Charity reglstrdtion numbèr 1087147 IEngland and WalÈs) Company regi8tr4tlon number 04077345 WALSALL FC FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 WALSALL FC FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees MsSJLane Mr JA Chambers MrA C Chambers MrA L Millard Mr R Judson Mr G A ￿thi￿aker Mr W Hill Mr D Goodman Mr P Sturgess MrGPery Secretary Mr A Davy Charity number (England and Wales) 1087147 Company numbor 04077345 Reglstsred office The Poundland Bescot Stadium Bescot Crescent Walsall West Midlands WS14SA Independent examiner E(hvards 34 High Street Aldridge Walsall West Midlands VIS9 8LZ Bankers Bafdays Bank plc The Bridge Walsall West Midlands WS1 1RN WALSALL FC FOUNDATION CONTENTS Page Trustees, report Indopendent Èxaminerfs report Statement of finanual activities statement of financial position Notes to the financial statements 6-14 WALSALL FC FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees pres8nt thèir annual report and financial statements for the year ended 31 December 2024. The financial statem8nts have been prepared in acrx)rdan¢% With the accxjunting policies set out in note 1 to the financial statements and comply with the charity's goveming document, the Companies Act 2006 and 'Accounting and Reporting by Charities: Stalement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102)° (as amended frjr accounting periods commencing from 1 January 2016) ObjeGtives and actlvlties The primary goal of the Walsall FC Foundation is to promote a healthy lrfestyie and provide physical activities to the community we serve. We continue to offer a diverse and inclusive range of actiwties suitable for all ages and genders within our ar&a. Public benefft The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Achievements and perfornunce Significant activthas and aGhieven7ents against objectives Our dedicated staff have maintained their outstanding efforts, as evidenced by the consistenty high attendance figures throughout the year. This support from the communty highlights the positive impact of our programmes. Financlal review hile this will be covered in more detail in the pages attached to this, we are pleased to report a surplus for the year. The financial position at year-end met our expectatlons, placing us in a favourable posrtion for the fulure. Resetves policy It is the poliGy of the Gharity that unrestricted funds wliKai have not been designated for a speclflc use shoul¢J be maintained at a level equivalent to belween three and six month's expenditure. The trustees consider that reserves al this level will ensure that, in the event of a signrficant drop in funding, they will be able to continue the charttls 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. Maioriisks The trustees have assessed the major risks to which the d￿rity is exposed. and are salisfied that systèms are in place to mitigate exposure to the major risks. Structure, governance and management The trustees, who are also the directors for the purpose of ¢ompany law, and who served during the year and up to the date of signature of the finan￿al statements were- MsSJLane Mr M J Kearns Mr J A Chambers MrA C Chambers Mr A L Millard Mr R Judson Mr G A Whittaker Mr W Hill Mr D Goodman Mr P Sturgess Mr G Perry Mr B Adshead (Resigned 6 March 2024) (Deceased 20 July 2024) WALSALL FC FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (GONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Recmitment and appointment of trustees New trustees undergo an orientation day to brief them on their legal obligations under charty and company law, the content of the Memorandum and Artides of Assoaation. the committee and decision making processes, the business plan and recent financial performance of the charrty. 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 evént of a winding up. We have continued to cast a critical and strategic eye over our structure, govemance and management and have invited observers to our virtual Board of Trustee Meeting. We will look to confimi at least one new trustee to the Board at this years AGM. Othar matters During the year, I was appointed Chair of the Trustees foN¢)wing the unfortunate passlng of Brian Adshead. Brian was an exceptional Chairman and is greally missed by all. His enlhusiasm for the role and support for the foolball Ljub werv liuly i¥rndrkiible. The management changes implemented in 2023 have enhanced our seprfios and improved the Foundation's performance this year. Vthile ihere have been no new ljoard app￿ntMentS, we are actively seeking to complement the e￿stIng wealth of knowledge. I would like to extend my heartfelt thanks to every member of the Foundation staff and my fellow Trustees for their hard work and dedication. Additionally. a massive thank you to all our partners for their continued support. The trustees, report was approved by the Board of Trustees. Mr G A INhittaker Chairnian - Board of Trustees 12 March 2025 WALSALL FC FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WALSALL FC FOUNDATION I report to the trustees on my examination of the financAal statements of Walsall FC Foundation (the charity) for the year ended 31 Detsmber 2024. Responslblllttes and basis of report As the trustees of the charity (and also its directors for Ihe purposes of company law), you are responsiblè for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity's finanrial statements carried out under seclion 145 of Ihe Charities Act 2011. In carrying out my examination I have followed the Diredions given by the Charity C 456,134 (20.154) Current liabilities 14 Net current assets 495,662 435,980 Total assets less current liabilities 510,988 445,925 The funds of the charity Unrestrided funds 16 510,988 445,925 510,988 445,925 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 2024. The truslees acknowledge their responsibilities for ensuring that Ihe Charty keeps accounting records which comply with section 386 of the Act and for preparing ffinancial 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 attordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements ol the Companies Act 2006 relakn'ng to financial stalements, so far as applicable to Ihe company. The members have not required the company to obtain an audit of its financial statement5 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 lo the small companies regime. The financial statements were approved by the trustees on 12 March 2025 Mr G A Whittaker Chairnian - Board of Trustees Company registration number 04077345 (England and Wdles) WALSALL FC FOUNDATION NOTES TO THE FINANGIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcies Charfty Infomiallon 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, INest Midlands, WS14SA. 1.1 Accounting convention The accounts have been prepared in accordance with the charify's governing document. the Companies Act 2006 and 'Accounting and Reporting by Charits"es: Statement of Recommended Practi¢e applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing frorn 1 January 2016). The charity is a Public Benefft 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 lo prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the fiJn¢tional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The finanual stalemenls have been prepared under the historical cost convention. The principal accounting poliaes adopted are set out below. 1.2 Going concern Al the time of approving the financial staternents, the trustees have a reasonable expectation that thè charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continu8 to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitablo fund$ Unrestricted funds are available for use at the disc*eb'on of the trustees in fvrtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or granlors as to how they may be used. The purposes and uses of the restricted funds are sel out in the notes to the finanaal statements. Endowment funds are subject to specffic conditions by donors that the capttsl must be maintained by the charity. 1A Income Income is recognised when the charity is legally entitled to it after any perfomance conditi'ons havè been met, the amounts can be measured rellably. and ft Is probable that incoffle will be received. Cash donations are recognised on receipt. Other donations are recognised once the charlty has been notified of the donation, unless perfo￿anCe conditions require defe￿al of the amount. Income tax recoverable in relation to dt)nations received under Gtft Aid or deeds of covenant is r8cognised at the time of the donation. Legacies are rècognised on receipt or otherwise rf the charity has been notified of an impending distribution, the amount is known, and re￿Ipt is expeded. If the amount is not known, the legacy is treated as a contingent asset. WALSALL FC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (GONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies {Continued) 1.5 Expondlturg Expenditure is recognised once there is a legal or constructive obligalion to transfer economic benefit to third party, it is probable that a transfer of economic beneffts will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is dassified by actiwty. The costs of each activity are made up of the total of direct costs and sliared costs, iiidudiiig 5UPPQrt Gost5 involved in underlaklng each actlvty. Dlrect costs attrfbutable 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 activty are apportioned between those activities on a basis Consistent with the use of resources. Central staff costs are allocaled on the basis of time spent. and depreualion 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 govemance costs. 1.6 Propertyp plant and equipment Propety, plant and equipment are intlially measured al cost and subsequently measured at cost or valuation, net of depredatlon and any Impairment losses. Depreciation is rewnised so as to wrlte off Ihe cost or valuallon of assets less their resi¢Jual values over their useful lives on the folk)wing bases.. Fixtures. fittings & equipment 3 years straight line The gain or loss arising on the disposal of an assel is detennined as the difference behyeen the sale pro￿edS and the caryin9 value of th• asset, and is racognised in thg Statement of financial activttias. 1.7 Impalm￿nt of non4urrent assets At each reporting end date, the charity Teviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impaimient loss. If any such indication exists, the recoverable amount of the asset is estimated in order to detemiine the extent of th8 impairment loss (rf any). 1.8 Cash and cash equivalents Cash and Cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturtlles of Ihree months or less. and bank overdrafts. Bank overdrafts are shown within borrowngs in current liabilities. 1.9 Financial instruments The ¢harity has elected to apply the provisions of Section 11 'Basic Finan￿al Instrumen18' and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of ts financial instruments. Financial instruments are recognised in the charitls 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 simultaneousty. WALSALL FC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies {Contlnuedl Basic financlal assets Basic financial assets. which include trade and other receivables and cash and bank balances, are initially measured at transaction price induding transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement conslitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of inlerest. Financial assets dassffied as receivable within one year are not amortised. Baslc Ilnan¢lal Ilabllftles Basic financial liabilities, including trade and other payables and bank loans are initially iecognised at transaction price unless the arrangement constitutes a finanryng transaction, where the debt instrumenl is measured al the present value of tho futuro payrnonts discounted at a market rate of interest. Financiol liabililies classified as payable within one year are not amortised. Debt instruments are subsequentty carried at amtirtised cosl, using the effedve interest rate method. Trade ptiyabl¥$ ¢ire obliy*atiuns lo pay for goods or Se￿ICe5 that have been acqulred In the orijlnary course ol operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not. they are presented ag non-current liabilitiog. Trada payablas ara r9cognised initially at transaction price and subsequently measured at amortised cost using the effedive interest method. Dere¢ognition of financial liabilities Finan￿al liabilities are derecognised when the chariws contractual obligations expire or are discharged or cancelled. 1.10 Employee beneffts The cost of any unused holiday entitlement is recognised in the period in which the employee's serrfices are received. Termination benefits are recognised immediatety as an expense when the charity is demonstrably committed to terminate Ihe employment of an employee or to provide tem)ination benefits. 1.11 Retirement beneffts Payments to defined contribution retirement benefrt schemes are charged as an expense as they fall due. 1.12 Fund structure The charity has a reslricted income fund to account for situations where a donor requires that fvnding must be spent on a particular programme or purpose. All other funds are unrestrided income funds. 1.13 Donated services The charity does not indude donaled services and facilities in the Statement of Financial AcliMliè$ as th8 charity is unable to reasonably quantify or measure the value of these semces. See note 13 for explanation of the type of services and facilities donated. Critical accountlng estlmatos and Judgements In the application of the chartty's accounting policies. the trustees are required to make judgements. esllmates 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 lo be relevant. Actual results may differ from these estimates. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounling estimates are recognised in Ihe period in which the estimate is rewsed where Ihe revision affects only thal period, or in the period of the revision and future periods where the rew5ion affects both current and future periods. WALSALL FC FOUNDATION NOTES TO THE FINANGIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donations and legacies Unrestricted Rostrlctod funds funds 2024 2024 Total Unrestrlcted Restricted funds funds 2023 2023 Total 2024 2023 Donations and gifts Grants 73.335 118.401 105.000 178..3qfj 118.401 131.168 56,400 131,168 56,400 191.736 105.000 296,736 187,568 187,568 Donations and gift5 Football League funding Premier League charitable fund 73.335 73.335 131.188 131,168 105,1)00 105,000 73,335 105,000 178,335 131,168 131,168 Grants National Lottery Community fund Main Granls 37.176 81,225 37,176 81,225 56,4C 56,400 118,401 116,401 56,400 56,400 During 2024. the Community Programme received fijnding of £105,000 from the Premier League charitable fund which it used to run a wide variety of programmes and initiatives to strengthen the connection belween the club, their fans and the local community. In addition, the Communty Programme continues to receive solidarity payments from Ihe Football League so long as the programme is in operation. This in(x)me is, however, nol guaranteed. Income from charitable activllles Unrestricted Unrestrictsd funds funds 2024 2023 Footballing activities within the community Sales within charitable activities 534,327 408,721 WALSALL FC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from Investments Unrestricted Unrestrfcted funds funds 2024 2023 Interest Teceivable 804 274 Expenditure on ¢haritable activities 2024 2023 Direct costs Staff costs Football kit, soccer schools, pitch hire and equipment Motor expensès Match tickets 635.154 72,197 6,156 519.631 55,817 1,668 1,240 713,507 578,356 Share of support and governance costs (see noto 71 Support Governar￿e 7,988 45.309 6,923 30,370 766,804 615,649 Analysis by fund Unrestricted funds Restncted funds 661,804 105,000 615,649 766,804 615,649 Support costs allocated to actlvltles Unrestrlcted funds 2024 Total 2023 Depreciation Rent Govemance 5,188 2,800 45,309 4,122 2,800 30.371 53,297 37,293 10- WALSALL FC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support ¢osts allocated to activities (Continued) 2024 2023 Governanee Costs comprise.. Accountancy Legal and professional Advertising. print. post and stationery Telephone and insurance Repairs and maintenance Bank charges 35 year anniversary costs Recruitment Other expenses 1,974 1,296 16,708 3.907 308 395 5,979 1,798 1,296 14,778 3,802 9S7 462 9,702 7,278 45.309 30.371 Net movement in funds 2024 2023 The net movement in funds is stated after Chargin￿{crediting). Fees Payab￿ to the charty's independent examiner: - for the independent examination of the charity's financial statements - for other assurance serwces Depreciation of owned property, plant and equipment 1,800 174 5,188 1,710 88 4,122 Trustses None of the trustees (or any persons connected with them) received any remuneration or expenses during the year. 11 WALSALL FC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Employee8 The average monthly number of employees during the year was: 2024 Number 2023 Number 29 28 Employment costs 2024 2023 Wages and salaries SocAal security costs Other pension costs 588,070 37,051 10,033 484,520 26.802 8,309 635,154 519,631 There were no employees whose annual remuneration was more than £60,000. 11 Taxation The charity is exempt from taxation on ils aclivities because all its income is applied for chartiable purposes. 12 Propertyi plant and equipment Flxturos. ffttin95 & quipmgnt Cost Al 1 January 2024 Additions Disposals 31,665 10,569 (8.016) At 31 December 2024 34,218 Depreclation and impaimient At 1 January 2024 Depreciation charged in the year Eliminated in respect of disposals 21,720 5,188 (8,016) At 31 December 2024 18,892 Carying amount At 31 December 2024 15,326 At 31 Dec8mber 2023 9,945 12- WALSALL FC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Trad• and othor rocelvablgs 2024 2023 Amounts falllng due within one year: Trade receivables Prepayments and accrued income 754 53,364 13,700 57,305 71,005 14 Current Ilabllltles 2024 2023 Other taxation and social se¢urty Accruals and deferred income 10,930 10,075 11,497 8,657 21,005 20,154 15 Retirement benefft schemes 2024 2023 Defined contribution schemes Charge to profft or loss in respect of defined contribution schemes 10,033 8,309 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately frotn those of the charity in an independently administered fund. 16 Unrestrlcted funds The unrestricled 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 inclLtde designated funds which have been set aside out of unrestricted fvnds by the truslees for specific purposes. At 1 January 2024 Incomlng rosources Resources expended At31 December 2024 General funds 445,925 726,867 (661,804) 510,988 Previous year. At 1 January 2023 Incoming Resources resources expended At31 December 2023 General funds 465,011 596,563 {615,649) 445,925 13- WALSALL FC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Related party transactions Transactions with related parties During the year the charity entered into the following transactions wrf(h related parties: Th8 Irustaes consider that The Wa15all Football Club Limited ('Ihe football club") is a related party of the charity by the wrtue of its significant influence. During the year the charity purchased advertising space of £12,960 (2023.. £12,960) and pitch hire of £6.000 (2023.. £5,750). 14-