NOTES TO THE FINANCIAL STATEMENTS ( continued)

For The Year Ended 31 December 202 2

11. UNRESTRICTED FUNDS

Valerie Todd (nee Guy) Legacy

In 2022 Jersey Sport was named as a beneficiary in the Last Will and Testament of Personal or Moveable Estate of the late Valarie Todd. Part of the Legacy was received in 2022, with more to follow in 2023. The amounts to follow are distributions of funds from the executor of the Last Will and Testament of Personal or Moveable Estate. The timing and amount of further funds are not able to be reliably measured, and as such the income recognised in the financial statements is that received to date.

The Charity is also beneficiary of a share of a property in the Last Will and Testament of Real or Immovable Estate of the late Valerie Todd, in equal share with two other entities registered as Jersey Charities. The Last Will and Testament of Real or Immovable Estate has been registered in the Public Registry on 24th March 2023, and as such title for the property has been passed to the charities before the finalisation of these financial statements. For this reason, the property has been recognised as an asset as of 31 December 2022, as it meets the legacy income recognition criteria as per the Statement of Recommended Practice for Charities, as amounts are probable to be received and can be reliably measured. The investment property has been measured at fair value, which is derived from an independent valuation obtained from an estate agent on 23rd January 2023.All legacy funds will be designated for use in developing sport and providing opportunities for islanders to be physically active.

12. RESTRICTED FUNDS

Dame Kelly Holmes Project

The Dame Kelly Homes Project has now been fully implemented, with two schools and one community project taking place. COVID-19 was highly disruptive to the planned delivery of the projects, which have taken much longer to deliver than anticipated. A third project which was due to take place in 2022 has not yet been delivered due to challenges with delivery and dates in that school. The opportunity to use the final programme has been offered to a different secondary school and will happen in 2023. The course delivery must be paid upfront to the Dame Kelly Homes Project, and this is why the restricted fund has been fully expended, but the final course has not yet taken place