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2023-12-31-accounts

Charity registration number 1087147

Company registration number 04077345 (England and Wales)

WALSALL FC FOUNDATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

WALSALL FC FOUNDATION

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 L Millard
Mr R Judson
Mr G A Whittaker
Mr W Hill
Mr D Goodman
Mr P Sturgess (Appointed 13 September 2023)
Mr G Perry (Appointed 13 September 2023)
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

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

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their annual report and financial statements for the year ended 31 December 2023.

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 is to provide physical activities and promote a healthy lifestyle to the community in which we deliver our activities.

We continue to provide a full and varied programme of activities suitable for all ages and genders within our area.

Public benefit

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

Achievements and performance

Significant activities and achievements against objectives

The Foundation and its delivery staff continue to do what they do best and the continuing high attendance figures throughout the year showed that their efforts are being supported by the numbers taking part.

Financial review

While this will be covered in more detail in the pages attached to this, we have to report a small deficit on the financial year due in the main to some budgeted financial support being withdrawn at short notice. We are, however, comfortable with the budgeting processes we have in place and that the aforementioned deficit will be recouped this coming year.

Reserves policy

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.

Major risks

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

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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:

Ms S J Lane Mr M J Kearns Mr B J Adshead Mr J A Chambers Mr A C Chambers Mr A L Millard Mr R Judson Mr G A Whittaker Mr W Hill Mr D Goodman Mr P Sturgess (Appointed 13 September 2023) Mr G Perry (Appointed 13 September 2023)

Recruitment and appointment of trustees

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.

Other matters

I was honoured to be appointed Chair of the Board of Trustees at last year’s Annual General Meeting and am pleased to be able to report that we have appointed two new trustees but lose a Legend.

Peter Sturgess, former FA Youth Development Manager and England Futsal Team Manager, and Walsall MBC Councillor Gary Perry have joined the board adding to the breadth and depth of knowledge we can now call upon.

Alas, bringing to an end his 50 Years association with the club is Mick Kearns who is stepping down from the organisation he set up in 1989. He will deserve all of the tributes he will receive, but on behalf of the Board of Trustees may I say a massive “Thank you Mick” !

The Management Team has also changed and extended with the appointment of Paul Larvin as Senior Operations Manager, and Joe Roberts replacing Paul as Education Manager.

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

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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

Mr B J Adshead Chairman - Board of Trustees

6 March 2024

WALSALL FC FOUNDATION

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WALSALL FC FOUNDATION

I report to the trustees on my examination of the financial statements of Walsall FC Foundation (the charity) for the year ended 31 December 2023.

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.

Edwards

34 High Street Aldridge Walsall West Midlands WS9 8LZ

Dated: 6 March 2024

WALSALL FC FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Donations and legacies 3 187,568 271,452
Charitable activities 4 408,721 446,980
Investments 5 274 5
Total income 596,563 718,437
Charitable activities 6 615,649 586,189
Net income/(expenditure) and movement in funds (19,086) 132,248
Reconciliation of funds:
Fund balances at 1 January 465,011 332,763
Fund balances at 31 December 445,925 465,011

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

WALSALL FC FOUNDATION

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2023

Notes
Fixed assets
Property, plant and equipment
11
Current assets
Trade and other receivables
12
Cash at bank and in hand
Current liabilities
13
Net current assets
Total assets less current liabilities
The funds of the charity
Unrestricted funds		 2023
£
71,005
385,129
456,134
20,154		 £
9,945
435,980
445,925
445,925
445,925		 2022
£
70,304
407,448
477,752
17,179		 £
4,438
460,573
465,011
465,011
465,011

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 2023.

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 members 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 6 March 2024

Mr B J Adshead Trustee

Company registration number 04077345 (England and Wales)

WALSALL FC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity information

Walsall FC Foundation 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 or grantors 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

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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.

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.

WALSALL FC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 131,168 130,044
Grants receivable 56,400 141,408
187,568 271,452
Donations and gifts
Football League funding 131,168 130,044
131,168 130,044
Grants receivable for core activities
National Lottery community fund - 47,679
Kickstart grant - 59,515
Walsall Council - 34,214
Main Grants 56,400 -
56,400 141,408

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.

4 Income from charitable activities

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Footballing activities within the community
Sales within charitable activities 408,721 446,980
Income from investments
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Interest receivable 274 5

5 Income from investments

WALSALL FC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

6 Expenditure on charitable activities

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Footballing activities within the community
Staff costs 519,631 483,813
Football kit, soccer schools, pitch hire and equipment 55,817 48,375
Motor expenses 1,668 4,356
Match tickets 1,240 -
578,356 536,544
Share of support and governance costs (see note 7)
Support 6,922 5,878
Governance 30,371 43,767
615,649 586,189
Analysis by fund
Unrestricted funds 615,649 586,189
Support costs allocated to activities
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Depreciation 4,122 3,078
Rent 2,800 2,800
Governance 30,371 43,767
37,293 49,645
2023 2022
Governance costs comprise: £ £
Accountancy 1,798 1,814
Legal and professional 1,296 1,296
Advertising, print, post and stationery 14,778 16,560
Telephone and insurance 3,802 3,956
Repairs and maintenance 957 10,311
Bank charges 462 416
Other expenses 7,278 9,414
30,371 43,767

WALSALL FC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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		 2023
Number
28
2023
£
484,520
26,802
8,309
519,631		 2022
Number
27
2022
£
445,265
32,024
6,524
483,813

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

10 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

11 Property, plant and equipment

Property, plant and equipment
Fixtures,
fittings &
equipment
£
Cost
At 1 January 2023 22,036
Additions 9,629
At 31 December 2023 31,665
Depreciation and impairment
At 1 January 2023 17,598
Depreciation charged in the year 4,122
At 31 December 2023 21,720
Carrying amount
At 31 December 2023 9,945
At 31 December 2022 4,438

WALSALL FC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

12 Trade and other receivables

Amounts falling due within one year:
Trade receivables
Prepayments and accrued income
13
Current liabilities
Other taxation and social security
Accruals and deferred income		 2023
£
13,700
57,305
71,005
2023
£
11,497
8,657
20,154		 2022
£
10,540
59,764
70,304
2022
£
10,186
6,993
17,179

14 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1
General funds
Previous year:
At 1
General funds		 January
2023
Incoming
resources
Resources
expended
At 31
December
2023
£
£
£
£
465,011
596,563
(615,649)
445,925
January
2022
Incoming
resources
Resources
expended
At 31
December
2022
£
£
£
£
332,763
718,437
(586,189)
465,011

WALSALL FC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

15 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 £12,960 (2022: £6,840) and pitch hire of £5,750 (2022: £5,000).

As at 31 December 2023, included within receivables was £Nil (2022: £5,340) due to the charity from the football club.