditure Unrestrlcted funds General Funds 2.907, 942 19, 127, 961 (18. 222,867) 3,873,036 Fair value reseNe 161,489 (96,817) 84,000 148,672 3.069,431 19, 12T, 961 (18.319, 684) 3,961, 708 Restricted funds The Wellness Community fund 4,800 (4,800) Arlington Insurance Services Fun, Food snd Goll Wewn and Hatfield - Fun. Food and Golf Edesco Llé Fun, Food and Golf Hertfordshirs Community Funding Fun. Food and Golf HertfoTdshire Council - Wami Spaces Hertlordshire Community Funding Mother and Daughl&r Initiative [1,000) 7.200 (7,200) 4,880 (4,880) 24,5( {24,500) 300 (300) 1, 700 (1, 700) 4,800 39.580 (44,380) Total of funds Page 35
GET GOLFING CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 23. Analysis of net assets between funds Analysls of n&t assets he•8n funds - current year Unrestrlcted funds 2024 Total funds 2024 Tangible fixed assets 7,247,313 7,247,313 Intangible fixed assets 42.500 42,500 Current assets 4,216,018 4,216,018 Creditors duo within one year 15.852,415) {5,852.415) Creditors due in more than one year {1,552,9361 11,552,936) Total Analysls of nèt assets between funds prior year Unreslricled funds 2023 Total funds 2023 Tangible fixed assets 7,351,496 7.351,496 Intangible f ixed assets 72,500 72,500 Current assets 4.330,343 4, 330,343 Creditors due wthin one year (6,474.096) (6,474.og6) Creditors due in mcsre than one year (1,318, 535) (1.318.535) Total Page 36
GET GOLFING CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 24. Raconciliation of net movement in funds to nel cash flow from operating activities Group 2024 Group 2023 Nel income for the year las per Slatemenl of Financial Acliviliesl 15,787 803,477 Adjustments for: Depre¢ialion charges 1.745,087 1,528,409 Amortisalion charges 30,000 30.000 Lossllprof it) on the sale of fixed assets 6,799 (7, 700) De¢reasel{increasel in stocks 1,144 (35.320) Decreasellin¢reasel in debtors 567,568 (1, 724,454) (Decreasellincrease in creditors (583,724) 1, 382,266 Net cash provlded by operatlng actlvlllos 25. Analysis of cash and cash equlvalents Group 2024 Group 2023 Cash in hand 1,130,552 676. 164 Total cash and cash equlvalents Page 37
GET GOLFING CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 26. Analysis of changes in net debt At1 January 2024 Cash flows At31 December New flnance leases 2024 Cash al bank and in hand 676,164 454,388 1,130,552 Debt due within 1 year 1260.0001 200,000 160,0001 Debt due afler 1 year 1540.0001 60.000 1480,000} Finance leases 11,217,415) 608,838 11.065,282) 11.673,8591 27. Capital commitments Al the year-end dale, the charity was committed lo spend £Nil 12023 £Nill in respect of c4)itsl improvement WOTks al ils golf clubs. 28. Pension commitments The group operates a defined contribulK)n pension scheme. The assets of the scheme are held separately from Ihose of the group in an independently administered fund. The pension cosl charge represents ¢ontribultons payable by the gvoup lo the fund and amounted to £ 158,90312023 - £98, 2541. £65,555 12023 - £18,496) was payable to the fund al the balance sheet dale. 29. Operatlng Sease commitments Al 31 Do¢ember 2024 the Croup and the Charity had commitments lo make lulure minimum lease payments under non-cancellable operating leases as follows.. Group 2024 Group 2023 Charity 2024 Charity 2023 Not later than 1 year 1.498,B26 1, 160,869 1,498,826 1, 160,869 Later than 1 year and nol later than 5 years 5.591,353 5,007,813 5,591,353 5.007,813 Later than 5 years 26,550,966 20,827. 239 26,550,966 20,827,239 Page 38
GET GOLFING CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 30. Related party transactions During the year the Group purchased seNi¢es 01 £27,350 (2023 - £5,100) from Eagle GOY Services Limited, a ¢orrpany in which Trustee Mr J Covey is a director. The amount owed to Eagle Services Limited al the year end was £Nil 12023 £1,2001. During the year, the Group purchased services of £10,000 12023 - £25,000) from Timberfake Spori Limited, a company in which Trustee, Mr l Timbedake is a director. The amount owed lo Timbedake Sport Limited al the year end was £Nil12023 £Nill. Mr Timbedake also served as acting CEO of the Charity in February. 2024, for which he received a salary of £11,880. During the current and previous year, the Group ernployed Mr R Covey who received a salary consistent with other non-relaled parties carrying out similar duties al a similar level. Mr R Covey's remuneration represented less than 1 OA of the Group's staff costs12023 - less than 10/. l. Mr R Covey is the son of a Trustee, Mr J Covey. During the year. the Charily leased 811es from Saegoff Limilerl for £236,141 12023 - £173,915). Mr N Gr$enwood is the Conlrolliru party of Saegoff Limited and rs a close family member of a Trustee. Ms T Swanson. Al the beginning of the year, the Group had a borrown9 Wlth Mr N Greenwood of £2,[H)0. This borrowing increased by £500,000 in January 2024 before being paid off in lolal in the period April lo June, 2024. Interest of £22.757 {2023 £33,649) was paid on the borrowng. The amount owed lo Mr N Greenwood at the year end was £Nil12023 - £200,000). 31. Post balance sheet &vènts The Charity's active trading SUbsl8nes have agreed lo donate their retained profrts lor the year ended 31 D8¢ember 2024 to the Charity. Page 39