Charity number: 327207
PGA EUROPEAN TOUR BENEVOLENT TRUST
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
PGA EUROPEAN TOUR BENEVOLENT TRUST CHARITY NUMBER 327207
| INDEX | PAGE(S) |
|---|---|
| Reference and Administrative Details of the Trust, its Trustees and Advisors | 1 |
| Trustees' Report | 2 - 5 |
| Independent Auditors' Report | 6 – 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Cash Flow statement | 11 |
| Notes to the financial statements | 12 - 16 |
REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021
Trustees R Lee D Jones M Roe J Spence Charity registered number 327207 Principal operating office European Tour Building Wentworth Drive Virginia Water Surrey GU25 4LX Independent auditors PricewaterhouseCoopers LLP Chartered Accountants & Statutory Auditors 3 Forbury Place 23 Forbury Road Reading Berkshire RG1 3JH Bankers Barclays Bank plc 28 George Street Luton LU1 2AE
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PGA EUROPEAN TOUR BENEVOLENT TRUST CHARITY NUMBER 327207
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
The Trustees present their annual report together with the audited financial statements of the Trust for the year 1 January 2021 to 31 December 2021.
Objectives and activities
a. Policies and objectives
The Trusts short and long term objectives are to provide relief of hardship amongst members and former members of PGA European Tour and others whose main livelihood is or has been earned by providing services to professional golf together with their dependents. This relief is provided via provision of financial support following requests made to the Trustees. The trustees aim to achieve this by maximizing donations such that they can maximise the considered requests. The trustees measure successful achievement of these objectives by reference to maintaining positive Trust funds.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Grant-making policies
The Trust has established its grant making policy to achieve its objectives for the public benefit. The Trust’s aim is to relieve hardship amongst members and former members of the PGA European Tour and others whose main livelihood is or has been earned by providing services to professional golf together with their dependents. The Trust invites applications for financial relief through direct application or through recommendation from existing or former members of the PGA European Tour, the PGA of Great Britain & Ireland Benevolent Fund and the European Tour Caddies Association. Third party applications via other external bodies including the Citizens Advice Bureau and SSAFA are also considered. When considering any application, the Trustees give careful consideration to the individual’s current financial situation, the potential longevity of their current hardship and their level of contribution to professional golf.
Achievements and performance
a. Review of activities
During the year the Trustees have been able to continue to support 4 (2020: 4) existing beneficiaries and support 3 additional beneficiaries with a one-off grants (2020:47). The one-off grants made in 2020 were largely provided under a program to provide support to those affected by the temporary cessation of golf tournaments during the COVID-19 pandemic. This program is no longer required as PGA European Tour had a full schedule of events in the year.
b. Investment policy and performance
The Trustees have the power to invest the charity's assets as they see fit. For the time being the Trustees intend to continue to invest in Charifund income units and to hold surplus cash in short-term deposits.
Investment income in the year was £4,938 (2020: £4,516) which is inline with the intended objective of the investment.
The objective of maintaining excess cash was achieved after receipt of sizeable donations from JP McManus and European Tour Foundation. The result of these donations is that the Trust will not need to actively seek any further donations for several years, see also going concern below.
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PGA EUROPEAN TOUR BENEVOLENT TRUST CHARITY NUMBER 327207
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Financial review
a. Investment policy
For the time being the Trustees intend to continue to invest in Charifund income units and to hold surplus cash in short-term deposits. This policy is designed to maintain cash balances for future grant activities.
b. Principal risks and uncertainties
The Trustees consider the risks to the charity at the regular Trustees meetings. These risks have been assessed in terms of financial risk and key personnel risk. The financial risks are mitigated through the monitoring and control of the current and future financial outlook of the Trust. It is considered that the strength in depth of the necessary skills within the management, staff and directors of the PGA European Tour which makes these individuals available to the charity, enables it to address most likely risks to the charity and to highlight those occasions when outside professional advice is required. If these risks are not managed effectively this would affect the performance of the Trust.
c. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. In 2021 the Trust has secured a donation of £80,098 from European Tour Foundation and £1,000,000 from JP McManus which is well in excess of the grants issued in 2021 and projected grants for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
d. Reserves policy
In considering an appropriate level of reserves the Trustees have regard to a number of factors including:
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recent investment performance
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the degree of certainty of generating income in the future
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the experience of grants made and the likelihood that requests for assistance will continue to increase as time passes.
On this basis the Trustees have concluded that the reserves held at 31 December 2021 £1,222,348 unrestricted and £1,500 restricted are adequate to meet anticipated needs for the foreseeable future which is the main aim of the Trust.
The Trust has committed to or paid grants of £47,162 in 2022 (see also note 15).
Structure, governance and management
a. Constitution
PGA European Tour Benevolent Trust is a registered charity, number 327207, and is constituted under a Trust deed. PGA European Tour is the ultimate controlling party of the Trust.
b. Methods of appointment or election of Trustees
The management of the Trust is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Trustees are:
R Lee D Jones M Roe J Spence
The Trustees make all decisions associated with management of the Trust. There are no formal policies and procedures for induction and training of Trustees.
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PGA EUROPEAN TOUR BENEVOLENT TRUST CHARITY NUMBER 327207
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Plans for future periods
Fund raising - It is the Trust’s intention to attract further funding and donations from players and sponsors at PGA European Tour events, including the Ryder Cup.
Granting funds – the trustees will continue to consider grants using the same criteria as described above under grant making policies. The current economic environment does not suggest a need to vary this policy.
Cash management and investment – the trustees have reviewed cash forecasts and due to current market instability plan to invest cash in excess of short term working capital requirements in low-risk term deposits.
Corporate governance – the trustees plan a review of the Trust deed in 2023. As of the date of signing this review has not started.
Statement of trustees’ responsibilities
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and estimates that are reasonable and prudent;
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state whether applicable accounting standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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PGA EUROPEAN TOUR BENEVOLENT TRUST CHARITY NUMBER 327207
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Disclosure of information to auditors
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Each of the people who are Trustees at the time when this Trustees' Report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Independent Auditors
The auditors, PricewaterhouseCoopers LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees on 17 October 2022 and signed on their behalf by:
D Jones Trustee 28 October 2022
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PGA EUROPEAN TOUR BENEVOLENT TRUST CHARITY NUMBER 327207
Independent auditors’ report to the trustees of PGA European Tour Benevolent Trust
Report on the audit of the financial statements
Opinion
In our opinion, PGA European Tour Benevolent Trust’s financial statements (the financial statements”):
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give a true and fair view of the state of the charity’s affairs as at 31 December 2021 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law); and
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have been prepared in accordance with the requirements of the Charities Act 2011 and Regulation 8 of The Charities (Accounts and Reports) Regulations 2008).
We have audited the financial statements, included within the Trustees’ report and financial statements (the “Trustees’ Report”), which comprise: the balance sheet as at 31 December 2021; the statement of financial activities for the year then ended; the statement of cash flows for the year then ended; the accounting policies; and the notes to the financial statements.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remained independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
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 charity’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.
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.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the charity’s ability to continue as a going concern.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Reporting on other information
The other information comprises all of the information in the Trustees’ Report other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or any form of assurance thereon.
In connection with our audit of the financial statements, 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 an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the 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 based on these responsibilities.
Based on our work undertaken in the course of the audit, the Charities Act 2011 requires us also to report certain opinions and matters as described below.
Trustees’ Report
Under the Charities Act 2011 we are required to report to you if, in our opinion the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements. We have no exceptions to report arising from this responsibility.
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PGA EUROPEAN TOUR BENEVOLENT TRUST CHARITY NUMBER 327207
Independent auditors’ report to the trustees of PGA European Tour Benevolent Trust (continued)
Report on the audit of the financial statements (continued)
Responsibilities for the financial statements and the audit
Responsibilities of the Trustees for the financial statements
As explained more fully in the Statement of Trustees’ responsibilities, the trustees are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such internal control as they 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
We are eligible to act and have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with the Act 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 auditors’ 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 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.
Based on our understanding of the charity and industry, we identified that the principal risks of non-compliance with laws and regulations related to the company's compliance with the regulatory regime laid down by the Charity Commission, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Charities Act 2011 and relevant regulations made or having an effect thereunder, including The Charities (Accounts and Reports) Regulations 2008. We evaluated the incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) by the trustees and those responsible for, or involved in, the preparation of the financial statements, and determined that the principal risks were related to manipulation of financial statements due to misappropriation of assets. Audit procedures performed included:
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Testing journal entries which credited cash with an unexpected offsetting debit entry through to underlying support
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Reviewing Trustees’ meeting minutes throughout the financial year and post year end to identify any unusual items such as suspicious activity, non-compliance, breaches of laws, regulatory regime or potential litigation
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Performing scanning analytics over legal expenses listing to identify any undisclosed disputes, breaches of compliance or litigation taken against the company which could result in material liabilities which have not been included in the financial statements.
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Assessing that the charity specific requirements have been met while performing our substantive testing including any requirement to report to regulators
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of noncompliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.
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PGA EUROPEAN TOUR BENEVOLENT TRUST CHARITY NUMBER 327207
Independent auditors’ report to the trustees of PGA European Tour Benevolent Trust (continued)
Report on the audit of the financial statements (continued)
Use of this report
This report, including the opinions, has been prepared for and only for the charity’s trustees as a body in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act (Part 4 of The Charities (Accounts and Reports) Regulations 2008) and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Other required reporting
Charities Act 2011 exception reporting
Under the Charities Act 2011 we are required to report to you if, in our opinion:
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we have not received all the information and explanations we require for our audit; or
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sufficient accounting records have not been kept by the charity; or
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the financial statements are not in agreement with the accounting records.
We have no exceptions to report arising from this responsibility.
PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Reading 28 October 2022
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PGA EUROPEAN TOUR BENEVOLENT TRUST CHARITY NUMBER 327207
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021
| Note Income from: |
Note Income from: |
Note Income from: |
Unrestricted funds 2021 £ |
Unrestricted funds 2021 £ |
Restricted funds 2021 £ |
Restricted funds 2021 £ |
Total funds 2021 £ |
Total funds 2021 £ |
|
|---|---|---|---|---|---|---|---|---|---|
| Total funds | |||||||||
| 2020 | |||||||||
| £ | |||||||||
| Donations and legacies | 3 | 1,080,097 | - | 1,080,097 | 250,000 | ||||
| Investments | 4 | 4,938 | - | 4,938 | 4,516 | ||||
| Total income | 1,085,035 | - | 1,085,035 | 254,516 | |||||
| Expenditure on: | |||||||||
| Charitable activities | 6 | (70,716) | - | (70,716) | (159,389) | ||||
| Total expenditure | (70,716) | - | (70,716) | (159,389) | |||||
| Net gains/(losses) on investments |
12,024 | - | 12,024 | (18,865) | |||||
| Net movement in funds | 1,026,343 | - | 1,026,343 | 76,262 | |||||
| Reconciliation of funds: | |||||||||
| Total funds brought forward | 196,005 | 1,500 | 197,505 | 121,243 | |||||
| Net movement in funds | 1,026,343 | - | 1,026,343 | 76,262 | |||||
| Total funds carried forward |
1,222,348 | 1,500 | 1,223,848 | 197,505 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 12 to 16 form part of these financial statements.
Page 9
PGA EUROPEAN TOUR BENEVOLENT TRUST CHARITY NUMBER 327207
BALANCE SHEET AS AT 31 DECEMBER 2021
| Note Current Assets: |
Note Current Assets: |
Note Current Assets: |
Note Current Assets: |
2021 £ |
2021 £ |
2021 £ |
2020 |
|---|---|---|---|---|---|---|---|
| £ | |||||||
| Investments | 10 | 101,895 | 89,871 | ||||
| Cash at bank and in hand | 1,166,753 | 151,933 | |||||
| Total Current Assets | 1,268,648 | 241,804 | |||||
| Creditors: Amounts falling due within one year 11 (44,800) |
(44,299) | ||||||
| Net Current Assets | 1,223,848 | 197,505 | |||||
| Net Assets | 1,223,848 | 197,505 | |||||
| Charity funds | |||||||
| Restricted funds | 13 | 1,500 | 1,500 | ||||
| Unrestricted funds | 13 | 1,222,348 | 196,005 | ||||
| Total Shareholders' Funds | 1,223,848 | 197,505 |
The financial statements were approved and authorised for issue by the Trustees on 17 October 2022 and signed on their behalf by:
D Jones Trustee 28 October 2022
The notes on pages 12 to 16 form part of these financial statements.
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PGA EUROPEAN TOUR BENEVOLENT TRUST CHARITY NUMBER 327207
STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER
| STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER |
||
|---|---|---|
| 2021 £ 1,026,343 (93) (4,845) (12,024) 501 |
2020 | |
| £ | ||
| Cash flows from operating activities | ||
| Profit/(loss) for the financial year | 76,262 | |
| Adjustments for: | ||
| Less Interest received | (129) | |
| Less Investment income | (4,387) | |
| (Gain)/loss on investment | 18,865 | |
| Increase in trade and other creditors | 4,999 | |
| Cash from operations | 1,009,882 93 4,845 |
95,610 |
| Interest received | 129 | |
| Investment income | 4,387 | |
| Net cash from investing activities | 4,938 | 4,516 |
| Net increase in cash and cash equivalents | 1,014,820 151,933 |
100,126 |
| Cash and cash equivalents at the beginning of the year | 51,807 | |
| Cash and cash equivalents at the end of the year | 1,166,753 | 151,933 |
| Cash and cash equivalents at the end of the year comprise: | ||
| Cash at bank and in hand | 1,166,753 | 151,933 |
The notes on pages 12 to 16 form part of these financial statements.
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PGA EUROPEAN TOUR BENEVOLENT TRUST CHARITY NUMBER 327207
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. General information
PGA European Tour Benevolent Trust is a registered charity (No. 327207). The Trust was established by deed and registered on 19 September 1986 and amended on 14 December 2011.
Its principal address is European Tour Building, Wentworth Drive, Virginia Water, Surrey, GU25 4LX.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
PGA European Tour Benevolent Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Trust's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
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PGA EUROPEAN TOUR BENEVOLENT TRUST CHARITY NUMBER 327207
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
2. Accounting policies (continued)
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
2.8 Financial instruments
The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Trust for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
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PGA EUROPEAN TOUR BENEVOLENT TRUST CHARITY NUMBER 327207
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
3. Income from donations and legacies
| Unrestricted | Total | |||
|---|---|---|---|---|
| funds | funds | Total funds | ||
| 2021 | 2021 | 2020 | ||
| £ | £ | £ | ||
| Donations | 1,080,097 | 1,080,097 | 250,000 | |
| 4. | Investments | |||
| Unrestricted | Total | |||
| funds | funds | Total funds | ||
| 2021 | 2021 | 2020 | ||
| £ | £ | £ | ||
| Listed investments | 4,845 | 4,845 | 4,387 | |
| Interest on bank accounts | 93 | 93 | 129 | |
| 4,938 | 4,938 | 4,516 | ||
| 5. | Analysis of grants | |||
| Grants to | Total | |||
| individuals | Funds | Total funds | ||
| 2021 | 2021 | 2020 | ||
| £ | £ | £ | ||
| Relief of hardship amongst those who have provided services to professional golf |
64,135 | 64,135 | 153,804 | |
| 64,135 | 64,135 | 153,804 | ||
| 6. | Analysis of expenditure on charitable activities | |||
| Summary by fund type | Unrestricted | Restricted | ||
| funds | funds | Total funds | ||
| Relief | of hardship amongst those who have provided | |||
| services to professional golf: | £ | £ | £ | |
| Expenditure 2021 | 70,716 | - | 70,716 | |
| Expenditure 2020 | 159,389 | - | 159,389 |
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PGA EUROPEAN TOUR BENEVOLENT TRUST CHARITY NUMBER 327207
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
7. Analysis of expenditure by activities
| Grant fund of | Support | |||
|---|---|---|---|---|
| activities | costs | Total funds | ||
| Relief of hardship amongst those who have | ||||
| provided services to professional golf: | ||||
| £ | £ | £ | ||
| Expenditure 2021 | 64,135 | 6,581 | 70,716 | |
| Expenditure 2020 | 153,804 | 5,585 | 159,389 | |
| 2021 | 2020 | |||
| Analysis of supporting costs | £ | £ | ||
| Irrecoverable VAT | 1,000 | - | ||
| Bank charges | 81 | 585 | ||
| Audit fees | 5,500 | 5,000 | ||
| 6,581 | 5,585 |
8. Auditors’ remuneration
The Auditors' remuneration amounts to an Auditors fee of £5,500 (2020: £5,000).
9. Trustees’ remuneration and expenses
During the year, no Trustees received any remuneration of other benefits (2020: £Nil). During the year, no Trustee expenses have been incurred (2020: £Nil)
| 10. Investments Listed investments 11. Creditors: amounts falling due within one year Amounts owed to related undertakings Accruals and deferred income 12. Financial instruments Financial assets that are measured at fair value through income and expenditure Financial liabilities measured at amortised cost |
2021 £ 101,895 101,895 2021 £ 39,300 5,500 |
2020 £ 89,871 89,871 2020 £ 39,299 5,000 44,299 2020 £ 89,871 |
||
|---|---|---|---|---|
| 44,800 | ||||
| 2021 £ 101,895 |
||||
| (44,800) | (44,299) |
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PGA EUROPEAN TOUR BENEVOLENT TRUST CHARITY NUMBER 327207
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
13. Statement of funds
| Balance at 1 January Income Expenditure Gains/ (losses) £ £ £ £ Statement of funds - current year Unrestricted funds General Fund 196,005 1,085,035 (70,716) 12,024 Restricted fund TV production fund 1,500 - - - Total of funds 2021 197,505 1,085,035 (70,716) 12,024 Statement of funds - prior year Unrestricted funds General Fund 119,743 254,516 (159,389) (18,865) Restricted fund TV production fund 1,500 - - - Total of funds 2020 121,243 254,516 (159,389) (18,865) 14. Analysis of net assets between funds Unrestricted funds Restricted funds Current year Analysis of net assets between funds - current year £ £ Current assets 1,267,148 1,500 Creditors due within one year (44,800) - Net assets 2021 1,222,348 1,500 Prior year Analysis of net assets between funds - prior year Current assets 240,304 1,500 Creditors due within one year (44,299) - Net assets 2020 196,005 1,500 |
Gains/ (losses) £ 12,024 - |
Balance at 31 December £ 1,222,348 1,500 1,223,848 196,005 1,500 197,505 Total funds £ 1,268,648 (44,800) |
|
|---|---|---|---|
| 12,024 | |||
| (18,865) - |
|||
| (18,865) | |||
| 1,223,848 | |||
| 241,804 (44,299) |
|||
| 197,505 |
15. Grant commitments
At 31 December 2021 the Trustees had made commitments to support beneficiaries amounting to £47,162 (2020: £50,639) in 2022.
16. Related party transactions
Amounts due to related parties reflect amounts due to PGA European Tour at year end this was £39,300 (2020: £39,300).
There were no related party transactions in the year (2020: none).
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