## 

|Trustees|Mr C D Hatcher|
|---|---|
||Mr P A Lee OBE|
||Professor LJMcAllister|
||MrT Goodson|
||MrM C Curson|
||MissKM Davies|
||MrT HHartley|
||MrC R Whitley|
||MrD H James|
||Mr LJames|
||Ms GPowell|
||Mn<br>M Williams|
||MrW L Williams|
||MrKJ O’Connor(appointed 26August2021)|
|Key Management|Miss C Spanton|
||Mr D Adams|
||Mm L Hennessy|
||MrC Darlington|
||MrR Williams|
||Mrs E Wills|
|Charity number|1057856|
|Company number|03202751|
|Registered office|Dragon Parc|
||National Football Development Centre|
||Newport International Sports Village|
||Newport|
||United Kingdom|
||NP19 4RA|
|IndependentAuditor|PricewaterhouseCoopers LLP|
||CharteredAccountants and Statutory Auditors|
||One Kingsway|
||Cardiff|
||Cf10 3PW|
|Bankers|HSBC Bankplc|
||Harry Weston Road|
||Binley|
||Coventry|
||CV3 2SH|
|ProfessionalAdvice|Geldards LLP|
||Dumfries House|
||Dumfries Place|
||Cardiff|
||CF1O 3ZF|





## 

||Page|
|---|---|
|Trustees’ Report|4-9|
|Independent auditors’ report|10-11|
|Statementoffinancial activities (income and expenditure)|12|
|Balance Sheet|13|
|Statementofcash flows|14|
|Notesto the financial statements|15-25|





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|||Unrestricted|Restricted|Year|Ended|Year|Ended|
|---|---|---|---|---|---|---|---|
|||Funds|Funds|31 March||31 March||
|||||2021||2020||
||Note|£|£||£||£|
|Income trom:||||||||
|Donations and Legacies|3|1,747,947|1,227,614||2.975,561|2,701,706||
|Charitable activities||||||||
|Coaching, Education & Training||783,117|-||783,117||1,165,595|
|Other trading activities|4|224,727|-||224,727||254,01 I|
|Interest receivable||9.298|-||9,298||14,025|
|Total income||2,765,089|1,227,614||3,992,703|4,135,337||
|Expenditure on:||||||||
|Raising Funds|D|41,850|-||41,850||26,938|
|Charitable activities||||||||
|Coaching, Education & Training|6|999,163|412,762||1,411,925||1,931,044|
|Grassroots Player Access & Inclusion|6|369,090|462,374||831,464||892,795|
|Player Development|6|495,357|224,778||720,135||1,085,773|
|Total charitable expenditure||1,863,610|1,099,914||2,963,524||3,909,612|
|Total resources expended||1,905,460|1,099,914||3,005,374||3,936,550|
|Net income for the year||859,629|127,700||987,329||198,787|
|Fund Balances brought forward||1,270,998|124,665||1,395,663||1,196,876|
|Fund Balances carried forward||2.130.627|252365||2.382.992||1.395.663|





## 




## 

|||2021||2020||
|---|---|---|---|---|---|
||Note|£|£|£|£|
|Cash flows from operating activities||||||
|Cash generated from operations|23||1,076,554||498,311|
|Investing activities||||||
|Purchaseoftangible fixed assets||(19,963)||(22,532)||
|Purchaseofinvestments||||(353,9$1)||
|Saleofinvestments||||757,125||
|Interest received||2,732||14,025||
|Net cash (used in)Igenerated from|||(17,231)||394,637|
|investing activities||||||
|Net increase in cash and cash|||1,059,323||892,948|
|equivalents||||||
|Cash and cash equivalents atbeginningof|||1,974,214||1,081,266|
|theyear||||||
|Cash and cashequivalentsat the end of|||3,033,537||1,974,214|
|theyear||||||
|Relating to:||||||
|Bank balance|||2,775,909||1,717,061|
|Short term deposits|||257,628||257,153|





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## 

||Unrestricted|Restricted|Yearended 31|Year ended 31|
|---|---|---|---|---|
||funds|funds|March2021|March2020|
||£|£|£|£|
|Donations and gifts|91,390|2,684|94,074|79,535|
|Grants received|1,656,557|1,224,930|2,881,487|2,622.171|
||1,747,947|1,227,614|2,975,561|2,701,706|
|For the year ended 31 March 2020|1,515,557|1,186,149|||
|Grants received:|||||
|SWCore Funding|-|1,224,930|1,224,930|1,107,030|
|FAW Grants|1,000,000|-|1,000,000|1,025,000|
|FA Premier League|150,000|-|150,000|150,000|
|UEFA Hat-trick funding|256,962|-|256,962|227,802|
|Furlough grant income|241,214|-|241,214|-|
|Minorgrants|8,381|-|8,381|112,339|
||1,656,557|1,224,930|2,881,487|2,622,171|



## 

|||Unrestricted funds|Restricted||Yearended 31|Yearended 31|
|---|---|---|---|---|---|---|
||||funds||March2021|March2020|
|||£||£|£|£|
|Other income||8,348||-|8,348|19,663|
|Letting and licensing arrangements||51,545||-|51,545|47,706|
|Sponsorshipincome||164,832||-|164,832|186,642|
|||224,727||-|224,727|254,011|
|For|theyearended 31 March 2020|254,011||-|254,011|287,933|
|.|Raising funds||||||
||||||Yearended 31|Yearended 31|
||||||March 2021|March 2020|
||||||£|£|
|Fundraising and publicity:|||||||
|Staffcosts|||||41.850|26.938|



## 



## 

## 

|.<br>Charitable activities||||||
|---|---|---|---|---|---|
||Coaching,|Grassroots|Player|Year ended|Year ended|
||Education &|Player Access|Development|31 March|31 March|
||Training|& Inclusion||2021|2020|
||£|£|£|£|£|
|StaffCosts|621,160|292,372|374,564|1,288,096|1,286,784|
|Depreciation and impairment|5,426|5,426|4,651|15,502|13,118|
|Direct programme costs|380,508|355,753|84,149|820,410|1,503,841|
|Staffexpenses|5,955|479|3,594|10,028|81,222|
|Premises|46,163|11.540|38,469|96.173|103,196|
|Travelling costs|(2,847)|-|1,775|(1,072)|103,011|
|Legal and professional|2,444|-|-|2,444|2,366|
||1,058,809|665,570|507,202|2,231,581|3,093.538|
|Grant funding ofactivities||||||
|Share ofsupport costs (note 7)|348.374|163,663|210.073|722,110|735,440|
|Share ofgovernance costs (note|24,923|11,731|15,029|51,682|80,634|
|7)||||||
||1,432,106|840,964|732,304|3,005,374|3,909,612|



## 

||Support costs|Governance|Yearended|Yearended|Basis of|
|---|---|---|---|---|---|
|||costs|31 March|31 March|allocation|
||||2021|2020||
||£|£|£|£|£|
|StaffCosts|349,355|-|349,355|317,531|Per capita|
|Premises|224,403|-|224,403|224,221|Per capita|
|Office Costs|76,738|-|76,738|82,060|Per capita|
|Travel and accommodation|1,350|-|1,350|9,203|Per capita|
|Meeting costs|696|-|696|15,777|Per capita|
|Training|5,910|-|5,910|11,947|Per capita|
|Advertising and promotion|55,908|-|55,908|47,158|Per capita|
|Other costs|7,750|-|7,750|27,543|Per capita|
|Trustees costs||399|399|11,256|Governance|
|Audit fees||8,904|8,904|6,790|Governance|
|Legal and professional||42,379|42,379|62,588|Governance|
||722,110|51,682|773,792|816,074||



## 

||Year ended 31|Year ended|31|
|---|---|---|---|
||March2021|March2020||
||£||£|
|Net movement in funds is stated aftercharging:||||
|Fees payable to company’s auditors for the audit ofthe company’s financial|8.500|6.790||
|statements||||
|Depreciation ofowned tangible Fixed assets|15,502|13,119||





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|2021|2020|
|---|---|
|Number|Number|
|42|44|



|Employment costs:|||
|---|---|---|
||Yearended 31|Yearended 31|
||March 2021|March 2020|
||£|£|
|Wages and salaries|1,305,108|1,344,449|
|Social security costs|131,695|135,385|
|Other pension costs|123,728|122,969|
||1,560,531|1,602,803|



|The numberofemployeeswhoseannual remuneration was£60,000 ormore were:|||
|---|---|---|
||2021|2020|
||Number|Number|
|£60,001<br>- £70,000|2|3|
|£70,001-fXO,000|I|-|
|£80,001<br>- £90,000|||
|£90,00l-100,000|1|1|
|£100,001 -110,000|-|-|



|Yearended 31|Yearended 31|
|---|---|
|March 2021|March 2020|
|£|£|
|428,726|441,086|





## 

## 

|1. Tangibleassets||||||
|---|---|---|---|---|---|
||Fixtures|and|MotorVehicles|Total||
||fittings|||||
|||£|£||£|
|Cost||||||
|As at 1 April 2020||307,152|11,248||318,400|
|Additions||19,963|-||19,963|
|As at 31 March 2021||327,115|11,248||338,363|
|Accumulated Depreciation||||||
|As at 1 April 2020||275,510|11,248||286,758|
|Charge forthe year||15,502|-||15,502|
|As at 31 March 2021||291,012|11,248||302,260|
|Canyingvalue||||||
|As at 31 March2021||36,103|-||36,103|
|As at 31 March 2020||31,642|-||31,642|



## 

|which is incorporated intheUnited Kingdom, for|<br>whichthe following is ap|plicable:||
|---|---|---|---|
||Profit/(loss)|Net assets||
||£|£||
|Yearended 31 March 2021|3,243|25,645||
|13.<br>Financial instruments||||
|||31 March 2021|31 March 2020|
|||£|£|
|Carrying value offmancial assets||||
|Debt instruments measures at amortised cost||604,704|577,521|
|Equity instruments measured at cost less impairment||||
|Carrying amountoffinancial liabilities||||
|Measured at amortised cost||521,815|346,515|
|14.<br>Stocks||||
|||31 March 2021|31 March 2020|
|||£|£|
|Kit and equipment||3,920|5,356|
|15.<br>Debtors||||
|||31 March 2021|31 March 2020|
|Amounts fallingdue inone year:||£|£|
|Trade debtors||297,492|214,385|
|Amounts due from subsidiary||84,632|131,263|
|Other debtors||222,580|231,873|
|Prepayments and accrued income||274,968|199,375|
|||$79,672|776,896|





## 

## 

||31 March 2021|31 March 2020|
|---|---|---|
||£|£|
|Othertaxation and social security|34,282|17,861|
|Tradecreditors|354,200|202,640|
|Other creditors|133,333|33,333|
|Accruals and deferred income|1,408,975|1,399,913|
|Amounts due to subsidiaxy||92,681|
||1,930,790|1,746,428|
|Deferred income:|||
||31 March 2021|31 March 2020|
||£|£|
|Deferred income atbeginningofyear|906,711|645,143|
|Resources deferred in theyear|214,859|524,401|
|Amounts released in theyear|(207,445)|(262,833)|
||914,125|906,711|



## 



## 

## 

|rspecific pulposes:|||||
|---|---|---|---|---|
||Asat 1 April|Incoming|Resources|As at31 March|
||2020|resources|ezpcnded|2021|
||£|£||£|
|Level Playing field|18,079|2,684|-|20,763|
|Sports Wales|56.769|1,224,930|(1,095,914)|185,785|
|UefaMH|49,817|-|(4,000)|45,817|
||124,665|1,227,614|(1,099,914)|252,365|



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||As at 1 April|Incoming|Resources|Asat31|
|---|---|---|---|---|
||2020|resources|expended|March 2021|
||£|£|£|£|
|General|1,270,998|2,765,089|(1,905,460)|2,130,627|



## 

|0. Analysisofnetassetsbetween funds|||||
|---|---|---|---|---|
||Unrestricted|Restricted|Total||
||£|£||£|
|Fund balances as at 31 March2021:|||||
|Tangibleassets|36,103|-||36,103|
|Investments|1|-|||
|Netcurrent assets|2,094,523|252,365||2,346,888|
||2,130,627|252,365||2,382,992|



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||31 March 2021|31 March 2020|
|---|---|---|
||£|£|
|Within oneyear|108,600|120,100|
|Betweentwoand fiveyears|432,250|400,000|
|Over five years|700,000|800,000|
||1,240,850|1,320,100|



## 

## 

||Yearended|31|Yearended|31|
|---|---|---|---|---|
||March 2021||March 2020||
|||£||£|
|Surplus for theyear||987,329||198,787|
|Adjustments for:|||||
|Investmentincome recognised inprofitorloss||(9,298)||(14,025)|
|Depreciation and impairmentoftangible fixed assets||15,502||13,117|
|Movements in working capital:|||||
|Decrease in stocks||1,436||1,633|
|(Increase)/decreasein debtors||(102,776)||6,800|
|Increase in creditors||184,362||291,999|
|Cash generated fromoperations||1,076,554||498,311|





## 

## 

||Unrestricted|Restricted|YearEnded|31|
|---|---|---|---|---|
||funds|funds|March 2020||
||£|£||£|
|Income from:|||||
|Donationsand Legacies|1,515,557|1,186,149||2,701,706|
|Charitableactivities|||||
|Coaching, Education& Training<br>Othertrading activities<br>Interestreceivable|1,165,595<br>254,011<br>14,025|||1,165,595<br>254,011<br>14,025|
|Total income|2,949,188|1,186,149||4,135,337|
|Expenditure on:<br>Raising Funds|26,938|-||26,938|
|Charitableactivities|||||
|Coaching, Education & Training<br>Grassroots PlayerAccess & Inclusion<br>PlayerDevelopment|1,524,718<br>558,826<br>716,538|406,326<br>333,969<br>369,235||1,931,044<br>892,795<br>1,085,773|
|Total charitable expenditure|2,800,082|1,109,530||3,909,612|
|Total resourcesexpended|2,827,020|1,109,530||3,936,550|
|Net (loss)/income fortheyear|122,168|76,619||198,787|
|Fund Balances brought forward|1,148,830|48,046||1,196,876|
|Fund Balancescarried forward|1,270,998|124,665||1,395,663|