## **THE GOLF FOUNDATION** 

**ANNUAL REPORT AND FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 31 MARCH 2022** 

**Company number: 00519615 Charity number: 285917 Scottish charity number: SC049780** 



## **THE GOLF FOUNDATION** 

## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** 

## **CONTENTS** 

|CHAIRMAN’S STATEMENT<br>REPORT OF THE BOARD OF TRUSTEES<br>REPORT OF THE INDEPENDENT AUDITORS<br>ACCOUNTING POLICIES<br>CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES<br>CONSOLIDATED AND CHARITY BALANCE SHEETS<br>CONSOLIDATED CASH FLOW STATEMENT<br>NOTES TO THE FINANCIAL STATEMENTS|PAGES|
|---|---|
||2<br>3-14<br>15-17<br>18-20<br>21<br>22<br>23<br>24-38|





**THE GOLF FOUNDATION CHAIRMAN’S STATEMENT FOR THE YEAR ENDED 31 MARCH 2022** 

I am pleased to report the green shoots of recovery for the activities of the Golf Foundation following the challenges posed by the Covid-19 pandemic in the previous 18 months. 

Thanks to the backing of The R&A, our flagship initiative GolfSixes League bounced back with 296 clubs taking part in 74 leagues across the 4 Home Nations.  We also made big strides forward in testing a new Community offer as part of the government backed Holiday and Activity Food programme in Birmingham and in expanding our exciting life skills initiative, Unleash your Drive, in schools and county associations.  We are recognised as an organisation that not only helps to create lifelong golfers in golf clubs but is also at the forefront of the sport reaching new audiences from diverse communities and helping young people develop their resilience and mental wellbeing.  This gives me enormous pride as Chairman. 

From a financial perspective, I am pleased by the tightly managed set of accounts as we committed to an ambitious new digital transformation project over the past 12 months which has been delivered significantly under budget.  My congratulations to the Senior Management Team and staff for adopting and applying the changes. 

I would like to express my sincere gratitude to our core funders – The R&A, HSBC, Ryder Cup, PGA and Sport England – for their continued support and funding over the past 12 months and their flexibility in extending their belief in the Golf Foundation over the 2021/22 operational year.  While we remain heavily reliant upon these core funders, we have a clear fundraising strategy to appeal to new sponsors and donors.  Our inclusion as one of the main beneficiaries of the new Golf Lottery in partnership with the Legends Tour is a good example of the charity diversifying our funding sources. 

Operationally, the new emphasis on 5 headline programmes has given the charity greater focus.  However, we also have to recognise that the sporting landscape has changed after Covid-19 with access to schools remaining difficult and PGA professional coaches having less time for junior development.  Despite the boom in adult golf participation, we are seeing less opportunities for young people at golf clubs.  More than ever, we need to be true to our values as a charity, making children’s introduction to the sport fun, innovative and inclusive. 

As we enter our 70[th] year as a charity, we should be proud of the millions of young people that the Golf Foundation has introduced to golf and look forward to the next 70 years with renewed optimisim, energy and innovation.  As our founder member, Sir Henry Cotton said: 

"We should give the game, without compromise, without intimidation, without prejudice, to as many as we possibly could.” 

STEPHEN LEWIS Chairman 

Date:  14 September 2022 

2 



**THE GOLF FOUNDATION** 

## **REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022** 

The Board of Trustees of The Golf Foundation submit their sixty ninth Annual Report, together with the Consolidated Financial Statements of the charity and its subsidiary, Golf Foundation Enterprises Limited, for the year ended 31 March 2022. 

## **OBJECTIVES OF THE FOUNDATION** 

## **Mission** 

Introducing young people to golf – from all backgrounds – creating golfers. 

## **Aims** 

We help young people to ‘Start and Stay’ in golf.  We take adapted versions of the game to schools and community groups, introduce young people to golf clubs, teach playing and transferable life skills and keep young people playing in golf clubs. 

## **Participation Targets and their Measurement** 

With its 5-year business plan, The Golf Foundation has set itself the following ambitions to be achieved by March 2026: 

- Introduce 2 million children to golf 

- Introduce 250,000 children to a golf club 

- Generate 50,000 new regular juniors (playing at least 12 times a year) 

- Increase the diversity of young people playing golf 

The Golf Foundation seeks to further its aims as set out in its Memorandum of Association by pursuing the following objectives: 

- a) researching, developing and promoting products, resources and activities to introduce golf into primary and secondary schools, community groups and golf clubs; 

- b) providing financial and logistical support to clubs working with schools and community groups; 

- c) providing financial and logistic support to golf clubs and facilities to help young people play; 

- d) subsidising instruction by the Professional Golfers’ Association coaches to students of schools, colleges of further education and other places of higher education, junior members of Golf Clubs who are in full-time education and to young people with disabilities and other special needs; 

- e) working in collaboration with other golfing organisations to support the junior strategies of the Home Nations; 

_Each of the above objectives (a) to (e) primarily relate to expenditure reported in the “Grants Made” section of Note 2.2 to the Financial Statements._ 

- f) operating a skills progression programme, to include elements dealing with the rules and etiquette of golf as well as life skills; 

- g) offering training opportunities for teachers, PGA Coaches and young volunteers; 

- h) promoting awareness of issues connected with safeguarding and protecting children and playing an active role in the development of relevant resources and procedures; 

- i) encouraging awareness of equality issues and seeking to offer opportunities to young people regardless of their background or circumstances; 

3 



_Each of the above objectives (f) to (i) primarily relate to expenditure reported in the “Operations” section of Note 2.2 to the Financial Statements._ 

- j) establishing and maintaining a network of Development Officers; 

   - _This objective relates to expenditure reported in the “Staff and Support” section of Note 2.2 to the Financial Statements._ 

- k) promoting awareness of the importance of junior golf through presence at golf and other public events, and through use of printed and electronic media; 

_This activity relates to expenditure reported in Note 2.3 to the Financial Statements._ 

- l) providing or encouraging the provision of beginner competitive opportunities for young golfers. 

   - _Both of the above objectives (l) and (m) primarily relate to expenditure reported in Note 2.4 to the Financial Statements._ 

The Golf Foundation additionally engages in fund-raising operations in order to provide the income to fund the above operations and thereby to further its charitable objectives and deliver public benefit. 

## PUBLIC BENEFIT 

The Trustees are aware of and are in compliance with their duty under the Charities Act 2011 to have due regard to the guidance available from the Charity Commission on public benefit when reviewing the Foundation’s aims and objectives and in planning future operations.  In particular, the Trustees consider how planned operations will contribute to the aims and objectives which they have set. 

The Charities Act sets out a number of descriptions of charitable purposes, and the Trustees consider that the following three are most relevant to the aims, objectives and operations of The Golf Foundation: 

- a) the advancement of education; 

- b) the advancement of citizenship or community development; 

- c) the advancement of amateur sport. 

The Golf Foundation’s stated objectives of grant provision to PGA Coaches working in schools, teacher and young volunteer training, support for School Games and the roll out of community projects show it to be actively engaged in providing financial, logistic and advisory support to the education sector. 

The grants made by The Golf Foundation show it to be actively engaged in promoting local golf development projects which widen golfing opportunity at a community level.  It does this primarily by ensuring that its work in the education sector is not being pursued in isolation but rather in effective partnership with golf clubs and facilities and relevant arms of the public sector, such as local authorities, StreetGames doorstep clubs, Sporting Equals community groups, Sport England satellite clubs and law enforcement agencies. 

The Foundation believes that the sport of golf has certain inherent core values and that involvement in the sport can provide young people with enhanced life skills as well as improved sporting abilities. The Foundation reflects this in the concept of “Skills for Life” which is built into the design of all its resources and activities.  The Trustees consider that these aims, objectives and operations provide public benefit in that they develop communities by increasing the breadth and quality of sporting opportunity and advance citizenship through the promotion of “Skills for Life” to the young people within those communities. 

The partnership working with other core organisations in golf across England, Scotland, Wales and Ireland plus the promotion of competitive opportunities through the School Games show it to be actively engaged in advancing the sport of golf.  It does this by contributing to effective collaborations with other golfing organisations, and through those collaborations delivering financial, logistic and advisory support to facilitate the provision of golf tuition to young people.  The young people involved thereby not only receive an enhanced educational experience, and the 

4 



chance to acquire valuable life skills, but are also provided with an opportunity to take up long-term participation in the sport, and in some cases, to develop performance abilities at an elite level. 

The Trustees believe that these aims, objectives and operations provide public benefit in that they promote wider participation and a player pathway (Start and Stay) which contribute to the advancement of the sport. 

Objectives around safeguarding, equality and operating a regional development workforce are pursued in support of the above charitable purposes. 

## FINANCIAL REVIEW 

The results for the year are set out in the Consolidated Statement of Financial Activities on page 21. 

Total income for the year was £1,422,593. This was 18.5% less than the £1,744,824 achieved in 2020/21. The decrease in income was primarily due to charitable activities slowly returning back to normal after Covid, during which time the Golf Foundation received increased support from core funders and the government. The Trustees would like to thank all of the donors of The Golf Foundation for their continued support. 

Total expenditure for the year was £1,472,111 compared to £1,250,747 in 2020/21. This increase in costs arose from renewed activities, programme, coaching and development opportunities available throughout the year following COVID-19 and the national lock downs throughout the previous year. The deficit for 2021/22 was £49,518 (2020/21 Surplus: £494,077) which was a substantial improvement against the planned forecast deficit due to cost efficiencies gained implementing and investing in the digital platform. 

The deficit is stated before revaluation of investment assets and gains on investments. In 2021/22 surpluses on investments totalled £111,196 (2020/21 – surplus of £478,397). These unrealised gains were as expected for the financial period. At present, The Golf Foundation is not planning on utilising any investment assets in 2022/23. 

Total investment funds under management rose by £216,334. In addition to the revaluation surplus of £111,196, £114,445 of dividend income, less £9,273 management fees, was retained within the investment portfolios. 

During the year, The Golf Foundation has contributed £1,275,314 (2020/21 - £1,087,838) to its charitable aims (see note 2.6 of the Financial Statements). 

## RESULTS OF OPERATIONS 

The Golf Foundation has addressed its objectives through its operations as follows: 

## a) School Games 

This national initiative coordinated by the Youth Sport Trust and promoting more competition in state schools has traditionally been important for the Golf Foundation in reaching over 3,500 schools in England. 

Schools have recovered from the Covid pandemic at different rates and some still won’t allow outside coaches to visit.  As a result, School Games activity has made a slow return compared to its pre-Covid levels and we do not have a measure of how many schools deliver golf. 

However, we have seen an increase from 28,000 pupils in 2022/21 to 37,762 pupils taking part in some form of virtual or face to face golf competition over the past academic year. 

## b) Club and Support 

In the 2020/21 operational year, due to the impact of Covid and national lockdowns on schools, youth groups and clubs, 248 clubs were registered as HSBC Golf Roots Centres in England and Wales, reaching 13,380 pupils in schools and 5,626 pupils visiting a golf club. 

In the 2021/22 operational year, 237 clubs were registered as HSBC Golf Roots Centres reaching 19,345 pupils in schools and helping 6,505 visit a golf club. 

£24,063 was spent in 2021/22 on grants to golf clubs in England and Wales under HSBC Golf Roots, compared to £40,345 in 2020/21. 

5 



The GolfSixes League initiative bounced back with 74 leagues, 296 golf clubs and 4965 participants across the 4 Home Nations. 

£79,511 was spent on GolfSixes League during the financial year (£20,400 in 2020/21). 

## c) National Partnerships 

The Golf Foundation supports the aims of each Home Nation’s junior strategy by working closely with each respective Home Nation. 

In Scotland, The Golf Foundation supports the national junior framework coordinated by Scottish Golf.  In 2021/22, the Golf Foundation funded the Children’s Golf Trust and Stephen Gallagher Foundation for the first time to support coaching in 40 primary schools with links back to local golf clubs. In 2021/22 this was £15,900 compared to £20,000 in 2020/21 contributed to Scottish Golf. 

The Golf Foundation is an integral part of the Wales Golf Development Group and part funded 3 development officers and 2 community officers in Wales.  In 2021/22, the Golf Foundation contributed £24,000 towards officer posts in Wales and £5,075 towards HSBC Golf Roots Centres and HSBC Golf Roots Plus projects compared to 2020/21 when the Golf Foundation contributed £21,000 towards officer posts in Wales and £10,423 towards HSBC Golf Roots Centres and HSBC Golf Roots Plus projects. 

In England, the Golf Foundation helped to launch a new junior strategy in partnership with England Golf. 

## d) Skills Progression Schemes 

Expenditure on the Junior Golf Passport (“JGP”) in 2021/22 was £1,361 compared to £1,610 in 2020/21. 

Income for the Junior Golf Passport was £7,827 in 2021/22 compared to £3,683 in 2020/21. 

67 clubs were registered on the scheme by March 2022 compared to 65 clubs in March 2021. 

## e) 

## Training Opportunities 

We delivered 7 new GolfWay workshops and 1 Unleash your Drive face to face plus a brand new primary school webinar was piloted. 

## f) Safeguarding Children 

Child protection and ensuring a positive experience for all juniors in golf clubs is a major focus for the charity. 

The Golf Foundation works closely with the case management groups of both the PGA and England Golf to ensure that any disclosures are reported to the appropriate governing body.  In addition, all HSBC Golf Roots centres have a SafeGolf coach, up to date safeguarding policy and a trained Club welfare officer. 

## g) Equality, Diversity and Inclusion 

The Golf Foundation believes in introducing young people to golf from all backgrounds and does this via the following activities: 

- 1) Diverse Board of Trustees openly recruited with the help of Sporting Equals and Sport England 

- 2) Internal EDI working group to oversee action plan and activities plus member of pan-UK EDI group. 3) Lead officers for girls, disability and ethnically diverse communities 

- 4) Action plan and inclusion statement 

- 5) Application of 3 C’s to all elements of diversity – Capture, Commit, Celebrate 

- 6) Partnerships with Sporting Equals, StreetGames, Youth Sport Trust, Sport England, London Youth, National Autism Association 

- 7) Diverse ambassadors 

- 8) Project delivery in areas with large ethnically diverse populations 

- 9) Girls Leadership programme and Girls Golf Rocks 

- 10) Training with designated disability partners 

6 



## h) Development Officers 

During 2021/22, the Golf Foundation maintained 7 RDOs with an additional part-time Special Projects Officer role. In the prior year, RDO numbers were reduced from 10 to 7 due to Covid-19. 

Andy Leigh was seconded from his RDO role to project manage the life skills programme, Unleash your Drive, and the schools programme. 

The total for staff and support costs for the Development Officer network in the year was £456,697 (2020/21 – £451,676). 

## i) Promotions and Publicity 

In July 2021, the Golf Foundation celebrated 10 years of successful sponsorship partnership with HSBC where it has reached over 5 million young people. 

We also enjoyed being back at The Open, running the SwingZone on behalf of The R&A, where we launched our new Golfway equipment with the help of Nicola Bennett and Nick Dougherty.  In addition, the Golf Foundation was invited to run a junior activity stand at the BMW PGA Championship in September where it presented the Spirit of Golf award to Thomas Bjorn and a new junior version to Tom Paterson from Kent to celebrate the Dinah Oxleigh legacy gift. 

In February 2022, we appointed a new Head of Marketing and Digital, Mark Coughlan.  As part of the new digital transformation project, we released monthly newsletters from October 2021 containing a blend of evergreen and live content. 

## Digital transformation project 

Reaching all parts of the organisation, the Golf Foundation is now using a new CRM system (Monday.com) to assist with automations, impact measurement and project management.  In addition, it has moved some of its resource content online using the learning platform Thinkific. 

Thanks to the help of digital consultant, Rob Paterson, this significant project for the Golf Foundation was delivered significantly under budget at a cost of £120k 

## FUNDRAISING 

For April 2021 to March 2022, the Golf Foundation’s staff carried out all of its fundraising activities and the charity employed an external bid writer to help approach Trusts and as such recognises the requirement to agree appropriate standards of performance as well as the implementation of appropriate monitoring approaches to protect donors and from poor practices. 

The Golf Foundation is registered with both English and Scottish Fundraising regulators.  No complaints about fundraising activities where received in 2021/22. 

From April 2021 to March 2022, the Golf Foundation drew its funding from six sources: 

- a) Core Funders; b) Donations; c) Appeals and Events; d) Charitable Trading; e) Grants; and f) Investment income. 

7 



a) Core Funders 

In 2021/22, the Golf Foundation received generous support from core funders, principally The R&A, HSBC, Ryder Cup Ltd, Sport England and the Professional Golfers’ Association. 

The R & A contributed £616,427 over the year compared to £771,200 in 2020/21. 

HSBC contributed £230,000 to The Golf Foundation over the year (2020/21: £230,000). A portion of this income is budgeted for activities in the 2022/23 reporting period. In addition, a further £52,500 of sponsorship from HSBC has been recorded as deferred income and is also budgeted for activities in 2022/23. 

The PGA contributed a total of £46,000 in the year compared to £46,000 in 2020/21. 

The Ryder Cup contributed £100,000 in the period compared to £91,646 in 2020/21. 

Sport England funding is shown below under e) Grants Receivable. 

The Trustees wish to record their great appreciation for the support and commitment of all these funders. 

## b) 

## Other Donations and Gifts 

Donations from sources other than the core funders totalled £60,548 in 2021/22 (2020/21 – £183,850). Excluding donations which have been allocated to specific Designated or Restricted projects, the total of unrestricted other donations and gifts was £38,048. There were no legacy receipts in the year (2020/21 - £60,000). 

## c) Appeals and Events 

The Golf Foundation operates several well-established fund raising activities through the year.  These include: 

- Let’s Club Together; 

- Make your Mark; 

- Corporate sponsorship; 

- Goodwood GolfSixes Day; 

- Individual Giving Scheme. 

The total amount raised from these and other activities in 2021/22 was £54,374.  This represents an increase from 2020/21 when the equivalent total was £17,333. 

## d) Charitable Trading 

Income sources under this heading include: 

- registration payments associated with the allocation of coaching grants; 

- registration payments associated with GolfSixes League; 

- charges for training courses; 

- charges for attending conferences; 

- payments for resources, principally the Junior Golf Passport; and 

- royalties connected with the sales of Tri-Golf and StreetGolf equipment. 

The total income from these sources in the year was £37,136. In 2020/21 the total was £25,783. 

## e) 

## Grants Receivable 

In 2021/22 the figure for Grants Receivable was £159,500.  In 2020/21, the total was £270,907. 

In 2021/22, The Golf Foundation received £157,000 from Sport England via England Golf (2020/21: £157,000). The amount of the grant is in line with the four-year funding awarded in the current funding cycle. The grant will remain at £157,000 for 2022/23. 

Grants worth £Nil were received from the Corona Virus Job Retention Scheme (2020/21 - £78,907). 

8 



Other grants of £2,500 were received in 2021/22 (2020/21 - £35,000). 

## f) Investment Income 

Investment income totalled £114,445 in 2020/21 (2020/21 - £108,105). In 2020/21, £105,139 was reinvested in the investment portfolio (2020/21 – £99,840). 

## g) Golf Foundation Enterprises Limited 

Income generating activities from which The Golf Foundation benefits and determined to be trading activities are conducted through its wholly owned subsidiary company, Golf Foundation Enterprises Limited (company number 03347443). These financial statements, therefore, continue to be, presented in a consolidated format. The trading subsidiary also continues to prepare its own publically available unconsolidated financial statements. 

Only certain specific trading activities are affected, and the subsidiary is not engaged in trading on a day-today basis.  The activities operated through the trading subsidiary are those in the nature of commercial sponsorship - which forms part (£70,000) of the income detailed under Note 1.1 to the Consolidated Financial Statements; and royalty income - which forms part (£16,667) of the income detailed under Note 1.4 to the Consolidated Financial Statements.  Expenditure associated with these income generating activities includes an allocation of support costs from the Charity (£86,360) which form part of the expenditure detailed under Note 2.2 to the Consolidated Financial Statements; and audit costs, which form part of the expenditure detailed under Note 2.5 to the Consolidated Financial Statements.  A profit of £1,668 was made all of which was gift aided to The Golf Foundation. 

## CONSTITUTION AND GOVERNANCE 

## President 

Sandy Jones stood down as the President of the Golf Foundation at the September 2021 AGM. 

## Board of Trustees 

Stephen Lewis* is the Chairman of the Board of Trustees. 

The Golf Foundation Trustees are: 

D Jhamat S Atwal K Wild J Brigden K Barker N Sladden* N Bragg* S Stewart R Maxfield J Tomlinson S Proctor (Resigned 17 November 2021) 

* Denotes a member of the Finance Committee 

The Golf Foundation was very sad at the passing of two of its most committed servants over the past 12 months. Stephen Proctor had been a long serving and proactive Trustee of the Golf Foundation who contributed significantly to our activities both inside and outside the Board. 

Charles Harrison was Chairman of the Golf Foundation from 2008 – 2015, and as a beneficiary of the charity himself, threw himself wholeheartedly into the advancement of the Golf Foundation. 

Both servants will be remembered by special 70th anniversary awards being made in their name to grass roots heroes of the Golf Foundation. 

Within the framework of the Memorandum and Articles of Association “the affairs of the Foundation shall be governed by the Board of Trustees” and the Board are empowered to make appointments of new Trustees, subject to ratification at the next Annual General Meeting. 

The Board usually meets on at least five occasions each year. The Board has also delegated part of its authority to a Finance Committee which comprises the Chairman, three additional Members of the Board, along with the Chief Executive and the Finance Manager. Neither the Chief Executive nor the Finance Manager is a Member of the Board. 

9 



The Board is comprised of a maximum of 12 individuals, and there are currently 10 Trustees including the Chairman. Three Trustees have a connection to other golfing organisations; the rest, who should always form the majority, are independent. New Trustees are generally appointed as a result of recommendations made by existing Trustees. On appointment, they are provided with a pack of reference materials which includes the Memorandum and Articles of Association and a copy of Charity Commission leaflet CC3. An induction is provided by the Senior Management Team. 

## Board Members’ Remuneration 

No Member of the Board drew any remuneration in the year to 31 March 2022. 

## Vice Presidents 

The following individuals have been appointed as Vice Presidents in recognition of their service to The Golf Foundation, their playing achievements, or their contribution to the development of golf: 

Sir Michael Bonallack OBE Mrs C.I.Matthew MBE C.S. Montgomerie OBE Ms A.Nicholas MBE Dame Laura Davies CBE K.D Schofield CBE Sir Nick Faldo MBE I.D.Peacock OBE B.Gallacher OBE D.J. Willett C. Harrison Ms K.Stupples Ms Georgia Hall W.J.Uzielli A.Jacklin CBE A.R.Wheeler P.S.Lawrie MBE A.W.B.Lyle MBE 

All Vice Presidents are also _ex officio_ Members of The Golf Foundation. 

## Members 

The following individuals are Members of The Golf Foundation: 

D.Turner FCA J.Vickers P.Ball T.Morrison E.Bullock Dr A.White OBE Ms J.Carter M. Round P.D.German J.Shepley 

The following organisations are also Members of The Golf Foundation: 

England Golf The R & A Scottish Golf DP World Tour Wales Golf Professional Golfers’ Association Ladies’ European Tour British Golf Industry Association 

## Honorary Members 

The status of Honorary Member is intended to recognise a valued service or contribution to The Golf Foundation, but does not carry any formal role in the governance of the Foundation.  Several individuals who were formerly full Members of the Foundation have opted to assume the status of Honorary Members: 

T.Adams I.E.R Dickson Mrs M.Horsburgh N.A.C.Moore N.Winton Mrs D.Brown Mrs S.Fox D.Houlihan A.Morgan Mrs D.Rothschild R.A. Chalkley D.Hamilton T.Hutton I.Murphy R.Snell B Chapman G.Hammond Mrs G.Jones D.Owen Mrs M. Vine Mrs G.Collins L. Hancock M.Lumsden A.R. Payne P. Woodcock J.Collins Ms K. Hannay D.McCarthy J.Taylor I. Armitage D.Cule Smith T.A.Hilliard OBE J.Martin H.Thomas R. Miller P.Davidson D.Horsburgh D.B.Miller A.J.Wellan M. Roberts D. Allmey D. Horsley 

10 



Executives 

On a day-to-day basis the organisation is run by a management team headed by the Chief Executive and four Heads of Department, each with a team of Officers and Administrators: 

Brendon Pyle (Chief Executive) 

Mark Cooke Paula Williams Linda Bird (Head of Finance) (Finance Officer) (Office & IT Administrator) Martin Crowder Andy Leigh Ian Harvey (Head of Development) (England – Northwest) (England – Northeast & North Yorkshire) Gavin Forsyth Tom Sparks (England – West Midlands) (England – Southwest) Katie Moggan Stacey Mitchell (Special Projects) (England – East Midlands & South Yorkshire) Alice Lowe Daisy Brierley (Central) (England – East) Mike Hollis (Southeast) Vanessa Bell Joseph Oliver (Head of Fundraising) (Digital & Fundraising Assistant) Mark Coughlan Joan McCrohan (Head of Marketing & Digital) (Communications Officer) 

## STATEMENT OF THE RESPONSIBILITIES OF THE BOARD OF TRUSTEES 

The Members of the Board of Trustees, who are also the Directors for the purpose of company law, are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations. 

Company law requires the Members of the Board of Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 

Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company and of its net incoming resources for that period. In preparing these financial statements, the Members of the Board of Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in operation; and 

- Observe the methods and principles in the Charities SORP. 

The Members of the Board of Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the transactions of the Charitable Company and disclose with reasonable accuracy at any time the financial position of the Charitable Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

11 



So far as each Member of the Board of Trustees is aware, there is no relevant audit information of which the Charity’s auditor is unaware. The Trustees have each taken all the steps required of them as Trustees in order to make themselves aware of any relevant audit information and to establish that the Charity's auditor is aware of that information. 

## RESERVES 

Total Reserves at 31 March 2022 were £3,680,329 (2021: £3,618,651) of which £1,812,092 (2021: £1,715,704) was an Expendable Endowment fund and £409,067 (2021: £362,561) was restricted in accordance with the wishes of funders and donors. This leaves £1,459,170 (2021: £1,540,386) as Unrestricted Funds. 

During the year ended 31 March 2022 the trustees continued with the policy of designating unrestricted funds for specific use without restricting or committing the funds legally. Previous designations have been for unrestricted fixed assets and fundraising for Regional Development Officers in Scotland. During the year to 31 March 2021 a new five-year business plan was approved by the trustees requiring additional investment of approximately £400,000 and this has also been recognised as a designated fund for future expenditure. As a result, at 31 March 2022 total unrestricted designated funds were £201,977 (2021: £465,235) being: 

- £28,132 (2021: £51,390) for funds set aside by the Trustees representing the net book value of unrestricted fixed assets at the end of the financial year; 

- £13,845 (2021: £13,845) for funds set aside to help raise funds for supporting Regional Development Officers in Scotland; and 

- £160,000 (2021: £400,000) for funds set aside for additional expenditure in delivery of the five-year business plan. 

The remaining unrestricted funds, the reserves or General Fund, at 31 March 2022 therefore amounted to £1,257,193, which is below the target level of reserves of £1.5m. 

Given the activities of the Charity, the trustees’ target level of reserves, in line with Charity Commission guidance, is set to: 

- meet planned operational costs for at least the following annual golf season (£1.3m) and; 

- • reflect the minimal risk of an unplanned closure associated with the Charity’s business model (£0.2m). 

Given these requirements the Trustees consider that the target for unrestricted reserves, after any designations, should be approximately £1.5m. 

The future implementation and achievement of the objectives specified in the five-year business plan will be vital in bridging this financial gap of £0.25m between the current funds of the Charity and its target level of funding. The Board of Trustees will continue to monitor The Golf Foundation's reserves and its reserve policy annually. 

## RISK ASSESSMENT 

At Board meetings, the Trustees review the risks to which the charity is exposed as part of the discussion around individual agenda items. They are dedicated to improving and refining that the systems in place mitigate the Charity’s exposure to major risk. The Golf Foundation has plans and strategies to manage the key risks in Funding, IT and Health & Safety through its governance structure, outsourced IT supplier and rigorous staff training respectively. 

## INVESTMENT POLICY 

The investment policy of the Board of Trustees is to minimise investment risk by favouring low-risk holdings, and this is reflected in a policy of only holding accumulation units in the Charity Multi-Asset Fund administered by Schroder & Co. The investment target annual return of the fund is 4% net of commission. 

The overall value of the portfolios rose from £2.96m to £3.17m during the year. Significant gains occurred in the first two quarters as asset prices rebounded following a crash as a result of the COVID-19 emergency, then losses incurred as a result of the Russian/Ukraine war and sanctions imposed during the final two quarters – however, the overall return for the year met the target annual return. 

12 



## GRANTS 

It is the policy of the Golf Foundation to make grants to provide financial assistance to organisations providing formal golf tuition or a less formal introductory golfing experience to children and young people.  The purpose of the grant is to provide the organisation delivering the tuition or experience with a means to recover all or part of the expenditure incurred as a result of such provision.  In this way, the tuition or experience can be provided at no or nominal cost to the children and young people, or their parents.  Thereby the opportunity to benefit from the tuition or experience is made more easily and widely accessible. 

In order to ensure that demand for grants does not exceed the budget available the Golf Foundation each year identifies closed lists of organisations – primarily schools and golf clubs or facilities – which are advised that they will be eligible to apply for a grant during the coming year.  These lists are comprised mostly by continuation from the previous year, with vacancies being filled if budgetary constraints allow.  There is a budget target for each region managed by a Regional Development Manager. 

Each organisation eligible to apply for a grant is advised of the maximum grant they can expect to receive.  Claims are then made by the organisation which is required to provide evidence in writing that golf tuition or an introductory golfing experience has been provided.  If the Golf Foundation is satisfied with such evidence the application is approved and a grant cheque issued. 

The HSBC Golf Roots Centres programme works differently in that 50% of the grants are awarded in advance to golf facilities and local projects and 50% after completion.  Eligibility to apply for such a grant award is based on certain criteria being achieved, and the grant award decision is dependent on a satisfactory action plan being agreed.  Future grant decisions would then be influenced by the results achieved compared with the action plan. Note 10.3 of the Financial Statements details the level of grants unpaid. 

## REMUNERATION POLICY OF KEY MANAGEMENT 

The salary increases given to the Golf Foundation staff are annually benchmarked against the increases given by peer organizations in the UK golfing industry.  All posts are internally evaluated based on agreed criteria that determine the grade and salary for the post. With regards to the executive pay, the salary of the highest paid employee is less than 3 times the median salary of the charity. A salary increase of 2% was awarded in the year and payments of 1.34% (2020/21 1.85%) of the overall salary bill were made in March 2022 for meritorious performances. 

## TAXATION 

As The Golf Foundation is a registered charity under the Charities Act 2011 it is potentially entitled to the exemptions from tax afforded by sections 466 to 493 of the Corporation Tax Act 2010 and sections 521 to 536 of the Income Taxes Act 2007 so far as its income and gains are applied for charitable purposes. No tax charge has arisen in the year. No tax charge has arisen in its subsidiary company as it has transferred all of its taxable profit to the Charity under the UK gift aid tax rules. 

## AUDITOR 

Crowe U.K. LLP has indicated its willingness to be reappointed as statutory auditor. It is proposed that they be reappointed Independent Auditor to the Charitable Company for the ensuing year. 

13 



## BANKERS AND PROFESSIONAL ADVISORS 

## Bankers 

## Investment Advisors 

HSBC plc Schroders plc 8 Canada Square 100 Wood Street London E14 5HQ London      EC2V 7ER 

Barclays Bank plc 54 Lombard Street London   EC3V 9EX 

Independent Auditor Crowe U.K. LLP Statutory Auditor 4th Floor, St James House, St James Square, Cheltenham Gloucestershire GL50 3PR 

## CORPORATE STATUS 

The Golf Foundation is a company limited by guarantee and is incorporated in Great Britain under registration number 00519615.  The Governing Document of The Golf Foundation is the Memorandum & Articles of Association.  The Articles of Association were last updated by Special Resolution of the Company passed on 29 September 2020. 

In preparing this Report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. 

## CHARITABLE STATUS 

The Golf Foundation is a Registered Charity under registration number 285917. In December 2019 The Golf Foundation registered as a charity with the Scottish Charity Regulator under registration number SC049780. 

## REGISTERED OFFICE 

Ambition Broxbourne Business Centre Pindar Road Hoddesdon Hertfordshire EN11 0FJ 

## BY ORDER OF THE BOARD 

STEPHEN LEWIS Chairman Date:  14 September 2022 

14 



**THE GOLF FOUNDATION** 

## **Independent Auditor’s Report to the Members and Trustees of the Golf Foundation Limited** 

## **Opinion** 

We have audited the financial statements of the Golf Foundation Limited (the “charitable company”) for the year ended 31 March 2022 which comprise Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Cash Flows and notes to the financial statements, including significant 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). 

In our opinion the financial statements: 

- give a true and fair view of the state of the groups and the charitable company’s affairs as at 31 March 2022 and of the group’s incoming resources and application of resources, including its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006, the Charities Act 2011 and the Charities Trustee Investments (Scotland) Act 2005 and Regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (amended). 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the 

15 



work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Opinions on other matters prescribed by the Companies Act 2006** 

In our opinion based on the work undertaken in the course of our audit 

- the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In light of the knowledge and understanding of the group and the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report. 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion: 

- the parent company has not kept adequate accounting records; or 

- the parent company financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Trustees Annual Report. 

## **Responsibilities of trustees** 

As explained more fully in the trustees’ responsibilities statement set out on page 11, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 

## **Auditor’s responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 151 of the Charities Act 2011, and section 44(1)(c) of the Charities and Trustees Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with 

16 



ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities SORP (FRS102) 2019, Charities Accounts (Scotland) Regulations 2006 and Companies Act 2006. 

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the recognition of income. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, sample testing on income recognised in the accounts and reviewing accounting estimates for biases. 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards.  We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. 

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

## **Use of our report** 

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of part 16 of the Companies Act 2006, and to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006.  Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

Guy Biggin 

Senior Statutory Auditor For and on behalf of 

**Crowe U.K. LLP** 

Statutory Auditor 

St James House St James Square Cheltenham GL50 3PR Date: 02 December 2022 **……………………………………..** Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 

17 



**THE GOLF FOUNDATION** (Limited by Guarantee) 

## **ACCOUNTING POLICIES FOR THE YEAR ENDED 31 MARCH 2022** 

The Golf Foundation is incorporated in Great Britain as a company limited by guarantee (company number 00519615). The entity is also a registered charity in England and Wales (charity number 285917) and in Scotland (charity number SC049780). The principal and registered office address is shown on page 14. In the event of the charity being wound up, the liability of each member is limited to £1 per member. 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from 1 January 2019 and the Charities Trustee Investments (Scotland) Act 2005 and Regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (amended). 

The financial statements have been prepared under historical cost convention with the exception of investments which are included at market value. 

The Golf Foundation meets the definition of a public benefit entity under FRS 102. 

The Financial Statements consolidate the results of the Charity and its wholly owned subsidiary Golf Foundation Enterprises Limited (company number 03347443) on a line by line basis.  A separate Statement of Financial Activities (“SOFA”), and income and expenditure account, for the Charity itself are not presented because the Charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006. The net result of the parent is shown on the Balance Sheet and note 14.1. 

The Charity has taken advantage of the exemption in FRS 102 from the requirement to present a charity only cash flow statement. 

After making enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue its activities for the foreseeable future. The Trustees are satisfied that the Charity has taken the necessary actions to protect its reserves in light of the uncertainty that COVID-19 has generated. The Trustees are satisfied that there are no material uncertainties about the charity’s ability to continue as a going concern and accordingly they continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of the Responsibilities of the Board of Trustees on page 11. 

The principal Accounting Policies of the Charity are set out below: 

## a) Income from Investments 

Investment income comprises interest and dividends receivable on listed investments. 

## b) Tangible Fixed Assets 

Tangible fixed assets are stated at cost, less accumulated depreciation and any provision for impairment. Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets by equal annual instalments over their expected useful lives.  The rates applicable are: 

Office Equipment - 10% Computer Equipment - 20% Improvements to Leased Premises - over the term of the Lease 

The policy of The Golf Foundation is only to capitalise expenditure of £1,000 and above. 

## c) Investments 

Investment assets are included in the Balance Sheet at their market value. The unrealised and realised revaluation surplus or deficit is reflected in the Statement of Financial Activities (SOFA). 

It is the Foundation’s policy to keep valuations up to date such that when investments are sold there is no realised gain or loss arising.  As a result, the SOFA does not distinguish between the valuation adjustments relating to sales and those relating to continued holdings as they are together treated as changes in the investment portfolio throughout the year. 

18 



## d) Foreign Currencies 

Monetary assets and liabilities in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. All exchange differences are dealt with through the SOFA. 

## e) Income 

All income is included in the SOFA when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.  The following specific policies apply to categories of income: 

Donated services:  are included at the value to the Charity where this can be quantified. In line with SORP (FRS 102) no amounts are included in the financial statements for services donated by volunteers. 

Gifts in kind:  where donated for distribution are included at the value to the Charity and recognised as income when they are distributed. 

Grants receivable:  are recognised when there is entitlement, probability of receipt and the amount can be measured reliably. 

Government grants:  are accounted for under the performance model as permitted by the Charity SORP.  CJRS grant income is therefore recognised on a straight line basis over the furlough period for each relevant employee. 

Legacies:  entitlement is governed by the three point test in SORP (FRS 102) governing the probability of receipt.  Upon sufficient probability of receipt the legacy is recognised. At which time the value of the resource can be measured more accurately. 

## f) Expenditure 

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category.  Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.  Overhead costs that are premises related are allocated on a floor area basis, staff costs are allocated on an estimate of time usage and other overheads have been allocated on the basis of head count. 

Grants:  are charged to the SOFA when a constructive obligation arises. 

Fund raising costs:  are those incurred in seeking voluntary contributions.  Costs of disseminating information in support of the Charitable Activities are shown under the heading of Promotions and Publicity. 

Governance costs:  are the costs associated with the governance arrangements of the Charity which relate to the general running of the Charity as opposed to the costs associated with fund raising or charitable activities.  Included within this category are costs associated with the strategic as opposed to day-to-day management of the Charity’s activities. 

Support costs:  include the central office functions such as general management, payroll administration, budgeting and accounting, information technology, human resources and financing and are allocated across the categories of charitable expenditure, governance costs and the cost of raising funds. 

## g) Recognition of Liabilities 

Liabilities are recognised when there is a legal or constructive obligation that commits the Charity to the obligation. 

19 



## h) Financial Instruments 

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments, these being cash at bank, debtors and creditors (see notes 9 and 10). Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. The Charity also has a holding of investments at market value. 

i) 

Debtors are trade and other debtors, recognised at the settlement amount due and prepayments are valued at the amount prepaid. 

j) 

Creditors are creditors and provisions, recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. 

## k) Stock 

Stock is included in the Balance Sheet at the lower of cost or net realisable value. The Charity holds stock of donated golf balls as well as purchased stock relating to programmes such as the Junior Golf Passport. 

## l) Operating Leases 

Rental costs on operating leases are charged on a straight-line basis over the period of the lease. 

## m) Funds held for Designated and General Purposes 

Designated Funds comprise funds which have been set aside at the discretion of the Board of Trustees for specific purposes.  The purposes and uses of the designated funds are set out in Note 12.1 to the accounts. They form part of the Unrestricted funds together with the General Fund from which funds can be spent on any objective of the Charity. 

## n) Funds held for Restricted and Endowment Purposes 

Restricted Funds represent donations or grants made to the Charity for specific purposes.  The purposes and uses of the Restricted Funds are set out in Note 12.2 to the accounts. 

In February 2000 The Golf Foundation received £1,673,814 in the form of cash and equities by way of a gift from a charitable trust in Scotland.  The gift was made subject to the condition that it be expended for the benefit of junior golf in Scotland.  The Board of Trustees (then the Council) in accepting this gift resolved that the capital be set aside, thereby creating an expendable endowment.  Two further gifts of £100,000 cash were made by the same charitable trust in 2002 and 2005, and another and final gift of £16,031 was made in 2010.  All were accepted subject to the same original conditions. 

## o) Pension Scheme Arrangements 

The Golf Foundation operates a group personal defined contribution pension scheme into which both the Foundation as employer and the majority of the employees make payments.  All such contributions are held in Royal London funds as completely independent of the Foundation’s finances. The pension cost charge represents employer’s contributions paid during the year. 

## p) Estimates and Judgements 

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The items in the financial statement where the estimates and judgements have been made include the following: 

- i) Depreciation policies are selected by the Charity to depreciate the asset over its useful economic life. An assumption is made on the life of each class of asset. 

20 



**THE GOLF FOUNDATION** 

(Company No: 00519615 Limited by Guarantee) 

## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022** 

## **(Incorporating Income and Expenditure Account)** 

|**Note**<br>**INCOME**<br>**Donations and legacies**<br>_1.1_<br>**Charitable Activities**<br>Grants receivable<br>_1.2_<br>Appeals and events<br>_1.3_<br>Charitable Trading<br>_1.4_<br>**Investments**<br>_1.5_<br>**TOTAL INCOME**<br>**EXPENDITURE**<br>**Raising Funds**<br>_2.1_<br>Investment management fees<br>_7_<br>**Charitable Activities:**<br>Coaching and development<br>_2.2_<br>Promotions and publicity<br>_2.3_<br>Competitive opportunity<br>_2.4_<br>**TOTAL EXPENDITURE**<br>_2.6_<br>**Net Income / (Expenditure) before:**<br>**Net gains on investments**<br>_7_<br>**NET INCOME / (EXPENDITURE)**<br>_12_<br>**Transfers between funds**<br>_12_<br>**NET MOVEMENT IN FUNDS**<br>**Reconciliation of funds**<br>**Total funds brought forward**<br>_12_<br>**TOTAL FUNDS CARRIED FORWARD**<br>_12_||**Unrestricted**<br>**Funds**<br>£<br>918,211<br>-<br>54,374<br>37,136<br>46,622|**Unrestricted**<br>**Funds**<br>£<br>918,211<br>-<br>54,374<br>37,136<br>46,622|**Restricted**<br>**Funds**<br>£<br>138,927<br>159,500<br>-<br>-<br>67,823|**Restricted**<br>**Funds**<br>£<br>138,927<br>159,500<br>-<br>-<br>67,823|**Expendable**<br>**Endowment**<br>**Fund**<br>£<br>-<br>-<br>-<br>-<br>-|**TOTAL**<br>**2022**<br>£<br>1,057,138<br>159,500<br>54,374<br>37,136<br>114,445|**TOTAL**<br>**2021**<br>£<br>1,322,696<br>270,907<br>17,333<br>25,783<br>108,105|
|---|---|---|---|---|---|---|---|---|
||||||||||
||||**1,056,343**||**366,250**|-|**1,422,593**|**1,744,824**|
||||139,538<br>3,840<br>970,761<br>223,351<br>32,300||-<br>199<br>96,888<br>-<br>-|-<br>5,234<br>-<br>-<br>-|139,538<br>9,273<br>1,067,649<br>223,351<br>32,300|116,126<br>8,123<br>906,659<br>219,219<br>620|
||||**1,369,790**||**97,087**|**5,234**|**1,472,111**|**1,250,747**|
||||**(313,447)**<br>45,298||**269,163**<br>-|**(5,234)**<br>65,898|**(49,518)**<br>111,196|**494,077**<br>478,397|
||||**(268,149)**<br>186,933||**269,163**<br>(222,657)|**60,664**<br>35,724|**61,678**<br>-|**972,474**<br>-|
||||**(81,216)**<br>1,540,386||**46,506**<br>362,561|**96,388**<br>1,715,704|**61,678**<br>3,618,651|**972,474**<br>2,646,177|
||||**1,459,170**||**409,067**|**1,812,092**|**3,680,329**|**3,618,651**|



The notes on pages 24-38 form part of these financial statements 

21 



## **THE GOLF FOUNDATION** 

(Company No: 00519615 Limited by Guarantee) 

## **CONSOLIDATED AND CHARITY BALANCE SHEETS** 

## **AS AT 31 MARCH 2022** 

||**_Notes_**|**2022**||**2021**||
|---|---|---|---|---|---|
|||**CONSOLIDATED**|**CHARITY**|**CONSOLIDATED**|**CHARITY**|
|**FIXED ASSETS**||**£**|**£**|**£**|**£**|
|Tangible assets|_6_|28,132|28,132|51,390|51,390|
|Investments|_7_|3,175,217|3,175,218|2,958,883|2,958,884|
|**TOTAL FIXED ASSETS**||3,203,349|3,203,350|3,010,273|3,010,274|
|**CURRENT ASSETS**||||||
|Stock||88,836|88,836|75,993|75,990|
|Debtors and prepayments|_9.1_|301,173|401,698|273,600|273,600|
|Cash at bank and in hand||335,284|178,847|413,204|358,669|
|**TOTAL CURRENT ASSETS**||725,293|669,381|762,797|708,259|
|**LIABILITIES**||||||
|Creditors falling due within one year|_10.1_|248,313|192,402|154,419|99,882|
|**NET CURRENT ASSETS**||476,980|476,979|608,378|608,377|
|**NET ASSETS**|_11_|**3,680,329**|**3,680,329**|**3,618,651**|**3,618,651**|
|**THE FUNDS OF THE CHARITABLE GROUP**||||||
|Unrestricted Income Funds|_12.1_|1,459,170|1,459,170|1,540,386|1,540,386|
|Restricted Income Funds|_12.3_|409,067|409,067|362,561|362,561|
|Expendable Endowment Fund|_12.5_|1,812,092|1,812,092|1,715,704|1,715,704|
|**TOTAL CHARITABLE GROUP FUNDS**||**3,680,329**|**3,680,329**|**3,618,651**|**3,618,651**|



The Financial Statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 (and applicable law) and FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. 

The total increase in funds for the Charity for the year was £61,678 (Year to March 2021: £972,471). 

The financial statements and accounting policies on pages 21 to 38 were **APPROVED** by the Trustees, **AUTHORISED** for issue on 14 September 2022, and are **SIGNED** on their behalf by: 

...................................................... 

**S. Lewis** 


**----- Start of picture text -----**<br>
N. Bragg         DIRECTORS<br>**----- End of picture text -----**<br>


22 



## **THE GOLF FOUNDATION** 

(Company No: 00519615 Limited by Guarantee) 

## **CONSOLIDATED CASH FLOW STATEMENT AND ANALYSIS OF CHANGES IN NET DEBT** 

|**FOR THE YEAR ENDED 31 MA**<br>**CASH FLOWS FROM OPERATING ACTIVITIES**<br>**CASH FLOWS FROM INVESTING ACTIVITIES**<br>Dividends received<br>Interest received<br>Interest paid and bank charges<br>Investment fees<br>Capital expenditure<br>Net Income reinvested<br>**TOTAL CASH FLOW FROM INVESTING ACTIVITIES**<br>**CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR**<br>**CASH AND CASH EQUIVALENTS AT THE BEGINNING OF YEAR**<br>**TOTAL CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR**<br>**RECONCILIATION OF NET INCOMING RESOURCES**<br>**TO NET CASH INFLOW FROM OPERATING ACTIVITIES**<br>Net incoming resources before other recognised gains or losses<br>Depreciation<br>Loss on asset disposals<br>Dividends received<br>Interest received<br>Investment fees<br>Interest paid and bank charges<br>(Increase) / decrease  in Stock<br>Decrease / (increase) in Debtors<br>(Decrease) / increase in Creditors<br>**NET CASH INFLOW**<br>**FROM OPERATING ACTIVITIES**|**RCH 2022**<br>**Year Ended**<br>**2022**<br>**(75,076)**<br>114,411<br>34<br>(2,020)<br>(9,273)<br>(858)<br>(105,138)<br>**(2,844)**<br>**(77,920)**<br>**413,204**<br>**335,284**<br>**£**<br>(49,518)<br>24,116<br>-<br>(114,411)<br>(34)<br>9,273<br>2,020<br>(12,843)<br>(27,573)<br>93,894<br>**(75,076)**|**Year Ended**<br>**2021**<br>**100,282**<br>107,963<br>142<br>(2,404)<br>(8,123)<br>(3,095)<br>(99,840)|
|---|---|---|
|||**(5,357)**|
|||**94,925**<br>**318,279**|
|||**413,204**|
|||**£**<br>494,077<br>25,408<br>1,051<br>(107,963)<br>(142)<br>8,123<br>2,404<br>(8,054)<br>(205,572)<br>(109,050)|
|||**100,282**|



**ANALYSIS OF CHANGES IN NET DEBT** 

**FOR THE YEAR ENDED 31 MARCH 2022** 

|Cash<br>**TOTAL**<br>The notes on pages 24 t|At start of year<br>Cash-flows<br>At end of<br>year<br>**£**<br>**£**<br>**£**<br>413,204<br>(77,920)<br>335,284|
|---|---|
||413,204<br>(77,920)<br>335,284<br>o 38 form part of these financial statements.|



23 



**THE GOLF FOUNDATION** 

(Limited by Guarantee) 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022** 

|**1.**<br>1.1|**ANALYSIS OF INCOME**<br>**Donations**<br>**Core funders:**<br>The R & A<br>HSBC<br>Professional Golfers' Association<br>Ryder Cup Limited<br>BGIA<br>Legacies<br>Trusts & Foundations<br>**Other Donations:**|**2022**<br>**£**<br>616,427<br>230,000<br>46,000<br>100,000<br>4,163<br>-<br>22,250<br>38,298<br>**1,057,138**|2021<br>£<br>771,200<br>230,000<br>46,000<br>91,646<br>-<br>60,000<br>52,000<br>71,850|
|---|---|---|---|
||||**1,322,696**|



The total of £230,000 for the contribution from HSBC include £70,000 of commercial sponsorship but are consolidated in donations so as to more accurately report the full value received from this supporter. 

Ryder Cup Limited is a joint venture in which the Professional Golfers' Association, the PGA of Europe, and the PGA European Tour are partners. 

None of the individual gifts in the "Other Donations" category were larger than £25,000. 

|1.2<br>1.3|**Charitable Activities- Grants Receivable**<br>Sport England<br>Other grants<br>Corona Virus Job Retention Scheme<br>**Charitable Activities- Appeals and Events**<br>Annual Appeal to Golf Clubs<br>GF / European Tour Pro-Am<br>Acushnet<br>Goodwood GolfSixes<br>Other|157,000<br>2,500<br>-<br>**159,500**<br>16,004<br>15,000<br>-<br>20,579<br>2,791<br>**54,374**|157,000<br>35,000<br>78,907|
|---|---|---|---|
||||**270,907**|
||||6,948<br>-<br>10,385<br>-<br>-|
||||**17,333**|



24 



**THE GOLF FOUNDATION** 

(Limited by Guarantee) 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

## **YEAR ENDED 31 MARCH 2022** 

|**1.**<br>1.4|**ANALYSIS OF INCOMING**<br>**RESOURCES (CONTINUED)**<br>**Charitable Activities- Charitable  Trading**<br>Box of Tricks<br>GolfSixes Registrations<br>Junior Golf Passport<br>Training Workshops<br>Tri-Golf /GolfWays|**2022**<br>**£**<br>33<br>12,482<br>7,827<br>127<br>16,667<br>**37,136**|2021<br>£<br>-<br>3,334<br>3,683<br>-<br>18,766|
|---|---|---|---|
||||**25,783**|



Charitable Trading includes £16,667 (Year to March 2021: £18,766) of Royalty Income generated by the subsidiary. 

|1.5|**Investments**<br>Dividends<br>Bank Interest|114,411<br>34<br>**114,445**|107,963<br>142|
|---|---|---|---|
||||**108,105**|



All investment income derives from investments held in the United Kingdom. 

|2.<br>2.1<br>2.2|**ANALYSIS OF EXPENDITURE**<br>**Raising Funds**<br>**Operations:**<br>Club Fundraising<br>Make Your Mark<br>Trusts and Foundations<br>Goodwood GolfSixes<br>**Staff and Support Costs:**<br>See Note 2.8<br>**Governance Costs**<br>See Note 2.5<br>**Charitable Activities:**<br>**Coaching and development**<br>**Grants Made:**<br>Box of Tricks<br>Doorstep Clubs<br>Feel Inspired<br>Golf Development Wales<br>Golf Roots Centres<br>HSBC Golf Roots Plus<br>Road to the Open<br>Satellite Clubs<br>Scottish Golf<br>Wales Golf|**2022**<br>**£**<br>-<br>-<br>3,307<br>15,201<br>**18,508**<br>115,843<br>5,187<br>**139,538**<br>2,860<br>2,000<br>2,875<br>1,150<br>24,063<br>5,075<br>38,685<br>2,695<br>7,500<br>24,000<br>**110,903**|2021<br>£<br>61<br>375<br>-<br>118|
|---|---|---|---|
||||**554**<br>111,584<br>3,988|
||||**116,126**|
||||1,925<br>-<br>1,125<br>3,525<br>40,345<br>10,423<br>-<br>6,000<br>20,000<br>21,000|
||||**104,343**|



All grants are made to institutions and none to individuals. Full details of grants made are available from the Charity. 

25 



**THE GOLF FOUNDATION** 

(Limited by Guarantee) 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022** 

## **Charitable Activities:** 

||**Charitable Activities:**|||
|---|---|---|---|
|2.2<br>2.3<br>2.4|**Coaching and development  (continued)**<br>**Operations:**<br>GolfSixes League<br>Junior Golf Passport<br>Manuals & Training Aids<br>Crowlands Project<br>Unleash Your Drive<br>Young Ambassadors' Programme<br>Street Games Birmingham<br>All London Youth Project<br>GolfWays<br>**Staff and Support costs:**<br>Development Officer Network<br>Central Support Costs<br>**Grants Made:**<br>**Operations:**<br>**Staff and Support Costs:**<br>See Note 2.8<br>**Governance Costs**<br>See Note 2.5<br>**Charitable Activities:**<br>**Promotions and publicity**<br>**Operations:**<br>Advertising & Public Relations<br>Promotional Items<br>Publications<br>BMW PGA Championships<br>Presidents Awards & Reception<br>Other External Events<br>**Staff and Support Costs:**<br>See Note 2.8<br>**Governance Costs**<br>See Note 2.5<br>**Charitable Activities:**<br>**Competitive Opportunity**<br>**Operations:**<br>School Games|**2022**<br>**£**<br>79,511<br>1,361<br>6,944<br>2,250<br>400<br>5,000<br>2,900<br>2,610<br>5,881<br>**106,857**<br>456,697<br>353,508<br>**810,205**<br>**110,903**<br>**106,857**<br>**810,205**<br>**39,684**<br>**1,067,649**<br>39,811<br>8,969<br>-<br>5,161<br>23<br>378<br>**54,342**<br>160,707<br>8,302<br>**223,351**<br>32,300<br>**32,300**|2021<br>£<br>20,400<br>1,610<br>3,177<br>-<br>400<br>-<br>-<br>-<br>-|
||||**25,587**|
||||451,676<br>293,921|
||||**745,597**|
||||104,343<br>25,587<br>745,597<br>31,132|
||||**906,659**|
||||32,820<br>16,130<br>6,000<br>-<br>-<br>-|
||||**54,950**<br>156,741<br>7,528|
||||**219,219**|
||||620|
||||**620**|



26 



**THE GOLF FOUNDATION** 

(Limited by Guarantee) 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

## **YEAR ENDED 31 MARCH 2022** 

|2.5<br>2.6<br>2.7|**Governance**<br>**Operations:**<br>Audit & Accountancy<br>Annual Report<br>**Staff and Support Costs:**<br>See Note 2.8<br>Charged to<br>Raising Funds<br>See Note 2.1<br>Coaching and Development<br>See Note 2.2<br>Promotions and Publicity<br>See Note 2.3<br>**Analysis of total expenditure**<br>**Charitable Activities:**<br>Coaching and development<br>Promotions and publicity<br>Competitive opportunity<br>**Cost of raising funds:**<br>Raising funds:<br>Investment management fees<br>Governance<br>**TOTAL RESOURCES EXPENDED**<br>**Prior Year Analysis of total expenditure**<br>**Charitable Activities:**<br>Coaching and development<br>Promotions and publicity<br>Competitive opportunity<br>**Cost of raising funds:**<br>Raising funds:<br>Investment management fees<br>Governance<br>**TOTAL RESOURCES EXPENDED**|See Note 2.8<br>See Note 2.1<br>See Note 2.2<br>See Note 2.3|**Grants made**|**Staff and**<br>**Support costs**||2021<br>£<br>19,450<br>1,724<br>**21,174**<br>21,474<br>**42,648**<br>**3,988**<br>**31,132**<br>**7,528**<br>**42,648**<br>**TOTAL**<br>**March 2022**<br>£<br>**1,027,965**<br>**215,049**<br>**32,300**|TOTAL<br>March 2021<br>£<br>875,527<br>211,691<br>620|
|---|---|---|---|---|---|---|---|
|||||||||
|||||||||
|||||||||
|||||||||
||||110,903<br>193,499<br>-<br>18,508<br>-<br>9,273|970,912<br>115,843<br>-||**1,275,314**<br>**134,351**<br>**9,273**|1,087,838<br>112,138<br>8,123|
||||110,903<br>221,280<br>-<br>26,061|1,086,755<br>27,112||**1,418,938**<br>**53,173**|1,208,099<br>42,648|
||||**110,903**<br>**247,341**|**1,113,867**||**1,472,111**|1,250,747|
||||**Grants made**<br>**Operations**<br>£<br>£<br>104,343<br>25,587<br>-<br>54,950<br>-<br>620|**Staff and**<br>**Support costs**<br>£<br>745,597<br>156,741<br>-||**TOTAL**<br>**March 2021**<br>£<br>**875,527**<br>**211,691**<br>**620**|TOTAL<br>**March 2020**|
||<br>**Charitable Activities:**<br>Coaching and development<br>Promotions and publicity<br>Competitive opportunity<br>**Cost of raising funds:**<br>Raising funds:<br>Investment management fees<br>Governance<br>**TOTAL RESOURCES EXPENDED**|||||||
||||||||£<br>1,316,724<br>270,406<br>5,600|
||||104,343<br>81,157<br>-<br>554<br>-<br>8,123|902,338<br>111,584<br>-||1,087,838<br>**112,138**<br>**8,123**|1,592,730<br>159,570<br>8,415|
||||104,343<br>89,834<br>-<br>21,174|1,013,922<br>21,474||1,208,099<br>**42,648**|1,760,715<br>60,202|
||||**104,343**<br>**111,008**|**1,035,396**||**1,250,747**|**1,820,917**|



27 



(Limited by Guarantee) 

## **THE GOLF FOUNDATION** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022** 

## 2.8 **Analysis of Staff and Support Costs** 

|Staff costs<br>Office costs<br>Travel and Motor expenses<br>Finance and Legal<br>**TOTAL RESOURCES EXPENDED**||**Coaching and**<br>**Promotions**<br>**Activities to**<br>**Governance**<br>**TOTAL**<br>TOTAL<br>**Development**<br>**and Publicity**<br>**raise funds**<br>**March 2022**<br>March 2021<br>£<br>£<br>£<br>£<br>**£**<br>£<br>503,771<br>74,201<br>72,324<br>14,767<br>**665,063**<br>714,926<br>235,534<br>79,696<br>35,680<br>6,497<br>**357,407**<br>254,312<br>66,381<br>2,726<br>7,370<br>5,240<br>**81,717**<br>63,484<br>4,519<br>4,083<br>468<br>608<br>**9,678**<br>2,674|
|---|---|---|
|||**810,205**<br>**160,706**<br>**115,842**<br>**27,112**<br>**1,113,865**<br>**1,035,396**|



## 2.9 **Prior Year Analysis of Staff and Support Costs** 

|Staff costs<br>Office costs<br>Travel and Motor expenses<br>Finance and Legal<br>**TOTAL RESOURCES EXPENDED**||**Coaching and**<br>**Development**<br>£<br>517,853<br>173,252<br>52,570<br>1,922|**Promotions**<br> <br>**and Publicity**<br>£<br>100,019<br>52,098<br>4,299<br>325|**Activities to**<br>**Governance**<br>**raise funds**<br>£<br>£<br>82,098<br>14,956<br>24,258<br>4,704<br>5,033<br>1,582<br>194<br>233|**TOTA**<br>**March 202**|TOTAL<br>**March 2020**|
|---|---|---|---|---|---|---|
|||||||£<br>782,082<br>262,003<br>113,679<br>10,553|
|||**745,597**|**156,741**|**111,583**<br>**21,475**|**1,035,396**|**1,168,317**|



**3. NET INCOME/(EXPENDITURE)** 

|**NET INCOME/(EXPENDITURE)**||||
|---|---|---|---|
||||**Year ended**|
|||**Year ended March**|**March**|
|This is stated after charging:||**2022**|2021|
|||**£**|£|
|Operating lease payments (Plant|and Machinery)|9,853|6,745|
|Operating lease payments (Other)||41,546|49,410|
|Auditor's Remuneration|- audit fees|24,405|19,450|
||- tax services|1,585|1,585|
|Depreciation||24,116|25,408|



28 



**THE GOLF FOUNDATION** 

(Limited by Guarantee) 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

## **YEAR ENDED 31 MARCH 2022** 

**4. ANALYSIS OF STAFF COSTS, TRUSTEES REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL** 

|**Total Staff Costs**<br>Wages and Salaries<br>Social Security Costs<br>Pension Costs and Other Benefits<br>Recruitment and Other Costs<br>**Cost of key management personnel**<br>Wages and Salaries<br>Social Security Costs<br>Pension Costs and Other Benefits<br>Interim Costs|**Year ended March**<br>**2022**<br>**£**<br>546,500<br>56,417<br>43,205<br>18,942<br>**665,064**<br>232,431<br>26,906<br>15,407<br>-<br>**274,744**|Year ended<br>March<br>2021<br>£<br>557,699<br>57,042<br>46,145<br>54,040|
|---|---|---|
|||**714,926**|
|||228,918<br>26,488<br>15,822<br>-|
|||**271,228**|



Key Management comprises the Chief Executive, the Head of Finance, the Head of Development, the Head of Marketing and the Head of Fundraising.  The key management remuneration disclosed includes gross pay, employer NI and pension costs. In addition to the amounts disclosed above, the key management personnel received benefits in kind totalling £22,208 (2020/21: £25,231). 

Redundancy costs amounting to £nil (2021: £20,556) are included in wages and salaries. 

No Member of the Board of Trustees received remuneration in either year. One Member of the Board of Trustees was reimbursed expenses for £63 in 2021/22 (2020/21 - No members were reimbursed expenses). Expenses reimbursed to Trustees were for travel and accommodation expenses incurred by reason of attendance at meetings and events. 

One employee received remuneration in the range £80-90k and one within the £60-£70k range per annum in the year (Year to 31 March 2021 - one within the £80-£90k range and one within the £60-70k range). 

The average monthly number of employees during the year, analysed by function was: 

|Development Department (Central)<br>Development Department (Officers)<br>Central Services<br>Fundraising<br>Finance and Administration<br>TOTAL|**2022**<br>**No.**<br>1.0<br>8.8<br>2.1<br>1.5<br>3.0<br>**16.4**|**2021**<br>**No.**<br>1.0<br>8.8<br>2.3<br>1.3<br>2.9|
|---|---|---|
|||**16.3**|



All members of staff as detailed above are employed by the Charity. 

## **5. TAXATION** 

As the Golf Foundation is a registered Charity under the Charities Act 2011 it is potentially entitled to the exemptions from tax afforded by sections 466 to 493 of the Corporation Tax Act 2010 and sections 521 to 536 of the Income Taxes Act 2007 so far as its income and gains are applied for charitable purposes. 

29 



**THE GOLF FOUNDATION** 

(Limited by Guarantee) 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022** 

## **6. TANGIBLE FIXED ASSETS (FOR GROUP AND CHARITY)** 

|Cost<br>At 1st April 2021<br>Additions<br>Disposals<br>At 31 March 2022<br>Depreciation<br>At 1st April 2021<br>Charge for the Year<br>Eliminated on Disposal<br>At 31 March 2022<br>Net Book Value<br>At 31 March 2022<br>At 1st April 2021||**Computer**<br>**Equipment**<br>£<br>67,352<br>-<br>-|**Intangibles**<br>£<br>115,904<br>-<br>-|**Office**<br>**TOTAL**<br>**Equipment**<br>£<br>£<br>50,794<br>234,050<br>858<br>858<br>(545)<br>(545)|**TOTAL**|
|---|---|---|---|---|---|
|||67,352|115,904|51,107<br>234,363||
|||59,164<br>3,337<br>-|87,507<br>17,941<br>-|35,989<br>182,660<br>2,838<br>24,116<br>(545)<br>(545)||
|||62,501|105,448|38,282<br>206,231||
|||**4,851**|**10,456**|**12,825**<br>**28,132**||
|||8,188|28,397|14,805<br>51,390||



All tangible fixed assets are owned by the Charity. 

## **7. INVESTMENTS (FOR GROUP AND CHARITY)** 

|Market Value at 1 April 2021<br>Income Reinvested<br>Management Fees<br>Gain on revaluation<br>Transfers between funds<br>Market value at 31 March 2022<br>Represented by:<br>Schroder Charity Multi Asset<br>Fund<br>Cash<br>Total in Group<br>Golf Foundation Enterprises<br>Limited<br>Total in Charity|**General**<br>**Funds**<br>£<br>1,243,179<br>46,588<br>(3,840)<br>45,298<br>31,900|**Designated**<br>**Funds**<br>£<br>-<br>-<br>-<br>-<br>-|**Endo**|**Expendable**<br>**TOTAL**<br>**wment Fund**<br>£<br>£<br>1,715,704<br>2,958,883<br>67,823<br>114,411<br>(5,433)<br>(9,273)<br>65,898<br>111,196<br>(31,900)<br>-|**TOTAL**|
|---|---|---|---|---|---|
|||||||
||**1,363,125**|**-**||**1,812,092**<br>**3,175,217**||
||1,328,707<br>34,418|-<br>-||1,812,092<br>3,140,799<br>-<br>34,418||
||**1,363,125**<br>1|**-**<br>-||**1,812,092**<br>**3,175,217**<br>-<br>1||
||**1,363,126**|**-**||**1,812,092**<br>**3,175,218**||



The historical cost of the investments was £2,623,200 (2021 - £2,518,058). All the investment assets are held in the United Kingdom and are owned by the Charity. 

The Charity holds 100% of the shares in its wholly owned subsidiary Golf Foundation Enterprises Limited (Company number 03347443) which is incorporated in the United Kingdom. The activities and results of this company are summarised under Note 14.2. 

30 



**THE GOLF FOUNDATION** 

(Limited by Guarantee) 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022** 

## **7.1 PRIOR YEAR INVESTMENTS (FOR GROUP AND CHARITY)** 

|**8.**|Market Value at 1 April 2020<br>Income Reinvested<br>Management Fees<br>(Loss) / Gain on revaluation<br>Transfers between funds<br>Market value at 31 March 2021<br>Represented by:<br>Schroder Charity Multi Asset<br>Fund<br>Cash<br>Total in Group<br>Golf Foundation Enterprises<br>Limited<br>Total in Charity<br>**DEFERRED INCOME**<br>As at 1 April<br>Deferred donations<br>Utilised during the year<br>As at 31 March||**General**<br>**Funds**<br>£<br>991,090<br>43,900<br>(3,293)<br>193,482<br>18,000|**General**<br>**Funds**<br>£<br>991,090<br>43,900<br>(3,293)<br>193,482<br>18,000|**Designated**<br>**Funds**<br>£<br>-<br>-<br>-<br>-<br>-|**Designated**<br>**Funds**<br>£<br>-<br>-<br>-<br>-<br>-|**Endo**|**Expendable**<br>**TOTAL**<br>**wment Fund**<br>£<br>£<br>1,389,555<br>2,380,645<br>64,063<br>107,963<br>(4,830)<br>(8,123)<br>284,915<br>478,397<br>(18,000)<br>-|**Expendable**<br>**TOTAL**<br>**wment Fund**<br>£<br>£<br>1,389,555<br>2,380,645<br>64,063<br>107,963<br>(4,830)<br>(8,123)<br>284,915<br>478,397<br>(18,000)<br>-|**TOTAL**|
|---|---|---|---|---|---|---|---|---|---|---|
||||||<br>**Fun**||||||
||||||||||||
|||**1,243,179**||||**-**||**1,715,704**<br>**2,958,883**|||
|||1,204,924<br>38,255||||-<br>-||1,715,704<br>2,920,628<br>-<br>38,255|||
|||**1,243,179**<br>1||||**-**<br>-||**1,715,704**<br>**2,958,883**<br>-<br>1|||
|||**1,243,180**||||**-**||**1,715,704**<br>**2,958,884**|||
||||||**March**<br>**2022**<br>**£**<br>52,500<br>52,500<br>(52,500)<br>**52,500**||||March<br>2021<br>£<br>52,500<br>52,500<br>(52,500)||
||||||||||**52,500**||



The deferred balance represents sponsorship revenue to be recognised in 2022/23. 

31 



**THE GOLF FOUNDATION** (Limited by Guarantee) 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

## **YEAR ENDED 31 MARCH 2022** 

|**9.**<br>9.1<br>9.2<br>**10.**<br>10.1<br>10.2|**DEBTORS**<br>**DEBTORS (FOR THE GROUP)**<br>Trade Debtors<br>Other Debtors<br>Accrued Income<br>Prepayments<br>**DEBTORS (FOR THE CHARITY)**<br>Trade Debtors<br>Owed by the Subsidiary<br>Other Debtors<br>Accrued Income<br>Prepayments<br>**CREDITORS: Amounts falling due within one year**<br>**CREDITORS (FOR THE GROUP)**<br>Trade Creditors<br>Other Creditors<br>Other Taxation and Social Security<br>Accruals<br>Deferred Income<br>(Note 8)<br>**CREDITORS (FOR THE CHARITY)**<br>Trade Creditors<br>Owed to the Subsidiary<br>Other Creditors<br>Other Taxation and Social Security<br>Accruals<br>Deferred Income|**March**<br>**2022**<br>**£**<br>257,320<br>7,721<br>4,167<br>31,965<br>**301,173**<br>**March**<br>**2022**<br>**£**<br>257,320<br>100,525<br>7,721<br>4,167<br>31,965<br>**401,698**<br>**March**<br>**2022**<br>**£**<br>105,247<br>14,429<br>47,302<br>28,835<br>52,500<br>**248,313**<br>**March**<br>**2022**<br>**£**<br>105,246<br>-<br>14,429<br>47,302<br>25,425<br>-<br>**192,402**|March<br>2021<br>£<br>1,115<br>240,164<br>5,778<br>26,543|
|---|---|---|---|
||||**273,600**|
||||March<br>2021<br>£<br>1,115<br>-<br>240,164<br>5,778<br>26,543|
||||**273,600**|
||||March<br>2021<br>£<br>48,808<br>4,402<br>18,802<br>29,907<br>52,500|
||||**154,419**|
||||March<br>2021<br>£<br>48,809<br>1,372<br>4,402<br>18,802<br>26,497<br>-|
||||**99,882**|



32 



**THE GOLF FOUNDATION** 

(Limited by Guarantee) 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022** 

## **11. ANALYSIS OF NET ASSETS BETWEEN FUNDS** 

|11.1 **Fund balances at 31 March 2022**<br>**are represented by:**<br>Tangible Fixed Assets<br>Investments<br>Current Assets<br>Current Liabilities<br>11.2 **Fund balances at 31 March 2021**<br>**are represented by:**<br>Tangible Fixed Assets<br>Investments<br>Current Assets<br>Current Liabilities||**a**|**Unrestricted**<br>**nd Designated**<br>£<br>28,132<br>1,363,125<br>316,226<br>(248,313)|**Restricted**<br>£<br>-<br>-<br>409,067<br>-|**Endowment**<br>**TOTAL**<br>£<br>£<br>-<br>**28,132**<br>1,812,092<br>**3,175,217**<br>-<br>**725,293**<br>-<br>**(248,313)**|**TOTAL**|
|---|---|---|---|---|---|---|
||||||||
||||**1,459,170**|**409,067**|**1,812,092**<br>**3,680,329**||
|||**a**|**Unrestricted**<br>**nd Designated**<br>£<br>51,390<br>1,243,179<br>400,236<br>(154,419)|**Restricted**<br>£<br>-<br>-<br>362,561<br>-|**Endowment**<br>**TOTAL**<br>£<br>£<br>-<br>**51,390**<br>1,715,704<br>**2,958,883**<br>-<br>**762,797**<br>-<br>**(154,419)**|**TOTAL**|
||||||||
||||**1,540,386**|**362,561**|**1,715,704**<br>**3,618,651**||



33 



**THE GOLF FOUNDATION (Limited by Guarantee)** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022** 

## **12. ALLOCATION OF FUNDS  (FOR GROUP AND CHARITY)** 

12.1 **Unrestricted Income Funds  (Group and Charity)** 

|General Funds<br>Designated Funds<br>Digital Platform Fund<br>Scottish Designated Fund<br>Fixed Assets Designated Fund<br>Total Designated Funds<br>Total Unrestricted Funds||**Balance**<br>**Income**<br>**1 April 2021**<br>£<br>£<br>1,075,151<br>1,054,343<br>400,000<br>-<br>13,845<br>2,000<br>51,390<br>-|**Expenditure &**<br>**Disposals**<br>**G**<br>£<br>(1,329,815)<br>-<br>(15,900)<br>(24,075)|**Investments**<br>**ains / (Losses)**<br>£<br>45,298<br>-<br>-<br>-|**Transfers**|**31 Ma**|**Net movement**|
|---|---|---|---|---|---|---|---|
||||||£<br>412,216<br>(240,000)<br>13,900<br>817|||
||||||||£<br>182,042<br>(240,000)<br>-<br>(23,258)<br>**in funds**|
|||465,235<br>2,000<br>**1,540,386**<br>**1,056,343**|(39,975)<br>**(1,369,790)**|-<br>**45,298**|(225,283)<br>**186,933**|**201,977**<br>**1,459,170**|(263,258)<br>(81,216)|



All turnover in the subsidiary (£106,662), and all expenditure in the subsidiary (£104,994), form part of the movements on General Funds. The net assets of the subsidiary as at 31 March 2022 (£1) form part of the closing balance on **General Funds** . 

**The Digital Platform Fund** is a fund set aside in March 2021 for achieving delivery of the 5 year business plan. 

The **Scottish Designated Fund** was set aside to represent donations and funds raised from Scottish sources which it is intended to expend in line with the Restricted Scottish Income Fund. 

The **Fixed Assets Fund** represents the net book value of unrestricted tangible fixed assets at the balance sheet date. Fixed Assets forming part of Restricted and Endowment Funds are excluded. 

## 12.2 **Prior Year Unrestricted Income Funds  (Group and Charity)** 

|General Funds<br>Designated Funds<br>Digital Platform Fund<br>Scottish Designated Fund<br>Fixed Assets Designated Fund<br>Total Designated Funds<br>Total Unrestricted Funds||**Balance**<br>**Income**<br>**1 April 2020**<br>£<br>£<br>1,004,237<br>1,300,561<br>-<br>-<br>13,845<br>2,000<br>74,755<br>-|**Expenditure &**<br>**Disposals**<br>£<br>(1,177,384)<br>-<br>(20,000)<br>(26,110)|**Investments**<br>**Gains**<br>£<br>193,482<br>-<br>-<br>-|**Transfers**|**31 Ma**|**Net movement**|
|---|---|---|---|---|---|---|---|
||||||£<br>(245,745)<br>400,000<br>18,000<br>2,745|||
||||||||£<br>70,914<br>400,000<br>-<br>(23,365)<br>**in funds**|
|||88,600<br>2,000<br>**1,092,837**<br>**1,302,561**|(46,110)<br>**(1,223,494)**|-<br>**193,482**|420,745<br>**175,000**|**465,235**<br>**1,540,386**|(23,365)<br>447,549|



34 



**THE GOLF FOUNDATION (Limited by Guarantee)** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022** 

## 12.3 **Restricted Funds  (Group and Charity)** 

Movements in the income funds of the Golf Foundation include restricted funds which are to be expended on specific purposes. 

|Crown Golf Restricted Fund<br>East London Legacy Fund<br>England Fund<br>Gerald Micklem Fund<br>Peter Harrison Fund<br>Girls Golf<br>London Welsh Fund<br>Cheshire Golf Clubs<br>National Sports Foundation Fund<br>Oxfordshire Satellite Clubs<br>Pro-Am 2017<br>Road to the Open<br>Royal Liverpool Fund<br>Satellite Clubs Fund<br>Scottish Income Fund<br>Sport England Fund<br>R&A GolfSixes League Fund<br>Sport Wales Fund<br>Youth Sport Trust Restricted Fund||**Balance**<br>**1 April 2021**<br>£<br>2,109<br>80<br>30,365<br>44,984<br>25,000<br>22,423<br>630<br>-<br>6,919<br>1,027<br>15,752<br>6,652<br>8,526<br>5,932<br>-<br>25,038<br>171,200<br>(3,525)<br>(551)|**Income**<br>£<br>**-**<br>**-**<br>**-**<br>20,000<br>-<br>2,500<br>-<br>2,500<br>-<br>**-**<br>**-**<br>-<br>-<br>**-**<br>67,823<br>157,000<br>116,427<br>-<br>-|**Expenditure**<br>£<br>**-**<br>(80)<br>**-**<br>(5,075)<br>(2,875)<br>**-**<br>-<br>-<br>-<br>-<br>**-**<br>(6,652)<br>**-**<br>(2,695)<br>(199)<br>-<br>(79,511)<br>-<br>-|**Transfers**<br>(2,109)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(67,624)<br>(157,000)<br>-<br>3,525<br>551|**Balance**<br>**31 March**|**Net m**|**ovement**|
|---|---|---|---|---|---|---|---|---|
|||||||**2022**<br>£<br>**-**<br>**-**<br>**30,365**<br>**59,909**<br>**22,125**<br>**24,923**<br>**630**<br>**2,500**<br>**6,919**<br>**1,027**<br>**15,752**<br>**-**<br>**8,526**<br>**3,237**<br>**-**<br>**25,038**<br>**208,116**<br>**-**<br>**-**||**in funds**|
|||||||||£<br>(2,109)<br>(80)<br>**-**<br>14,925<br>(2,875)<br>**2,500**<br>-<br>2,500<br>-<br>-<br>-<br>(6,652)<br>**-**<br>(2,695)<br>-<br>**-**<br>36,916<br>3,525<br>551|
|||**362,561**<br>**366,250**||**(97,087)**|**(222,657)**|**409,067**||46,506|



The **Crown Golf Restricted Fund** derives from a donation representing contributions made by the members of the clubs and facilities making up the Crown Golf Group.  The funds will be applied to a programme of development activities which will be based at those facilities. 

The **East London Legacy Fund** was established in 2010 with funding from Citi (facilitated by East London Business Alliance) and the European Tour.  The funding is planned to be applied in three main areas. First, a project called the "Back Nine" was run in late 2010 involving employee volunteers from Citi; second, the funding will support the appointment (from November 2010) of the new East London Activator; and third, the funding will enable expanded activity in the East London area in the context of the Golf Roots City Projects programme. 

From April 2005 until 2017 funding previously received direct from Sport England has been received through the England Golf Partnership. Both income sources formed part of the **England Fund** . Monies received from the England Golf Partnership are allocated to identified programmes of expenditure and are therefore restricted in nature. The England Fund incorporated funding which derived ultimately from Sport England and is to be applied to the support of School Sport Partnerships in England.  This was previously shown as a separate Restricted Fund - the "School Links Restricted Fund". 

The **Gerald Micklem Fund** derives from donations made by the Gerald Micklem Charitable Trust. In February 2022 the Golf Foundation received £20,000. £5,075 was used to fund HSBC Golf Roots Plus Projects. 

**The Peter Harrison Fund** is restricted for Feel Inspired disability projects. 

**Girls Golf** (previously called Brooch 2017) represents income and expenditure arising from the Brooch appeal in 2017 and 2018, the 2018 Pro-Am and specific individual donations all of which have been restricted to Girls' Golf programs. 

The **Royal Liverpool Fund** is a project with Liverpool FC and the Wirral Development Group. 

The **London Welsh Fund** represents funds raised by the London Welsh Golf Society which are to be allocated to HSBC Golf Roots Plus Projects in Wales. 

The **National Sports Foundation Fund** relates to an Expansion Project which began in 2008.  The 2008 funding of £225,000 derived from an application of an increased donation from the R & A, which was matched by a grant from the NSF.  The 2009 income largely represented a further grant from the NSF matching other income sources. 

The **Oxfordshire Satellite Club Fund** relates to funding from Oxfordshire County Sports Partnership ring-fenced to develop Satellite Clubs in Oxfordshire. 

The net proceeds of the Golf Foundation **Pro-Am 2017** have been restricted for HSBC Golf Roots Plus Projects. 

35 



**THE GOLF FOUNDATION** 

**(Limited by Guarantee)** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022** 

The R&A provided £10,000 in the form of the **Road to the Open** grant which was to be used for promoting golf in the north-west region around The Open at Royal Birkdale. This is being used instead for the Open at Royal St Georges in June 2021. The R&A also provided funding for the GolfSixes League. 

The **Satellite Clubs Fund** represents grants that have been donated by Lincolnshire and London Youth Sports to develop Satellite clubs in their areas. 

The **Scottish Income Fund** derives from the proceeds of the investments held by the Scottish Capital Fund (see Note 12.5) and is subject to the same condition that it be expended for the benefit of junior golf in Scotland. In 2021/22 £15,900 was transferred to pay for the Scottish Regional Development Officers and grants after taking into account funds raised by Scottish Sources for the Scottish Designated Fund shown in note 12.1 and income generated by the Scottish Endowment Fund of £67,823. 

The **Sport England Fund** originally derived from direct funding received in 2013 for the purpose of a pilot scheme for Satellite Clubs. From April 2017 the Golf Foundation receives funding from Sport England through England Golf which is allocated to identified programmes of expenditure and are therefore restricted in nature. The funding is allocated to the Regional development Officer network, the Box of Tricks retention programme, a 9-hole competition pilot and to Satellite Clubs. In 2021 due to Covid, the amount received was Unrestricted as many of the planned programmes could not go ahead and has remained Unrestricted in 2022. 

The **Sport Wales Fund** derives from a series of grants to help establish and sustain new Starter Centres in Wales. 

The **Youth Sport Trust Restricted Fund** derives from grant funding received for the Youth Sport Trust which is to be applied to the promotion of golf as part of the School Games, and to the establishment of School Golf Clubs. 

## 12.4 **Prior Year Restricted Funds  (Group and Charity)** 

Movements in the income funds of the Golf Foundation include restricted funds which are to be expended on specific purposes. 

|Crown Golf Restricted Fund<br>East London Legacy Fund<br>England Fund<br>Gerald Micklem Fund<br>Peter Harrison Fund<br>Girls Golf<br>London Welsh Fund<br>National Sports Foundation Fund<br>Oxfordshire Satellite Clubs<br>Pro-Am 2017<br>Road to the Open<br>Royal Liverpool Fund<br>Satellite Clubs Fund<br>Scottish Income Fund<br>Sport England Fund<br>R&A GolfSixes League Fund<br>Sport Wales Fund<br>Youth Sport Trust Restricted Fund||**Balance**<br>**Income**<br>**1 April 2020**<br>£<br>£<br>2,109<br>**-**<br>80<br>**-**<br>30,365<br>**-**<br>30,407<br>25,000<br>**-**<br>25,000<br>22,423<br>-<br>630<br>-<br>6,919<br>-<br>1,027<br>**-**<br>15,752<br>**-**<br>6,652<br>-<br>8,526<br>-<br>5,932<br>**-**<br>**-**<br>64,063<br>32,963<br>157,000<br>**-**<br>171,200<br>**-**<br>**-**<br>**-**<br>**-**<br>**163,785**<br>**442,263**|**Expenditure**<br>£<br>**-**<br>**-**<br>**-**<br>(10,423)<br>-<br>-<br>-<br>-<br>-<br>**-**<br>**-**<br>**-**<br>**-**<br>(178)<br>(7,925)<br>**-**<br>(3,525)<br>(551)<br>**(22,602)**|**Transfers**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(63,885)<br>(157,000)<br>**-**<br>-<br>-<br>**(220,885)**|**Balance**<br>**31 March**|**Net m**|**ovement**|
|---|---|---|---|---|---|---|---|
||||||**2021**<br>£<br>**2,109**<br>**80**<br>**30,365**<br>**44,984**<br>**25,000**<br>**22,423**<br>**630**<br>**6,919**<br>**1,027**<br>**15,752**<br>**6,652**<br>**8,526**<br>**5,932**<br>**-**<br>**25,038**<br>**171,200**<br>**(3,525)**<br>**(551)**<br>**362,561**||**in funds**|
||||||||£<br>**-**<br>-<br>**-**<br>14,577<br>25,000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(7,925)<br>171,200<br>(3,525)<br>(551)<br>198,776|



36 



**THE GOLF FOUNDATION** 

**(Limited by Guarantee)** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)** 

## **FOR THE YEAR ENDED 31 MARCH 2022** 

## 12.5 **Expendable Endowment Funds (Group and Charity)** 

In February 2000 the Golf Foundation received £1,673,814 in the form of cash and equities by way of a gift from a charitable trust based in Scotland.  The Trustees asked that the identity of the donor should remain anonymous.  The gift was made subject to the condition that it be expended for the benefit of junior golf in Scotland.  In November 1999 the Board had resolved to accept the gift, subject to this Restriction, and further resolved that the capital of the Fund be set aside for the time being, thereby creating an expendable endowment. A second donation of £100,000 was made by the Trust during 2002, subject to the same restriction. A third donation of £100,000 was made by the Trust during 2005, subject to the same restriction. A fourth and final donation of £16,032 was made by the Trust during 2010, subject to the same restriction. 

|Scottish Capital Fund||**Balance**<br>**1 April 2021**<br>£<br>1,715,704|**Income**<br>£<br>-|**Expenditure**<br>£<br>(5,234)|**Ga**|**Investments**<br>**ins / (Losses)**<br>£<br>65,898|**Transfers**|**31 Ma**|**Net movement**|
|---|---|---|---|---|---|---|---|---|---|
||||||||£<br>35,724|||
||||||||||£<br>96,388<br>**in funds**|
|||||||||||
|||**1,715,704**|**-**|**(5,234)**||**65,898**|**35,724**|**1,812,092**|96,388|



The transfers represent  money transferred to the portfolio after helping pay for the Scottish Regional Development Officers and grants after having taken into account funds raised from Scottish Sources in the Scottish Designated  fund shown note 12.1 

## 12.6 **Prior Year Expendable Endowment Funds (Group and Charity)** 

|Scottish Capital Fund||**Balance**<br>**1 April 2020**<br>£<br>1,389,555|**Income**<br>£<br>-|**Expenditure**<br>£<br>(4,652)|**Ga**|**Investments**<br>**ins / (Losses)**<br>£<br>284,915|**Transfers**|**31 Ma**|**Net movement**|
|---|---|---|---|---|---|---|---|---|---|
||||||||£<br>45,885|||
||||||||||£<br>326,149<br>**in funds**|
|||||||||||
|||**1,389,555**|**-**<br>**-**|**4,652**<br>||**284,915**|**45,885**|**1,715,704**|**326,149**|



## **13. OPERATING LEASE COMMITMENTS  (GROUP AND CHARITY)** 

At 31st March 2022 the Foundation had total commitments under operating Leases as set out below: 

|**Land and buildings**<br>**Motor vehicles**<br>Less than one year<br>11,325<br>3,776<br>Between one and five years<br>-<br>-<br>Total  future payments<br>11,325<br>3,776<br>**March 2022**|Land and buildngs<br>Motor vehicles<br>27,180<br>27,221<br>11,325<br>-<br>38,505<br>27,221<br>March 2021|
|---|---|



In May 2019, a new agreement was undertaken which extended the premises lease until August 2022. In November 2021 this agreement was amended to reduce one of the units leased. 

The motor vehicles leases all expire between October 2021 and December 2021 except for one lease that expires in April 2022. The motor vehicles are currently on a 1 month rolling contract. 

37 



**THE GOLF FOUNDATION (Limited by Guarantee)** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022** 

## **14. CONSOLIDATION OF ACCOUNTS** 

## 14.1 **Financial performance of the Charity** 

The consolidated Statement of Financial Activities includes the results of the Charity's wholly owned subsisidiary, Golf Foundation Enterprises Limited (company number 03347443), through which certain income generating activities in the nature of trading (sponsorship and royalties) are administered. 

|The summary financial<br>performance of the charity alone<br>is:<br>Net Income (expenditure)<br>Gift aid from subsidiary company<br>Expenditure on charitable activities<br>Added to funds<br>Total funds brought forward<br>Total funds carried forward||**Year ende**|
|---|---|---|
|||**March 202**|
||||
||||
||||



## 14.2 **Financial performance of the trading subsidiary** 

The wholly owned trading subsidiary Golf Foundation Enterprises Limited (company number 03347443) is incorporated in the United Kingdom and pays all of its taxable profits to the Charity via gift aid. 

|Turnover<br>Cost of sales and administration costs<br>Net profit<br>Gift aided to the charity<br>Profit<br>The assets and liabilities of the subsidiary were:<br>Current assets<br>Current liabilities<br>Total net assets<br>Represented by share capital<br>The summary financial perfomance of the subsidiary<br>alone is:||**Year ended**<br>**March 2022**<br>**£**<br>106,662<br>(104,994)<br>1,668<br>(1,668)<br>-<br>156,437<br>(156,436)<br>1<br>1|Year ended March<br>2021<br>£<br>88,766<br>(75,891)|
|---|---|---|---|
||||12,875<br>(12,875)|
||||-|
||||68,785<br>(68,784)|
||||1|
||||1|



All turnover of the subsidiary forms part of the movements on General Funds, and the net assets of the subsidiary as at 31 March 2022 form part of the closing balance for General Funds. 

## 15 **RELATED PARTIES** 

The aggregate of the total amount of donations received from Trustees without conditions during the year was £80 (Year to March 2021: £25,120). 

During the year The Golf Foundation paid £1,920 to One Ltd (2020/21: £Nil), a company related to Mr Stephen Proctor for design and consultancy services. 

Golf Foundation Enterprises Limited (company number 03347443) is a wholly owned subsidiary of The Golf Foundation, the immediate parent Charity. During the year to 31 March 2022 The Golf Foundation recharged £86,360 (year to 31 March 2021 - £71,185) to Golf Foundation Enterprises Limited for expenses which it incurred on Golf Foundation Enterprises Limited's behalf. At 31 March 2022, Golf Foundation Enterprises Limited owed  to The Golf Foundation £100,525 (2021 was owed by: £1,372) of which £1,668 is Gift Aid payable to The Golf Foundation.  During the year to 31 March 2022 Golf Foundation Enterprises Limited paid to The Golf Foundation £Nil of which £12,874 was the Gift Aid pledged in 2021. 

38