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2022-12-31-accounts

Charity registration number 1087147

Company registration number 04077345 (England and Wales)

WALSALL FC FOUNDATION (FORMERLY KNOWN AS WALSALL F.C. COMMUNITY PROGRAMME)

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

WALSALL FC FOUNDATION (FORMERLY KNOWN AS WALSALL F.C. COMMUNITY PROGRAMME)

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Ms S J Lane Mr M J Kearns Mr B J Adshead Mr J A Chambers Mr A C Chambers Mr A Millard Mr R Judson Mr G Whittaker Mr W Hill Mr D Goodman

(Appointed 16 March 2022) (Appointed 14 December 2022) (Appointed 14 December 2022)

Secretary

Mr A Davy

Charity number 1087147 Company number 04077345

Registered office

The Poundland Bescot Stadium Bescot Crescent Walsall West Midlands WS1 4SA

Independent examiner

Edwards 34 High Street Aldridge Walsall West Midlands WS9 8LZ

Bankers

Barclays Bank plc The Bridge Walsall West Midlands WS1 1RN

WALSALL FC FOUNDATION (FORMERLY KNOWN AS WALSALL F.C. COMMUNITY PROGRAMME)

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Statement of financial position 6
Notes to the financial statements 7 - 14

WALSALL FC FOUNDATION (FORMERLY KNOWN AS WALSALL F.C. COMMUNITY PROGRAMME)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their annual report and financial statements for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The objectives of the Walsall FC Foundation are to provide physical activities and promote a healthy lifestyle to the community in which we deliver our activities.

We are pleased to note that the Covid-19 pandemic had a reducing effect on our activities as the year progressed.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

The Foundation and its delivery staff were able to revert to what they do best and the steadily increasing attendance figures throughout the year showed that their efforts were being supported by the numbers taking part.

Financial review

After a profit of £35,856 last year, I am delighted to announce a profit of £132,248.

While this will be covered in more detail in the pages attached to this we are delighted that we have once again made a trading surplus, significantly larger than we anticipated due to the Government support and that of the Football Club’s new owners the Trivela Group – to whom we are most grateful.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

WALSALL FC FOUNDATION (FORMERLY KNOWN AS WALSALL F.C. COMMUNITY PROGRAMME)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Structure, governance and management

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr R E Tisdale (Resigned 15 June 2022) Mr S Gamble (Resigned 16 March 2022) Ms S J Lane Mr D S Mole (Resigned 16 March 2022) Mr M J Kearns Mr B J Adshead Mr J A Chambers Mr A C Chambers Ms A Bills (Resigned 14 September 2022) Mr A Millard Mr R Judson Mr G Whittaker (Appointed 16 March 2022) Mr W Hill (Appointed 14 December 2022) Mr D Goodman (Appointed 14 December 2022)

New trustees undergo an orientation day to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes, the business plan and recent financial performance of the charity. During the induction day they meet key employees and other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

None of the trustees have any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

We have continued to cast a critical and strategic eye over our structure, governance and management and have invited observers to our virtual Board of Trustee Meeting. We will look to confirm at least one new trustee to the Board at this years AGM.

Following the standing down of our previous Chair, Daniel Mole, it was anticipated that his successor would be independent, however, due to various circumstances this was not to be. As a result I was asked to take over the role on an interim basis for this past year and I was honoured so to do.

We have also had a number of changes in the Trustees. We were saddened to lose Amy Bills due to a work promotion and an increase on an already heavy workload, but were grateful to have had the opportunity of working with her and using her knowledge. Amy we wish you all the very best for the future, and if you have an opportunity to return you know where we are!!

Two new Trustees have swelled our ranks. The first Don Goodman needs no introduction – especially to those who can remember our visit to the Millennium Stadium!! The second is Wesley Hill, a member of the Football Club’s ownership group Trivela and delegated to work on the community aspect of their work. We hope that they enjoyed their first meeting with us and look forward to an exciting year ahead.

I would conclude my report by thanking most sincerely each and every member of the Foundation staff and my fellow Trustees for their hard work and dedication to the Foundation and each and every one of our partners who have contributed to our ongoing success.

WALSALL FC FOUNDATION (FORMERLY KNOWN AS WALSALL F.C. COMMUNITY PROGRAMME)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees' report was approved by the Board of Trustees.

Mr B J Adshead Chairman - Board of Trustees

15 March 2023

WALSALL FC FOUNDATION (FORMERLY KNOWN AS WALSALL F.C. COMMUNITY PROGRAMME)

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF WALSALL FC FOUNDATION (FORMERLY KNOWN AS WALSALL F.C. COMMUNITY PROGRAMME)

I report to the trustees on my examination of the financial statements of Walsall FC Foundation (formerly known as Walsall F.C. Community Programme) (the charity) for the year ended 31 December 2022.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACCA, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Paul Tonks FCA for and on behalf of Edwards 15 March 2023 Chartered Accountants

34 High Street Aldridge West Midlands

WS9 8LZ

WALSALL FC FOUNDATION (FORMERLY KNOWN AS WALSALL F.C. COMMUNITY PROGRAMME)

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2022

**Unrestricted ** Unrestricted
funds funds
2022 2021
Notes £ £
Income from:
Donations and legacies 3 271,452 296,434
Charitable activities 4 446,980 222,645
Investments 5 5 107
Total income 718,437 519,186
Expenditure on:
Charitable activities 6 586,189 483,330
Net income for the year/
Net movement in funds 132,248 35,856
Fund balances at 1 January 332,763 296,907
Fund balances at 31 December 465,011 332,763

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

WALSALL FC FOUNDATION (FORMERLY KNOWN AS WALSALL F.C. COMMUNITY PROGRAMME)

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2022

Notes
Fixed assets
Property, plant and equipment
10
Current assets
Trade and other receivables
11
Cash at bank and in hand
Current liabilities
12
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2022
£
70,304
407,448
477,752
(17,179)		 £
4,438
460,573
465,011
465,011
465,011		 2021
£
66,220
273,915
340,135
(13,009)		 £
5,637
327,126
332,763
332,763
332,763

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2022.

The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The trustees have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 15 March 2023

Mr B J Adshead Trustee

Company Registration No. 04077345

WALSALL FC FOUNDATION (FORMERLY KNOWN AS WALSALL F.C. COMMUNITY PROGRAMME)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

Walsall FC Foundation (formerly known as Walsall F.C. Community Programme) is a private company limited by guarantee incorporated in England and Wales. The registered office is The Poundland Bescot Stadium, Bescot Crescent, Walsall, West Midlands, WS1 4SA.

1.1 Accounting convention

The accounts have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

WALSALL FC FOUNDATION (FORMERLY KNOWN AS WALSALL F.C. COMMUNITY PROGRAMME)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.5 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 is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

All expenditure is accounted for on the accruals basis. In particular, the costs of charitable activities represents all costs of the charity less those apportioned to governance costs.

1.6 Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment

3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of non-current assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

WALSALL FC FOUNDATION (FORMERLY KNOWN AS WALSALL F.C. COMMUNITY PROGRAMME)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12 Fund structure

The charity has a restricted income fund to account for situations where a donor requires that funding must be spent on a particular programme or purpose. All other funds are unrestricted income funds.

1.13 Donated services

The charity does not include donated services and facilities in the Statement of Financial Activities as the charity is unable to reasonably quantify or measure the value of these services. See note 13 for explanation of the type of services and facilities donated.

WALSALL FC FOUNDATION (FORMERLY KNOWN AS WALSALL F.C. COMMUNITY PROGRAMME)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

**Unrestricted ** Unrestricted
funds funds
2022 2021
£ £
Donations and gifts 130,044 90,095
Grants receivable 141,408 206,339
271,452 296,434
Donations and gifts
Football League funding 130,044 90,095
130,044 90,095

The Community Programme continues to receive solidarity payments from the Football League so long as the programme is in operation. This income is, however, not guaranteed.

Grants receivable for core activities
National Lottery community fund
COVID 19 JRS grant
Kickstart grant
Walsall Council		 47,679
-
59,515
34,214
141,408		 24,480
81,350
65,735
34,774
206,339

WALSALL FC FOUNDATION (FORMERLY KNOWN AS WALSALL F.C. COMMUNITY PROGRAMME)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

4 Charitable activities

Footballing Footballing
activities activities
within the within the
community community
2022 2021
£ £
Sales within charitable activities 446,980 222,645

5 Investments

**Unrestricted ** Unrestricted
funds funds
2022 2021
£ £
Interest receivable 5 107
6 Charitable activities
Footballing
Footballing
activities
activities
within the
within the
community community
2022 2021
£ £
Staff costs 483,813 412,992
Football kit, pitch hire and equipment 48,375 36,866
Motor expenses 4,356 525
536,544 450,383
Share of support costs (see note 7) 5,878 6,164
Share of governance costs (see note 7) 43,767 26,783
586,189 483,330

WALSALL FC FOUNDATION (FORMERLY KNOWN AS WALSALL F.C. COMMUNITY PROGRAMME)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

7
Support costs
Depreciation
Rent
Accountancy
Legal and professional
Advertising, print, post
and stationery
Telephone and insurance
Repairs and
maintenance
Bank charges
Other expenses
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
3,078
-
2,800
-
-
1,814
-
1,296
-
16,560
-
3,956
-
10,311
-
416
-
9,414
5,878
43,767
5,878
43,767		 2022
£
3,078
2,800
1,814
1,296
16,560
3,956
10,311
416
9,414
49,645
49,645		 Support
costs
Governance
costs
£
£
3,364
-
2,800
-
-
1,540
-
1,346
-
15,756
-
3,730
-
275
-
410
-
3,726
6,164
26,783
6,164
26,783		 2021
£
3,364
2,800
1,540
1,346
15,756
3,730
275
410
3,726
32,947
32,947

Governance costs includes payments to the independent examiners of £1,560 (2021: £1,482) for accountancy fees.

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or expenses during the year.

9 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2022
Number
27
2022
£
445,265
32,024
6,524
483,813		 2021
Number
25
2021
£
387,187
20,722
5,083
412,992

There were no employees whose annual remuneration was more than £60,000.

WALSALL FC FOUNDATION (FORMERLY KNOWN AS WALSALL F.C. COMMUNITY PROGRAMME)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

10 Property, plant and equipment
Fixtures, fittings & equipment
£
Cost
At 1 January 2022 20,157
Additions 1,879
At 31 December 2022 22,036
Depreciation and impairment
At 1 January 2022 14,520
Depreciation charged in the year 3,078
At 31 December 2022 17,598
Carrying amount
At 31 December 2022 4,438
At 31 December 2021 5,637
11 Trade and other receivables
2022 2021
Amounts falling due within one year: £ £
Trade receivables 10,540 4,620
Prepayments and accrued income 59,764 61,600
70,304 66,220
12 Current liabilities
2022 2021
£ £
Other taxation and social security 10,186 8,169
Accruals and deferred income 6,993 4,840
17,179 13,009

WALSALL FC FOUNDATION (FORMERLY KNOWN AS WALSALL F.C. COMMUNITY PROGRAMME)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

13 Analysis of net assets between funds
Unrestricted
Unrestricted
funds funds
2022 2021
£ £
Fund balances at 31 December 2022 are represented by:
Property, plant and equipment 4,438 5,637
Net current assets 460,573 327,126
465,011 332,763

14 Related party transactions

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

The trustees consider that The Walsall Football Club Limited ("the football club") is a related party of the charity by the virtue of its significant influence.

During the year the charity purchased advertising space of £6,840 (2021: £6,000) and pitch hire of £5,000 (2021: £10,000).

As at 31 December 2022, included within receivables was £5,340 (2021: £Nil) due to the charity from the football club.