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2023-07-31-accounts

Wembley National Stadium Trust

Registered charity 1072392 Registered company 03667982

Trustees report and accounts

for the year ending 31[st] July 2023

Wembley National Stadium Trust Registered charity 1072392 Registered company 3667982

Contents
Page
Company Information 3
Trustees report 4-8
Independent Auditor’s Report 9-12
Statement of Financial Activities 13
Balance Sheet 14
Statement of Cash Flows 15
Notes to the Financial Statements 16-23

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Wembley National Stadium Trust Registered charity 1072392 Registered company 3667982

Company Information

Trustees and Directors

Peter Ackerley Chair (resigned 14[th] December 2023) Khilna Shah Chair (appointed as chair 14[th] December 2023) Andrew Douglass Lynsey Edwards Ellis Clark Nayim Ahmed Resigned 24th February 2024 Marilyn Okoro Kawsar Zaman Baroness Tanni Grey-Thompson DBE Resigned 25th July 2023

Sport England is also a corporate member of the company

Chief Executive and Company Secretary

Stewart Goshawk

Legal advisors

Kerman & Co LLP 200 The Strand London WC2R 1DJ

Bircham Dyson Bell 50 Broadway London SW1H 0BL

Independent Auditor

Price Bailey LLP 24 Old Bond Street London W1S 4AP

Bankers

CAF Bank 25 Kings Hill Avenue Kent ME19 4TA

Registered office

Wembley Stadium London HA9 OWS

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Wembley National Stadium Trust Registered charity 1072392 Registered company 3667982

Trustees’ report (incorporating a directors’ report) For the year ended 31[st] July 2023

1. Structure, governance and management

The trustees of the Wembley National Stadium Trust (WNST, the ‘Trust’), who also act as directors of the company, present their report and accounts for the year ending 31[st] July 2023. (Sport England is a corporate member of the company only). The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) issued in 2019.

WNST is a self-governing charitable company. No external body or organisation, including Wembley National Stadium Ltd and The English Football Association, has any controlling influence or rights of nomination whatsoever. WNST is governed by its Memorandum & Articles of Association – being incorporated as a company limited by guarantee with charitable objects on 11[th] November 1998 (as the English National Stadium Trust) and registered with the Charity Commission. The name was changed to the Wembley National Stadium Trust in October 2002.

At the WNST AGM in November 2021, the trustees agreed to amend the organisation’s financial year-end to 31[st] July, bringing it into line with the reporting period of its principal funder, Wembley National Stadium Ltd. The previous year’s accounts therefore covered an extended 16-month period. As a result, some of the financial information is not directly comparable, without adjusting for that longer reporting period.

WNST was managed and administered under contract between 1[st] April 2012 and 31[st] March 2023 by the City Bridge Trust (now the City Bridge Foundation) an independent grant-making foundation (registered charity no 1035628) the sole trustee of which is the City of London Corporation. WNST formally ended this arrangement on 1[st] April 2023, taking direct responsibility for all staffing and administrative arrangements.

The names of those who served as trustees during the period 1[st] April 2022 to 31[st] July 2023, and since, are as shown below:

Peter Ackerley - Chair (resigned 14[th] December 2023) Khilna Shah - Chair (appointed as chair 14[th] December 2023) Andrew Douglass Lynsey Edwards Ellis Clark Nayim Ahmed (resigned 24th February 2024) Marilyn Okoro Kawsar Zaman Baroness Tanni Grey-Thompson DBE (resigned 25th July 2023)

Sport England is a corporate member of the company only.

One-fifth of the existing trustees are required to stand down by rotation at each Annual General Meeting but are eligible for re-appointment. New trustees are appointed by a decision of the Board, as and when required, based upon their skills and experience, following an open recruitment and interview process. A new trustee is offered a full induction to the Trust’s business by the Chair and Chief Executive, with the opportunity to attend any training required to fill gaps in knowledge. The trustees delegate full day-to-day management and administration of the Trust’s business to the Chief Executive, who until 31[st] March 2023 was seconded to WNST from City Bridge Foundation, but who is now employed directly by the charity.

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Wembley National Stadium Trust Registered charity 1072392 Registered company 3667982

The Trust has established an HR committee, comprising three trustees, which has delegated responsibilities to manage employment and pay matters. In setting rates of remuneration, the committee will be informed by reports from the Association of Charitable Foundations (of which the Trust is a member) and elsewhere, on pay within the trusts & foundations sector, when making decisions.

2. Objectives and activities

The principal objective of the WNST is to receive an annual donation of funds from Wembley National Stadium Ltd (WNSL) and to distribute these funds in grants, in accordance with the Trust’s Memorandum & Articles of Association.

The income donated from WNSL is equivalent to 1% of its annual turnover, as required within the deed of covenant between WNSL and WNST dated 26[th] September 2002, established in response to the award of Lottery funds through Sport England towards the construction of the new Wembley Stadium. This is the Trust’s sole source of income, with no activities undertaken to raise funds from the public.

The Board recognises that participation in sporting activity can bring significant individual benefits including improved physical and mental well-being, personal discipline and broader social interaction, all of which can improve quality of life. The Trust’s grant-making activities are designed to support the growth of participation in community and grassroots sports and physical recreational activities, helping to break down potential barriers that prevent people from taking part in their chosen activity.

The formal objects of the company are:

(1) The advancement for the benefit of the public of the education of children and young persons who are pupils of schools, universities and other educational establishments in the United Kingdom by organising or providing facilities, coaching and training or assistance in providing facilities, coaching and training to enable, assist and encourage them to play football (the first element) and other sports (the second element) particularly (but without prejudice to the generality of the foregoing) through providing

and thereby assist in ensuring that due attention is given to the physical education and development of young persons through football and other sports as well as to the development and occupation of their minds provided always that the application of any property and income of the Company applied in furtherance of the objects of the Company shall be applied 75% in furtherance of the first element and 25% in furtherance of the second element.

(2) The organisation or provision of or assistance in the organisation of facilities for the recreation and benefit in the interests of social welfare (with the object of improving the conditions of life for the persons for whom the facilities are primarily intended) of those who by reason of the youth, age, infirmity or disablement, poverty or social and economic circumstances have need of such facilities.

In practice, the Trust’s grant-making policy has been firstly, to fund the community sports sector within the London Borough of Brent (the Stadium’s “home” borough), supporting grassroots sports clubs and activities; and secondly, as funds allow, to fund larger themed programmes across Greater London and England more widely, working with significant partners (such as the EFL Trust, the National League Trust and various NGBs) on the delivery of individual projects.

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Wembley National Stadium Trust Registered charity 1072392 Registered company 3667982

3. Public benefit

The trustees are aware of the guidance on public benefit provided by the Charity Commission and confirm that they have complied with the duty in the Charities Act 2011. The WNST Board considers that its activities, in the provision of financial support through grants for the advancement of community sport and recreation, as defined within the parameters defined by the Trust’s Memorandum & Articles of Association, are wholly in keeping with these guidelines.

4. Review of Activities During the year, the Trust ended their longstanding partnership with the City Bridge Foundation and on April 1, 2023, took direct responsibility for all staffing and administrative arrangements. The Trust also moved its office location to Wembley Stadium.

During 2022/23, grants totalling £467,290 were awarded to 37 organisations (2021/22: £92,500 to 21 organisations), across the London Borough of Brent. Key to this was the launch of the Anchor Programme, which offered two-year unrestricted grants to seven key community sports providers in the borough. These grants, totalling £227,500 (2021/22; nil), aim to assist these providers with delivering high quality and sustainable sports activities for the local community. A full list of the grants awarded during the year is at note 10.

5. Financial review

Total income during the year totalled £744,500 (2021/22: £892,038), with the annual donation from WNSL representing £736,907, (2021/22: £891,597).

New grant commitments made during the year were £467,290 (2021/22: £92,500). Expenditure during the year on grants administration totalled £172,971 (2021/22: £137,281). This included £5,525 (2021/22: £18,890) of one-off costs towards setting up WNST as an independent charity. 2021/22 total costs were lower due to the Covid-19 pandemic.

The Trust employed two people directly during the year. (2021/22: nil)

6. Principal risks and uncertainties

The trustees have agreed a comprehensive risk register, which is reviewed at each Board meeting. The register was refreshed in April 2023 to reflect the change of management arrangements. The trustees are satisfied that all current major risks to the work and reputation of the Trust have been identified and appropriate measures put in place to mitigate these risks, whether financial, organisational or reputational, where it is within the Trust’s powers to do so. Key risks identified are:

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Wembley National Stadium Trust

Registered charity 1072392 Registered company 3667982

7. Fundraising

Fundraising Statement 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. WNST understands its duty to protect the public, including vulnerable people, from unreasonably intrusive or persistent fundraising approaches and undue pressure to donate. The charity does not use any internal fundraisers or external agencies for either telephone or face-to-face campaigns and received no fundraising complaints during the year. (2021/22: none)

  1. Reserves policy

  2. a) The trustees will endeavour to ensure that at all times they hold in readily- accessible reserve sufficient funds to meet the Trust’s core expenditure (i.e. Salaries and any other operational costs) up to the point of the next payment from WNSL; together with an additional £25,000 to cover other unexpected costs that might arise from time to time; plus the value of any existing grants commitments due before the next payment from WNSL.

  3. b) Other funds may be set aside as designated funds for use in future grants schemes.

  4. c) Grant and other commitments will only ever be made against funding received and/or reasonably projected under the legal agreement with Wembley National Stadium Ltd. The Trust’s Terms & Conditions of Grant indicate that future grant payments are conditional on WNST continuing to receive sufficient payment from WNSL to meet the agreed commitments.

Free reserves at 31[st] July 2023 were £1,017,785 (including £405,900 of accrued income) (31[st] July 2022: £911,046, of which £493,717 was accrued). All reserves held are free reserves, so total reserves are £1,017,785 (2021/22: £911,046). This sum adequately meets the reserves policy requirement of holding sufficient funds to meet known expenditure on existing grants and operational expenditure, with remaining funds held for future grants distribution.

9. Plans for future periods

During 2023/24, the trustees will be undertaking a comprehensive review of their grant-making priorities and strategy to ensure that these are fit for the future.

Following a strategic review and any identified key skill gaps, new trustees may be appointed through an open selection process.

10. Statement of Trustees’ responsibilities

The trustees (who are also directors of (Wembley National Stadium Trust for the purposes of company law) 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).

Company law requires the trustees to prepare financial statements for each financial year. 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 the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

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Wembley National Stadium Trust

Registered charity 1072392 Registered company 3667982

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Small company exemptions:

This report has been prepared taking advantage of the small companies’ exemption of section 415A of the Companies Act 2006.

Signed on behalf of the Board of Trustees / Directors of Wembley National Stadium Trust

………………………………………………………… Khilna Shah Chair of the Board of Trustees

27[th] February 2024

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Wembley National Stadium Trust Registered charity 1072392 Registered company 3667982

Independent auditor’s report to the members of Wembley National Stadium Trust

Opinion

We have audited the financial statements of Wembley National Stadium Trust (the ‘charitable company’) for the year ended 31 July 2023 which comprise the Statement of Financial Activities incorporating the Income and Expenditure account, the Charitable Company Balance Sheet, the Statement of Cash Flows and the related 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:

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 charitable company 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 Matters

The financial statements of Wembley National Stadium Trust for the period ended 31 July 2022 were not audited.

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Wembley National Stadium Trust Registered charity 1072392 Registered company 3667982

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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 course of 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 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 the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, 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.

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Wembley National Stadium Trust Registered charity 1072392 Registered company 3667982

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

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 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 gained an understanding of the legal and regulatory framework applicable to the Charitable Company and the sector in which it operates, and considered the risk of the Charitable Company not complying with the applicable laws and regulations including fraud in particular those regulations directly related to the financial statements, including financial reporting and tax legislation. In relation to the operations of the Charitable Company this included compliance with the Companies Act 2006 and Charities Act 2011.

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:

Reviewing minutes of Board meetings, reviewing any correspondence with the Charity Commission, agreeing the financial statement disclosures to underlying supporting documentation, and made enquiries of management and officers of the Charitable Company.

To address the risk of management override of controls, we carried out testing of of cash book adjustments for appropriateness. We also assessed management bias in relation to the accounting policies adopted and in determining significant accounting estimates.

Because of the inherent limitations of an audit, there is the risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involved intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at:

https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-an d-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-fo r-audit.aspx.

This description forms part of our auditor’s report.

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Wembley National Stadium Trust Registered charity 1072392 Registered company 3667982

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. Our audit work has been undertaken so that we might state to the charitable company’s members 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 and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Helena Wilkinson (Senior Statutory Auditor)

for and on behalf of Price Bailey LLP Chartered Accountants Statutory Auditors 24 Old Bond Street London W1S 4AP Date: 29 February 2024

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Wembley National Stadium Trust Registered charity 1072392 Registered company 3667982

Statement of Financial Activities For the period ended 31 July 2023 (Incorporating an income and expenditure account)

Year to
31st July
2023		 Period 1st
April 2021 –
31st July
2022
£ £
Notes
INCOME FROM:
Donations and legacies
Turnover grant from WNSL 2 736,907 891,597
Investment Income
Interest Receivable 2 7,593 285
Other income
Other income - 156
Total Income 744,500 892,038
EXPENDITURE
Charitable Activities 4 (637,761) (227,281)
Total Expenditure (637,761) (227,281)
Net income for the year 106,739 664,757
Unrestricted fund balances brought forward 911,046 246,289
Unrestricted fund balances carried forward 1,017,785 911,046

All income and expenditure has arisen from continuing activities.

The Statement of Financial Activities includes gains and losses recognised in the year.

The notes on pages 16 to 23 form part of these financial statements.

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Wembley National Stadium Trust Registered charity 1072392 Registered company 3667982

Balance Sheet At 31 July 2023

31st July 2023 31st July 2022
£ £
Notes
ASSETS
Current Assets
Debtors 5 405,900 493,717
Cash at bank and in hand 999,725 527,994
1,405,625 1,021,711
CURRENT LIABILITIES
Creditors (Amounts falling due within
one year)		 6 (287,215) (110,665)
NET CURRENT ASSETS 1,118,410 911,046
Creditors (Amounts falling after one
year)		 6 (100,625) -
NET ASSETS 1,017,785 911,046
RESERVES
Unrestricted funds
General funds 1,017,785 911,046
TOTAL FUNDS 1,017,785 911,046

The notes to the accounts are shown on pages 16 to 23 form part of these financial statements. The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.

Signed on behalf of the Board of Trustees / Directors of Wembley National Stadium Trust and authorised for issue by

………………………………………………………… Khilna Shah

Chair of the Board of Trustees 27[th] February 2024

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Wembley National Stadium Trust Registered charity 1072392 Registered company 3667982 Statement of Cash Flows for the year ended 31 July 2023

Cash flows from operating activities
Cash flows from investing activities
Dividends and interest
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting
period
Cash and cash equivalents at the end of the reporting period
NOTES TO THE CASH FLOW STATEMENT
Reconciliation of Net Income to Net Cash Flow from Operating
Activities
Net income for the reporting period
Decrease / (Increase) in debtors
Increase / (decrease) in creditors
Interest and Dividends
Net cash provided by operating activities
Analysis of Cash and Cash Equivalents
Cash at bank and in hand		 2023
2022
£
£
464,138
(94,331)
7,593
285
7,593
285
471,731
(94,046)
527,994
622,040
999,725
527,994
2023
2022
£
106,739
664,757
87,817
(488,101)
277,175
(270,702)
(7,593)
(285)
464,138
(94,331)
2023
2022
£
999,725
527,994
999,725
527,994

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Wembley National Stadium Trust Registered charity 1072392 Registered company 3667982

Notes to the Financial Statement for the year ending 31[st] July 2023

1. Accounting policies

Wembley National Stadium Trust is a company limited by guarantee, incorporated in England and Wales, United Kingdom, each of the members being liable for a maximum sum of £1 in the event of the company winding up. Its registered office is at Wembley Stadium, London, HA9 0WS. As at 31[st] July 2023, there were 8 individual members and 1 corporate member of the company (31[st] July 2022: 9 individual members and 1 corporate member).

Wembley National Stadium 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 notes(s). The financial statements are presented in Sterling and rounded to the nearest £.

iii. Critical accounting judgements and estimates

iv. Basic Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value which is their cost.

v. Income recognition

All income is recognised once the charity has entitlement to income, it is probable that income will be received and the amount of income receivable can be measured reliably. Therefore, income from Wembley National Stadium Ltd is recognised on a receivable basis and any income not yet received is accrued at the year end.

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Wembley National Stadium Trust Registered charity 1072392 Registered company 3667982

vi. Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis.

Grants paid to charities are approved by trustees at meetings before formally informing the beneficiaries. Expenditure is recognised once a grant is communicated to the beneficiary.

vii. Debtors

Accrued income is included at the best estimate of the amounts receivable at a later date for the period up to the balance sheet date.

viii. Creditors and provisions

Creditors and provisions are 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. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due

ix. Cash at bank and in hand

Cash at bank and cash 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.

x. Pensions

Employees of the charity are entitled to join a defined contribution ‘money purchase’ scheme. The costs of the defined contribution scheme are included within the associated staff costs and allocated therefore to support costs.

2. Income

WNST receives income from WNSL through a legal agreement between the two parties dated 26[th] September 2002, under which WNST receives 1% of the gross revenue of the company, payable in relation to the six-month periods April-September and October-March each financial year.

financial year.
Turnover grant from WNSL: Year to
31/7/2023		 1/4/21-
31/7/22
£
April 2021 – September 2021 - 208,147
October 2021 – March 2022 - 189,733
April 2022 - July 2022 - 493,717
August 2022 - September 2022 92,557 -
October 2022 – March 2023 238,450 -
April 2023 - July 2023 (accrued) 405,900 -
736,907 891,597

During 2022/23, WNST also received income from bank interest totalling £7,593 (2021/22: £285) on account balances held with the Charities Aid Foundation (CAF Bank) and no other miscellaneous income (2021/22: £156).

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Wembley National Stadium Trust Registered charity 1072392 Registered company 3667982

3. Administrative and support services

WNST was administered under contract by the City Bridge Trust (now City Bridge Foundation), the sole trustee of which is the City of London Corporation, from April 2012 until March 2023. However, WNST terminated the contract with CBT on 31[st] March 2023, taking the management and administration of the organisation in-house.

Since 1st April WNST has employed two staff directly (1.6 full time equivalent). The Chief Executive Officer was TUPE transferred on that date from the City of London Corporation to WNST. The Trust also recruited a 3dpw Trust Assistant.

The key member of staff at WNST is Stewart Goshawk, the Trust’s Chief Executive Officer.

In 2022/23, the Trust incurred total staffing costs of £37,576, comprising gross salary payments of £20,692; payments to HMRC of £10,769; and pension contributions of £6,115 (2021/22: all nil, as no direct employees)

No member of staff received payments totalling in excess of £60,000 from WNST during the period of these accounts. (2021/22: no direct employees)

No trustee received any remuneration in 2022/23 (2021/22: none)

4. Expenditure – charitable activities

4.
Expenditure– charitable activities
year to 31/7/23 1/4/21 - 31/7/22
£ £
Grant payments
LB Brent Winter 2022 - 92,500
LB Brent March 2023 467,290 -
Grants written back / repaid (2,500) (2,500)
Sub-total 464,790 90,000

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Wembley National Stadium Trust

Registered charity 1072392

Registered company 3667982

year to 31/7/23
1/4/21 - 31/7/22
£
£
Operational costs
City Bridge Foundation contract
104,332
109,065
Salaries and on-costs
37,576
-
IT costs
696
769
Web site redesign
1,890
7,440
Grants database development
4,500
11,450
Promotional materials
1,025
350
Governance costs (below)
12,913
4,631
Insurances
497
485
Miscellaneous fees
1,406
1,655
Phone
96
24
Equipment
1,024
1,358
Accommodation
3,000
-
Travel
276
-
Professional services
1,787
-
Office and other costs
1,953
54
Total operational costs
172,971
137,281
Total costs
637,761
227,281
Governance costs
year to 31/7/23 1/4/21 - 31/7/22
£
£
Audit / Independent examination
11,790
3,093
Trustees’ expenses
1,123
1,538
Total governance costs
12,913
4,631
5.
Debtors
year to 31/7/23 1/4/21 - 31/7/22
£
£
Accrued income from WNSL
405,900
493,717
405,900
493,717		 year to 31/7/23
1/4/21 - 31/7/22
£
£
Operational costs
City Bridge Foundation contract
104,332
109,065
Salaries and on-costs
37,576
-
IT costs
696
769
Web site redesign
1,890
7,440
Grants database development
4,500
11,450
Promotional materials
1,025
350
Governance costs (below)
12,913
4,631
Insurances
497
485
Miscellaneous fees
1,406
1,655
Phone
96
24
Equipment
1,024
1,358
Accommodation
3,000
-
Travel
276
-
Professional services
1,787
-
Office and other costs
1,953
54
Total operational costs
172,971
137,281
Total costs
637,761
227,281
Governance costs
year to 31/7/23 1/4/21 - 31/7/22
£
£
Audit / Independent examination
11,790
3,093
Trustees’ expenses
1,123
1,538
Total governance costs
12,913
4,631
5.
Debtors
year to 31/7/23 1/4/21 - 31/7/22
£
£
Accrued income from WNSL
405,900
493,717
405,900
493,717		 year to 31/7/23
1/4/21 - 31/7/22
£
£
Operational costs
City Bridge Foundation contract
104,332
109,065
Salaries and on-costs
37,576
-
IT costs
696
769
Web site redesign
1,890
7,440
Grants database development
4,500
11,450
Promotional materials
1,025
350
Governance costs (below)
12,913
4,631
Insurances
497
485
Miscellaneous fees
1,406
1,655
Phone
96
24
Equipment
1,024
1,358
Accommodation
3,000
-
Travel
276
-
Professional services
1,787
-
Office and other costs
1,953
54
Total operational costs
172,971
137,281
Total costs
637,761
227,281
Governance costs
year to 31/7/23 1/4/21 - 31/7/22
£
£
Audit / Independent examination
11,790
3,093
Trustees’ expenses
1,123
1,538
Total governance costs
12,913
4,631
5.
Debtors
year to 31/7/23 1/4/21 - 31/7/22
£
£
Accrued income from WNSL
405,900
493,717
405,900
493,717
**year to 31/7/23 ** 1/4/21 - 31/7/22
£ £
Accrued income from WNSL 405,900 493,717
405,900 493,717

19

Wembley National Stadium Trust Registered charity 1072392 Registered company 3667982

6. Creditors

.
Creditors
**year to 31/7/23 ** 1/4/21 - 31/7/22
Amounts due within one year: £ £
Grants awarded but not paid out:
LB Brent grants programmes 273,790 37,325
Audit / IE fee 11,790 2,370
City Bridge Trust contract fee - 56,990
Misc fees - -
Web site redesign - 4,056
Grants database development - 9,924
Pension payments 1,635 -
287,215 110,665
Amounts due after more than one year:
Grants awarded but not paid out:
LB Brent grants programmes 100,625 -
100,625 -

7. Related party transactions

Kawsar Zaman was elected an Alderman of the City of London in September 2022. The cost of the City Bridge Foundation contract in 2022/23 was £104,332 including VAT (2021/22: £109,065). The contract was terminated on 31 March 2023 with no funds outstanding (2021/22: £56,990).

Peter Ackerley is the Chief Executive of the British American Football Association, with which the Union Jax Foundation is associated. This organisation received grant funding of £16,840 (2021/22: nil).

Lynsey Edwards was previously a member of Willesden Triathlon Club, which received grant funding of £3,000 in 2022/23 (2021/22: nil). Lynsey is also the Chief Executive of the Middlesbrough FC Foundation, which was one of the participating EFL clubs in Every Player Counts. No funds were distributed in 2022/23 on this programme (2021/22, £10,000 - funds distributed through the EFL Trust).

Nayim Ahmed is employed as the Volunteer Development Officer, a role shared between London FA and Middlesex FA. Middlesex FA received one grant of £32,500 over two years in 2022/23 (2021/22: one grant of £25,000). Nayim also served as chair of the FA National Youth Council during 2022/23 - not a grant recipient of WNST but a body associated with one of our key partners, the Football Association.

There are no other related party transactions. (2021/22: none)

20

Wembley National Stadium Trust Registered charity 1072392 Registered company 3667982

8. Trustees remuneration and expenses No trustee received any remuneration for their services on the Board of WNST. Four trustees claimed expenses totalling £1,123 for travel and overnight accommodation (2021/22: Six trustees claimed a total of £1,538 for travel and overnight accommodation).

9. Pensions commitments

10. Grants awarded in the year

10. Grants awarded in the year
Organisation £ Purpose
Anchorgrants
Brent Schools Football Association £32,500 Two years (£15,000; £17,500) unrestricted funding
Horn Stars SC £32,500 Two years (£15,000; £17,500) unrestricted funding
Jason Roberts Foundation £32,500 Two years (£15,000; £17,500) unrestricted funding
Middlesex FA £32,500 Twoyears(£15,000; £17,500)unrestricted funding
Silver Jubilee Park Foundation £32,500 Twoyears(£15,000; £17,500)unrestricted funding
Sport at the Heart £32,500 Two years (£15,000; £17,500) unrestricted funding
Track Academy £32,500 Two years (£15,000; £17,500) unrestricted funding
**sub-total ** £227,500
Community grants
1st Alperton Guides £250 For new dance sound equipment
Brent Irish Advisory Services £1,300 Towards the costs of keep-fit classes
360 Talent F.C £1,500 Towards the cost of new kit
Sporticipate £1,500 For multi-sports activities foryoung people
Life Of Her CIC £2,000 For multi-sports activities foryoungwomen
R4UK Ltd(Tradingas DFY Sports) £2,700 For after-school multi-sports sessions
AFC Wembley £2,800 For new kit and equipment
Active Sporting Communities £3,000 For multi-sports sessions for physically-inactive boys
Brent Indian Community Centre £3,000 For dance yoga classes for older people
Caridon Foundation £3,000 Towards the costs of a footballproject
Edgware & KingsburyFootball Club £3,000 Towards the costs of communityfootball activities
LNER Youth FC £3,000 Towards the costs of pitch hire
The Tamil Association of Brent £3,000 For a netball project
Treasure Sports Club £3,000 For a young people's boxing project
Willesden Triathlon Club £3,000 Towards the costs of trainingand competitions
Willesden Volleyball Club £3,000 Towards the costs of hall hire and new activities
**sub-total ** £39,050

21

Wembley National Stadium Trust

Registered charity 1072392 Registered company 3667982

Commissioned projects
England Netball £16,500 For further strategic netball development in Brent
Union Jax Foundation £16,840 For a community-based American Football
programme
**sub-total ** £33,340
Strategic grants
Chance to Shine Foundation £5,000 For Street cricket projects in Brent
Keen London £7,500 To train volunteers to support a SEND sportsproject
Everyone Active £10,000 For ayouth footballproject with WembleyFC
Iraqi Welfare Association £10,000 For sports activities for young Iraqis
Cricklewood Wanderers FC £12,500 Towards the costs of club running costs
Ashford Place £15,000 For physical exercise sessions for older people
Elders Voice £15,000 Towards establishingan olderpeople's fitnessgym
QPR in the CommunityTrust £15,000 Towards a footballproject for refugee women
Coles Green Tennis Club £17,400 For new tennis court floodlighting
Hilltop Circle £20,000 For a football project for young people
Wembley Sailing Club £20,000 For the refurbishment of the male changing rooms
YoungRoots £20,000 For sports activities foryoungrefugees
**sub-total ** £167,400
Grand total £467,290

Grants Awarded 2021/22

Grants Awarded 2021/22
Organisation £ Purpose
Active Sporting Communities £2,500 for a "Fit Families" project
Brent Punjabi Association £2,500 towards the costs of an exercise tutor
Cricklewood Wanderers FC £2,500 towards club running costs
Edgware Town FC £2,500 towards general running costs
Garryowen Gaelic Football Club £2,500 towards club costs for the 2022 season.
Hilltop Circle £2,500 towards the costs of youth football coaching.
Kinja Football Club £2,500 for coach training, new kit and pitch hire.
LNER Youth FC £2,500 for pitch maintenance costs

22

Wembley National Stadium Trust

Registered charity 1072392 Registered company 3667982

London Basketball Association £2,500 towards basketball sessions for young people in LB Brent
Middlesex FA £25,000 for a west London women’s and girls community football
programme, associated with the Women’s Euros 2022.
Queen's Park Sharks (Youth) FC £2,500 for pitch hire and professional coaching costs.
South Hampstead Cricket Club £2,500 towards a cricket coaching programme for young
refugees
Sporticipate £2,500 towards participation by low income families in the club
Sudbury Court Running Club £2,500 towards general running costs
Tamil Association of Brent £2,500 for new football kit.
Tara Youth Gaelic Football Club £2,500 for pitch costs
Track Academy £2,500 for athletics taster days
TS Broadsword Sea Training
Corps		 £2,500 for a summer activities programme.
Wembley Football £20,000 towards the 2022 Wembley Football League.
Young Roots £2,500 for a young refugees football project
Youngs FC £2,500 towards the costs of additional training and trials
Total £92,500

23