Foundation of Light (a Company Limited by Guarantee) Consolidated Annual Report and Financial Statements for the year ended 31 August 2025 Registered Chgrity Number: 1089333 Registered Compxlly Number: 04243171
Foundation of Light Annual Report and Consolidated Financial Statements for the year ended 31 August 2025 Contents Page Twstees and Advisers for th¢ yr ended 31 August 2025 ... . .. . . .. .. ChaiTman's Staiement ........................................ . .... . ..... .... ....-..........-....................-...-..-............................... . Trustees, Report for the year ended 31 August 2025...............-........................................................................ Statement of R¢sPOll5ibilities of the TnJst¢¢s of Found#tiOE) of Light in respect of the TnJste¢s' Annu81 Report and the Financial Stsi¢ments. 10 Indepelldent Auditor's report io the members of Foundation of Light...............................-..........-.................... Comp8ny Stat¢m¢nt of Financial Activiries for the year ended 31 August 2025 (including Income and Expenditure aecount)................... .. Company Balanc¢ Sh¢¢t as at 31 August 2025 . Consolidated Statement of Financial Activities for the year ended 31 August 2025 (including In¢ome and Expenditure ac¢ount)...............-........ . Consolidated Balanc¢ Sh¢el a8 at 31 August 2025..... Company Cashflow for the year ended 31 August 2025..-..........-....-....-..-,........................-..-..........-..........-...... 19 ConsolidateAS Cashflow for the yeat ended 31 August 2025........-..,-..-............-.......-.....-.-...-...........-.................. 20 AccouE)ting Policies.............................................-...............-.......-........................-............................................. 21 Notes to the Financial Statements for th¢ y¢ar ¢nd¢d 31 August 2025 . .25 15 16 17
Foundation of Light Trustees and Advisers for the year ended 31 August 2025 Trustees Sir Robert Sydney Murray CBE- Chair of Trnstees Col. Th¢ Hon. James David Alexander Ramsbotham CBE, DL - Vtc¢ Chair of Ttvstces Kathryn Adie CBE, DL George Clarke Steph¢n Cr8m CBE- Treasurer Kyril Robert L¢onid Louis-Dreyfus Martin James Hibbert The Rt Hon. The Baroness Estelle Morris of Yardl¢y, PC Sir Timothy Mile5 Bindon Rice The Ri Hon. Th¢ Baroness Tanni Carys DaviJ)a Grey-Thompson DBE. DL Jill Scott MBE Key Management Lesley Spuhler OBE DL James Wright Ciaron Brnnning Clar¢ Wilson Chief Executiye Chief Operating Officer Chief Finatt¢ial Offic¢r Chief ComTnercial and Fundraising Offieer Regtstered offlee Beacon of Light Stsdium Park Sund¢rland SR5 ISN BonkeT Barclays Baok PLC 53 Fawcett Street Sund¢rland SRI IRS Independenl Auilitor RSM UK Audit LLP Charter¢d A¢¢ouDta¥ils I St. Jatn¢s' Gate Newcastle upon Tyne NEI 4AD Legal Advisor Ward Hadaway 102 Quayside Newcastl¢ uporj Tyne NEI 3DX
Foundation of Light Chairman'8 Statemellt l am proud io present this year's Annual ReporL What •] incredible year li has been, with Sunderlèrtd AFC a¢hi¢viDg promotion back to the Premier League, bringing iminense pride to our city and supporter5 ¢v¢rywher¢. Thi5 a¢hievemellt provides a powerful platfonn for the Foundation of Lighl str¢ngthening our visibility partnership5, and ability to Teach even more people across the region. While the Club's success inspir¢s us &ll, the Foundation continues to l¢ad th¢ way off lh¢ pitch, delivering life-changing work every single day. Over the past year, the Foundation has continued to strengthen its impact across th¢ region, providing tsPPOTtunities, hope. and 5UPPOrt tt) thousand5 of ndividua15 and farnilies. Through our WOTk in education, ¢mployability. health. and community engagemenL we have once again demonstrdted the pow¢r of sport and learning to transform lives. Among the many &chievem¢nls this year, over 16.000 young people have been supported to make safer, healthier choices, and almost 1,000 individuals hav¢ d¢veloped greater 5elf-awaTcness. confidence, and wellbeing. Our commitment to learning and personal d¢vElopmtnl r¢tn4ins unwavering. Through over 750 Sessions, we have helped more ihan 1,800 adults and famili¢s to build employability and lif¢ skilts. while almost 1,500 young people have been upskilled, unlocking brighier fUtre$ and new opportunities. The Foundation'$ 5PQrt5 alld cosnrnunity programm¢s continu¢ to so from str¢ngth ¢0 str¢ngth. Each week. over 7,000 people take part activities atihe Beacon of Light, engaging in spo]t learning> and w¢llbeing programmes. OUT F¢inal¢ Football Pathway ¢ontinue5 to thrive, with over 500 girls p8rticipating weekly and nine former players now proudly representing Sund¢Fland AFC Women's first ieam ihis season, a remarkabl¢ t¢stam¢nt to the impact of thi5 work. Th¢5¢ achiev¢m¢nts are rned¢ possible through the dedication of OUT Staff. volunte¢rs, and thE invAluabl¢ support of our partners across education, busines5, and lo¢al government. Together, we ¢ontittlle to address key challenge& ¢reaie oppoRbJnities, and inspire positive change acr05S the r¢gion and beyond. As we reflect OTb another su¢¢esgfiJl year, we also look foThvard with ambition and purpose and wilh the untinued support of OUT Stakehold¢r5, we will build on this ytar'g achievements and ensure that the Foundation's impact continues to grow for generation5 to ¢ome. Sir Robert Sydney Murray CBE 23 April 2026
Foundation of Light Trustees, Report for the year ended 31 August 2025 The Tru#$ are pleased to present their am)ual report together with the audited financial statements of ihe Charity and Group for th¢ year ended 31 August 2025. Thi5 report inclydes the infomiation requireil to satisfyth¢ company lawrequirem¢nts to presenta Strategic Report and a Directors, Rtport. Strlleture. Governanee and MaDagernent The Foundation of Light is a regist¢red charity with a sitnple bul vital mission-. using the power of football io support and iRv¢st in comrnunities, helpsng impr(ve Skills, confidence and health and happiness of people, no niatter who they are. With over 40 years. experience, the Foundation u5¢$ its po51tion and profile to reach traditionally seldom h¢ard, isolated communities, deliv¢ring ¢ducatioJ and skills, health and wellbeing, and sport related progrdmmes. Goyerniny Document Foundation of Light is a company limited by guarante¢. governed by its Memorandum and Articl¢s of Association dat¢d November 2001. Trustee liability Es limited to £1. The Foundation i$ aregist¢r¢d charity (1089333) with two sub5idiaries- Altruism Limtted {04303983), anrpOrated 12 October 2001. governÈng documents updat¢d 24 October 2014. Bearoll of Light (09221229), incoorated 16 September 2014. Appolnémenl of Tryslees Trustees are appointed in line with the Articles of Association. Foundation of Light staff cannot see as Trustees. SuRd¢rland AFC Limited ("the Club") may appoint one Truste¢. One thtrd of Trustees retirt by rotation At th¢ AGM and rnay $tand for r¢Appointment. A skills audit guides succession planning and ensur¢5 an appTopriate balance of experienc¢ and ¢xpert15e. Truslte Jnduetlon Trdlnltsg New Trustees receive an induction pa¢k including the goveming do¢umeftts, C4MNrnittee SEN¢tures, business plan, and recent financial infonnation. Trust¢es are encournged to att¢nd extemal training relevant to their role. Or2anis4tion The Board of Trustees (between six and e1ve m¢mbers) administers the ChaTity. The Board ¢ets at least four times annwally, supported by sub-¢OmTnittees covering: Finance, Audit and Risk Nominations and RemunBr&tion Programmes The Chi¢f Exerulive manages the day-to-day Dperions with delegated authority approved by the Trustees.
Foundation of Light Trustees, Report for the year ended 31 August 2025 (eontinued) Governance Review ondBoardEffe¢ilvene$s Following a governance review initiated in 2020, the Foundation has strengtheAed structures attd pro¢ess¢s, including a Goveman¢¢ MaDual. updated committee terms of refen¢¢, and Str¢4mlined poli¢y rnalri¢es. Skills surveys have informed committee stTUCtures with positive ¢hange5 to the FinaDce, Audit and Risk Committee, the fomiation of the Progr8mm¢s CoTnmitte¢, and two joint Board meetings. A fourth Strat¢gy Day took place in 2025 shaping the Foundation'5 new strategy. R¢thled Partles Th¢ Foundation is structurally and financially independeni of Surtderland AFC but benefits from significani support through its gifts in kind, in¢luding mah day tick¢ts, ood0tiOn, and auction prizes. Key Mon&gemeni Pay All staff, including key manag¢ment, are paid according to established salary graaes benchinarked within the sector. Pay grades are reviewed annually as part of the budget pro¢e5s. The Nominations and Remuneration Committee approves annual pay awards. Rlsk Mrfwagemenl The Tru5tee5 operate a risk managem¢n¢ strat¢gy ihat includes.. Annual review of Group-wide risks Sy5t¢m5 and procedures to mitigate identified risks Processes to minimise impact should risks m2terialise Particular focus remains on safeguarding, h¢alth and 58f¢ty, and financial resili¢nc4 SUPPOrted by regular oversight by the Finance, Audit alld Risk CoTnmitiee. Principal Risks and Uneertttinties Fln4nel41 The ongoing r05t-of-liYing crisis contlllUe5 to ¢balleng¢ operntional sustsinability. Rising costs and reduced dottoreapacity remain key concerns. Mitigations include income diversification. stren8therted fundraisin& ¢los¢ finan¢ial monitoring, and maintaining unrestri¢t¢d r¢5eThes. IMP¢1 o/P&verty on S¢aIf Staff w¢llbeing, morale, Und burnout remain priorities. Support includes Real Living Wage commitm¢ni, wellbeing initiatives. flexible working, and staff developm¢Dt programm¢s through the Cukure Group. Compliance qnd GovernqHce Regulatory requirements a¢r0$5 charity law. GDPR, health artd safery. and cybersecurity r¢main ¢ompl¢x. Policiey, trainiAJg, and digitsl infrastrncture hav¢ been stret)gthened to ensure compliance.
Foundation of Light Trustees, Report for the year ended 31 August 2025 (continued) Regource RecruitmenL retention, and workplace diversity ¢ontit2ue to require focused action. Initialives include leadership developmenL SU¢C¢SSlQlb planning, tgeted EDI activity. and wellbeing programmes. Operallon$ Rtsks include papd¢mic5, cyberattacks, and other unexp¢cted disruptions. Busin¢ss continuity planning> cybersecurity investment, and staff training are in place to maintain resilience. Increased Demondfor Servle Demand for Foundation programmes contit)ues to rise due to in¢re3sed hardship in the region. Mitigation focu6¢5 targeted funding, strong partn¢r5hips, and robust evaluation. Achievtmenls ttndPeTfvrmun¢e The Foundation delivered an exceptional y¢ar of ¢ommunity impac¢ in 2024n5. transforniing onfidence, life skills, health and wellbeing for thousands of children, young people and adulis aeross the region. 202412025 Delivery Highlights Our Reoch 25.425 young people and adults supported 601,837 hours of high-quality delivery 115 schools engaged 7,000 people a week visiting the Beacon of Light 182 mental health ambassadors contributed more than 10,000 houT$ 120 arti¢les published - in¢luding a national feature in Hellol Magazine Our Impact Real change happens when people feel support. conne¢l¢d and ¢onfident. This year, from questionnaires given to participants, participants reported.. 68•/0 improved wnfidence 59 /0 stronger sense of community belonging 70(*/o enhanced life skills 48/0 progressed to their next step 71ty/0 improved physical health 73 /0 improv¢d mentsl health In addition.. 16,017 of participants improv¢d ¢mployability skills 333 achieved qualifications IOOO+ improved math5 and English (8 95Q/¢ pass fdle) Programmes addressing isolation, diet and fitness 5UPPOrt¢d 2,345 participant5 Over 3,000 disabled parti¢ipants accessed inclusive 5P(
Foundation of Light Trustees, Report for the year ended 31 August 2025 (continued) S4¢ees5 Siorles Imdjnnowilon Former PDC and FCC player Tomn)y Watson made hi5 Sunderland debut, scorftng the goal at Wembley. 300Yo growth in female players joining PDC 5e55ions. Youth Hub launched, supportirg 105 young p¢opl¢ sinc¢ May. Opened a new Advan¢ed Manufacturing work unit in partneiship with Nissan. Introduced digital systems, Abler and Float, to enhance operatioDs. Deliv¢red ¢ollaboiative projects wi¢h NUFC Foundation. including North East Uiiifed. Completed extensive consultation for the 2025-30 Strategy. Fomied a new shar¢d pUrse agreement with SAFC io tackle sh#r¢d priorities. Signed a 5trdtegic partnership with Dutham University, beginning with a targeted youth project in Stanley, County Durham. Altruism recorded a profirable position f(* ihe second consecutiv¢ year. Secured a new Tier One partfter - Croda Foundation. tackling the root ¢au5¢s of child pov¢rty. E¥eellÈMee aftd Reeogiiliion 100 recorded compliments Six awards earned 185 5uw¢ssful fvnding proposals worth £3.36m Ex¢mplary Capability Code of Practice grading Monthly newsletter open rate at 37Vh (well above sector average of 250/0) Behind the S¢eRes Charity in¢om¢ iotalled £4.] million, wilh high donor retention (98V/o) 41nd new partnet¥hips secured with Croda Foundalion, Duthaim University, Stage¢oach North East, North¢rn Powergrid, NECA Trailblazers proj¢¢t and Point North. The Wear One campaign continued to strengthen Community engagement to $upport familie5 across the North East living in poverty. Dlveisffty Ine14slon The Race Equality Code was achieyed after 4 ¢iJmpreh¢nsi¥e self-asse55Enent, this helped th¢ development of the new strategy and action plan that is being monitored through the ProgramTn¢$ Committee. People Employee pride remains high- 91.10/9 are proud to work for the Foundation and 91.70/a of leavers would consid¢r r¢turning.
Foundation of Light Trustees, Report for the year ended 31 August 2025 (continued) Investment Procedures and Policy Re5eryes are held in inierest-bearing cash d¢pvsits to Ineet liquidity needs. TnJ%tr¢s hav¢ powers to invest funds as set out in th¢ goveming document. Reseryes Polley Ajinual Group running costs ar¢ approximately £5.7 million (excluding gifts itt kind). Th¢ targ¢t for unrestricted res¢rve5 is a minimum of £750,000. As of 31 August 2025.. Charity vnre5trict¢d reserves.. £1,315,803 {202AI- £1.202,722}, maintaining a position above target Charity free res¢rves- £1,265.501 {2024'. £1,152.360) Group unrestricted reserves.. £512,670 (2024.. £323,350) Group free reserves: £462,308 (2024.. £272,988) Th¢Te 15 a five year business plan, tnapp¢d to the strategic plan. in place for the Foundaiion, this 15 support¢d by a robust implememtation plan thal considers objectives, KPIS and r¢sour¢¢s. Thc trading subsid1 has its own business plan Plall5 for Future Years Ylslonfor 2026 Poverty remains a significant Challenge in our region, with ov¢r a third of our communities living in the most deprived 200/Tr of areas nationally. Residents faoe overlapping issues in¢luding low in¢ome, unemployment, piK)r ¢du¢ation and skills. poor health, hEgh¢r cri¥ne, ban'i¢Ts to housing and servi¢¢s. Th¢ impact is ¢lear. Life expectancy is up to 2.5 years low¢r for men and 2.4 years lower for women than th¢ national average. with healthy life expectancy gaps of up to seven years. Over a quarter of adulis are physically inaetive, mor¢ residenrs rep¢Jrt very bad health, and poor mental health contNUeS to affect opportuniiies and quality of lif¢. The digital divid¢ is widening, with Enally lacking th¢ skills or access needed to llY participate in society- Children are disproportionately affecteiL with more thatt a quarter growing up in absolute poverty. As a result over the next five years, we will put our energy into three focus areas: Focus l- Belng Skllled By collaborating with our extensive netsvork of partners, $u¢h as s¢hoots, Colleges, local authorities, training provid¢rs and indu51ry. w¢ will h¢lp people slay in education, be ready for life and work, and progresg illto Apprentieeships, emplo>Thent or furthertraining. This will enable communities to b¢n¢fit from the region's growth and pr9Vde them with a sense of beliefi purpose and community. We are here to conne£t with those who don't fit within traditional models of engagement. We will increase attendan¢e in schooly 2nd college, reduce ihose not itt education, employment or training and help more people into work. Focus 2- Belftx eonnee¢¢d F(M)tball is 2 great leveller, but our work is so much tmore. By bringing together partneTS incllldEng local authorities, Crime coinmissioners, th¢ police and voluntary secior agendas, we will ro¢r¢at¢ PTogramm¢s that ¢ngag¢ Tnore div¢rs¢ Qgfftmunities and encourage inclusion. Our a¢ce5sible.
Foundation of Light Trustees, Report for the year ended 31 August 2025 (continued) welcoming spaces can build p¢a¢e and sthbility. coDtrrbulion and participation alongside greater equality. We will reduce loneliness. tmprove health, happiness and life satisfaction and foster friendshRp5 amd relationships. Focus 3- Bethg Well We will engage all sg¢$, abilr(ies, backgrounds, ond cultures through a shared love of football and 5PQrt. Leveraging the support of the Premier League, Sport Ettgland, other professional sports harities, RISE, and goveming bodies to inspire people to get illto sport and improve their physical and meNÉal wellness. Her¢. and in our neighbouthoods, w¢ will addres5 mental and phystcal health AUeS and provide sports and wellbeing sessions that contintse to help people live and age well, develop a $ens¢ of pride. and build confidence to comp¢t¢. We will increase participatton, improve physical adivity and strengthen mental wellbeing. We will do this by.. Being there - A constani, trusled and inclusive presence across OUT ¢ommunities in*erson and virtually. Success indicators.. Triple our reach with on¢ lnillion contact hour5 each ye&r' 75•/b p#rti¢ipant posittve outroJne5- 30 minutes to a Fourtdaiion of Light in person experience. Btlng ¢0118knrative - Strengthen&ng imp2¢t ihrough ¢reative Collaboration with our club and other k¢y partners. Su¢¢¢ss indi¢ators.' A new way of working, ¢videnc¢d with a publish¢d Partnetthip Social Return on Inv¢stm¢nt Report,. five active CoLobs. an engaged network of partners. Being bold - Continuously improving thFough gr0h, innovation, learning and ambition. Success indicators.. 750/ty of slrategic decisions data driven. double unr¢5tricted income to fund innoyalion. maintain Exemplary Èn Th¢ Code of Practice. Results for the Year The Group results for the year end¢d 31 August 2025 show ner ¢xpendiwre of £215.093 againsl net exp¢nditur¢ (If £311,905 for the previous year. Whi15t the depreciation charge of £387,714 for the Be0 is iTLclud¢d ID the Group accounts, the annual release ofcapitxl gJzntsTe¢¢ived to support the building of the Bea¢on of £378,783 ts ¢xclud¢d on n$011d8ti0n as it was re¢ognised in full on re¢eipL in lin¢ with a¢¢ounting standards, anil 1$ d¢notrd by th¢ r¢5tricted fixed asset fund against which the annual depreciation is charged. The Group again produced apositive trading F,BITDA (Eamings befor¢ interest, lax, depreciation and amortisation), of £245,232 compared to £195.055 in 2024. Income for the year was £5.572.443 (2024.. £4,910,621) r¢flecting tncreases in donations and charitable activities as well as increases in other tradin8 aclivities. The Group expenditure &lso in¢05ed to £5,787,536 (2024.. £5,222,526) as expected against the higher income r¢port¢d r¢flectit]g odditional d¢liv¢ry ¢os¢s. The reserves of the Group r¢inAin strong with funds ¢aTried forward of £16,384,755 (2024: £16,599,848) of which unrestricted funds repres¢ni £512,670 (2024: £323,350). The r¢serves for the Charity also r¢main styong in 2025 at a lev¢] of £1,322,678 {2024,. £1,226,235) of whi¢h £1,315.863 (2024.. £1,202,722) Are unrestricted and exceeding the minimum target of £750,000 set ou£ in the re5¢rY¢s policy.
Foundation of Light Trustees, Report for the year ended 31 August 2025 (continued) Th¢ Group's cash gen¢rat¢d from operIng activili¢s wa5 £261.824 cash inflow12024.' £144,378), £113,843 wa5 invesied on n¢w assets ranging from the anfr&structyTe to create ttvo new world of work ZOT2es to a number of upgraded laptops and tablets to be u5¢d 3¢ross the organisation. After inieresi on loans of £75,619 and capital loan repayment5 of £46,161, the Gr(>up's ¢h and cosh equivalents In¢ased by £19,967 ov¢r the year to £1,212.576. still m#intaiDing a healthy financial position to carry forward into 2026. GolnE Concern Th¢ financial statements have been prepared on agoing concern basis, notwithstanding that the Group has reported 2025 net expenditure of £215,093 {2024.' £311,905) 2nd 2025 net ¢&sh inflows of £19,967 (2024.. £369). The Group y¢ar-end balance sheet for 2025 ha5 net cUent assets of £1,170,766 {2024- £1,116.639) including cash at bank of £1212,576 (2024.. £1,192,609). The primary external fanCe of the Group is the loan dve to the Chorlty Bank whsch ha$ an outstanding balance of £987,677 as of 31 August 2025. Monthly capital and interest r¢paym¢TLts Commenced February 2023 with th¢ fiDal repayment due January 2038. Interest is charged at 3Q/o above ihe Bank of England ratt. This loan has two covenants attached these are a cash covenant and 8 loan to vAlue which are both compliant. A oapital r¢payJnent of £IOOk has been made post year end against th¢ cUent loan balance. Managemeni have pr¢par¢d a cash flow forecast for the period ending 31 August2027 which has beEn used as their basis of assessing th¢ going ¢on¢¢rn basi5 of preparation. The cash flow Tefle¢ts grant fvnding ihat has already been secured as well as in¢luding assumptions that renewals of regular funders will take place. The Trustee$ ar¢ confid¢nt that the company and Group will have sufficient funds io continue tr) meet its liabilities a5 they fall due and for at least 12 months trom the date of approval of the financial statem¢nts And th¢r¢fore have prepared the financial statements on 2 going ¢onc¢m basig. RSM UK Audit LLP wer¢ appoint¢d as auditor to the company and a resolution proposing that they be re- appointed will be put at a Gener21 Meeting. Each of the Trustees has conftrn]¢d that there is no infonM2tion of which they are aware which is r¢levant to th¢ audit, but of which th¢ auditor ts unaware. They have futther confimied that they have taken appropriat¢ 5tep5 to id¢ntify such r¢l¢vant inforrnation and to esiablish that th¢ auditor is aware of sueh infonnktion. On behalf of th¢ Truste¢S Sir liob¢rt Sydney Mu 23rd April 202
Foundatioll of Light Statement of Responsibilities of the Trllstees of Foundation of Light in respect of the Trustees, Annual Report and the Financial Statements The TTUSteu. who are a150 th¢ Directors of Foundation of Ligh¢ for the Purposes of company law. are responsible for preparing the Trustees, Report and ihe financial s¢atem¢nts in a¢cordan¢e with applicable law and regul]0$. Company law requires the Trthste¢s lo prepare financial siatements for each financial year. Under that law the TnEstees have ele¢i¢d to prepare the financial alementS in a£cordan¢e with United Kingdom GeR¢ralty Accepted Accountsng Prnctice {Ut)ited Kingdom Acwunting Standarth and applicable law). Und¢r cojnpany law the trnstees must not prove the financial statements unless they are satisfied that ihey give a trne ond fair view of the state of affairs of the charitable comp8ny and group and of the inwming resources and application of resources. iNcluding the incoffle and expenditurq of the haritable company and group for that period. In preparing these financial statements, th¢ TTUStees are required to.. select suitable accountittg policies and then apply them consistently,. observe the meihods and principles in th¢ Charities SORP- make judgements and estimates that are reasonable And prudent., %tat¢ wh¢thtr applicable UK Accounting Standards have be¢n followed, subj¢¢t to any mat¢rial departures disc105ed and ¢xplained in the financial statements., and prepare the financial staÉ¢m¢nts on the going concern basis unless it is inappropriate 10 pr¢sume that the charitable company and Group will Continue in bustness. The Trustee5 are r¢5ponsible for keeping adequat¢ accounting records that are sufficient to show and explain the eharit2ble ¢ompany and Group's transactions and disclose with reasonable accuracy at any time the financial position of th¢ charitable company and Group and ¢nabl¢ th¢m to ensure that the financial statEm¢nts wrnply with th¢ Companie5 Act2006. They are alsoT¢5pon5ibl¢ for Safeguarding the 2ssets of ihe Charitable wmpany and the Group and hence for taking reasonable steps for the prev¢nlion and detection of fraud and other irregularities.
Foundation of Light Independent Auditor's report to the members of Foundation of Light Opinion We have audit¢d th¢ fin)CIal statements of Foundation of Light (the 'parent charitable company.) and its subsidiaries (the 'Group') for th¢ y¢ar ended 31 August 2025 which comprise the Group and Company Statement of Financial Activitl¢5, the Group and Company Balan She¢t5, th¢ Group and CoMpY Cash Flow Statements and notes to the fttrdncial stateents, including significant accounting policies. The financial reporting fram¢work that has bttn applied in their preparation is applicabI¢ law and United Kingdom Accounting Standards, in¢luding FRS 102 "Th¢ Financial Reporting Stsndard applicable in th¢ UK and Republic of Ireland" (United Kingdom Generally Ac¢ept¢d A¢¢ounting Practice). In our opinion the fsnan¢ial staternents.. gAv¢ a tru¢ and fair view of the stale of the Group's and the parent charitsble company's affairs as at 31 August 2025 and of the Group's incoming resources and application of resources, including its income and expenditurt, for the year then ended; have been properly prepared in accordance wsih Unit¢d Kingdom G¢nwally A¢c¢pied Accounting Practtce,. and have been prepared in a¢cordance with the requirements of the Companie5 Act 2006. BASIS for opimion We ¢ondu¢t¢d our audit in accordance with Intemalional Stsndards on Audkting (UK) (ISAS (UK)) and applicable law. Our responsibilities under ihose standards are fvrther described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group and parent charitabl¢ wrnpany in a¢wrdan¢e widi th¢ ethical T¢quir¢m¢nts th aT¢ rel¢vani to our audit of the flljancial sraiemen1s in the UK, including the FRC'S Ethical Standard and we liave fulfilled our other ethical responsibilities in accordance with th¢5¢ requiT¢ments. We believe Èhat the audit evidence we h&ve obtaintd ig sufficsent ttnd appropriate to provide a basis for our opinion. Conelusions relating to EOlnE eoncern In auditing the financial stat¢ments, we have concluded that the Trustees, use of ihe gotng concern basts of accounting in th¢ preparation of th¢ fin¢141 statements is Appropriate. Based on the work we have performed, we hE4Y¢ not idenlified any material uncertainlies relating 10 ev¢nts or conditions that, individually or ¢oll¢¢tively. may east significant doubt on th¢ Groups or parent charitsble company's ability to continue a5 a going concern for a period of 01 le&sÈ twelve mon¢hs fmm when the fit)ancial staiements are authoriy¢d for issue. Ourr¢sponsibilili¢s and th¢ r¢sponsil)ilities of the Trustees with Tespe¢tto going ¢oncern are described in the relevant 5e¢t10115 of this r¢port. Other Inform4tlon The other inf0rn7ation comprises the information in¢lud¢d in the Consolidated Annual Report other than the financial staterncnts and our auditor's report thereon. The Truste¢s ar¢ responsible for the other inforniation conlained within the Consolidated Annual Report. Our opiftion on the financial ststeJn¢nts does not cover the other inforniation aftd, ex¢¢pt to the extent otherwise ¢xplicitly ststed in our repott we do not express any forni of assurance conclusion th¢reorA.
Foundation of Light Independent Auditor's report to the members of Foundation of Ligbt (continued) Our responsibility is to read the other inforniation and, in doing so, con$id¢r whether ihe other infomiation is materially in¢on$istent with the financial statements, or our knowledge obtsined in the ourse of the audit or othen¥tse appears Éo bE mat¥rially mis5t8t¢d. If we identify such materi in¢onsi5tencies or appar¢n¢ material misst&tements, wt tre r¢quir¢d to determkne whether this gives rise to a material misstetem¢nt in the financial statements themselves. If. based on the work we hAve perfoJ7n¢d, we collclude that there is a material misstatement of this other infomiation, w¢ a r¢quired to report that fk¢t. We have nothing to t¢port in this regard. Oplnion5 On other matters prescrlbed by the Companies Aft 2006 In our opinlon, based on the work undortak¢n in the course of the audit.. th¢ information given in the Trustees, R¢port, which in¢lude5 the Directors, Report and the Strategit Report pr¢par¢d for the purposes of company 12w, for the financial year for which the financial stat¢m¢Dts are prepared is conststent with the financial statements. and Ihe Directors. Report and the Strnt¢gir Report included within the Trustees. Report have been prepared in Accordan¢e with appli¢able l¢gal requirements. Mgtters which we are required to report by exctptio In the light of th¢ knowl¢dg¢ and ut)derstandiJg of the Group and th¢ par¢nt rharitabl¢ Company and their ¢UYiTonment obtained in the course of the audit, we have not identified material misstitemeDts in the Dire¢tors'" Report, or the Strategic Report included within the Trnstees, Report. We have nothing to rq)ort in r¢sp¢tt of the following matters where the Componi¢s Act 2006 requir¢5 us to report to you if, in our opinion= adequate accounting record5 have not been kept by the parent Charitable cornparty, or returns edequat¢ for our audit have not been receiyed from brdnches not visited by us. or the parent charitable company fJnan¢ial statements are not Én agreement with the accounting records 2nd return$. or ¢¢rtain di$¢105ures of Trust¢¢s' remuneration $p¢cified by law are not made. or w¢ have not received all the iryforniation and ¢xplana¢ions we require for our audiL Respon$lblllties of Truste¢$ As explained more thlly in the Statement of Trustees, Tesponsibiliti¢s set out on page 10. the Trustees (who are also the direciors of the charitable company foT the purposes of cotnpany law) are responsible for the preparation of the financial statetnents and for b¢ing satisfied that ihey give a tNe and fair view, and for such intemal control as the Trust¢e5 det¢rTnine is n¢¢¢ssary ts enable the preparation of financial statements that are ftee from m&t¢ri81 misstatemeftt. whether due to fraud or ¢rror. In preparing the financial sta*ments. the Thstees are Te5pottsible for aSSeing the Group's and pBrEnt charitable company's ability to continue as a going concern, di5¢10sing, as applicable, matters related to going con¢¢m and using th¢ going concern basis of &ccounting unlegs the TNstees either intend ts> liquidate ihe Group orparent charitable company or to cease operdtions, or have no realistic aiternative but to do so. 12
Follndation of Light Independent Auditor's report to the members of Foundation of Llght (continued) Auditor's responsibilities for the audlt of the fin*ncial statements Our objective$ #r¢ to obtain reasonable as$uran¢e about whether the fit1¢]?1 ststements as a whole are fre¢ from material misstatemet)t, whether due to fraud or error. and to issue an auditor's reportthat in¢ludes our opinion. Rta50nable assurance ffis a high level of assurance but is not a guarante¢ that aft audit conducted it) accordance with ISAS (UK) will always dete¢t a material misstatement when li ¢Xi5ts. Mi55tatemeE]ts can arise from fr#ud or error and are considered material if, individually or Én the aggregate, they Could reasonably be expected to iM£lutnce the erot]ornic decisions of u5¢rs tske on the basis of these financial statements. The extent to whleh the audit was eonsldered ¢Apable of d¢te¢thng Irregularltles, including fraud Irregularities are instan¢es of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit ¢videD¢¢ regarding c4)Inpliance with laws and regulations Ihat have & direct effect on the detemiination of material amounts and disclosures in the financial Statements, to perforni audit pro¢¢dur¢s to help identify instances of non-compliance with other laws and regulations that may hav¢ a mat¢Tial eff1 on the financial statements. and to respond appropriately to identifi¢d or susp¢cted non-compliance with laws and regulations identified during the audit. In relation fixud, th¢ objectives of our audit ¥re to id¢Dtify and assess the risk of material misstatement of the financial statements due to fr4vd, to obtain sufficient appropriate audit evidence regarding the a55eS5ed risk5 of material misstatement due to fraud through designing and implementing approprioie r¢sponses and to respond appropiiately to fraud or susp1¢0 frdud identified during the audi¢. However. it is the primary responsibility of manogem¢nt, wilh the oversight of those ¢harg¢d with governance, to ensure that the entiiy's operations are conducted in a¢coFdatto with th¢ prov55ions of laws and r¢gulations and for the prevention and det¢¢tion of fraud. In ideniifying and assessing risks of materi81 misstat¢m¢nf ID re$p¢¢f of irr¢gulariii¢s, including fraud. the Group audit enga8¢m¢nt team: obtained an understanding of the nature of the sector, includin8 ih¢ legal and regulatory framework thal the Group and parent charitable company operates in and how the Group and parent charitsble company are ¢omplying with the legal and regulalory fram¢work. inquired of rnanagem¢nt, and those eharged with governance, about their own identification at]d assessment of the risks of irregularities, including any known actual, suspected oralleged instanc¢5 of frdud. discussed mattets about non.¢ompliance with laws and regul10n$ and how fraud might occur including assessment of how and where the fthanciol statements may be susceptible to fraud.
Foundation of Light Independent Auditor's report to the members of Foundation of Light (continued) As a result of th¢s¢ procedure4 we consider the most $ignificant laws and iegulations that have a direct impaci on the financial statements are FRS 102, Charities SORP {FRS 102). Companies Act 2006, Charities A¢t 2011 and the par¢nt charitable ¢ompany's goyeming document. We perform¢d audAt procedures to d¢tect non.compliances which may hav¢ 4 material impact on the financial ststements which included reviewing the financial ststements inrluding th¢ Truste¢s' R¢port, remaintng alert to new or unusual transactions which may not be in accordance with the governing documents, evaluating advice recEived from extemal advisors and inspecting correspondence and milluies. The mosi signifi¢ani laws and regulations thathave ao indirect impact on the fmancial 5tatemeRls are thos¢ in relation to health and saf¢ty, UK Gen¢ral Data ProtlIon Regulation (UK GDPR) and the Data Protection Act 2018. We perfomied audit procedures to inqvir¢ of management and th05¢ charged with governance whether the Group i% in complianGe with the5? law and regula¢ion5 and inspected correspondence with regulatory authorities. The Group audit engag¢m¢nt tsam identified the risk of management oveffide of controls and income recognition as the areas where the financial staternents were most susceptibleto maierial misstatement due to fraud. Audii pro¢¢dures perfomied included but were not limited to re$ting monual joumal entries and other adju%tm¢nts, ¢valua¢ing the business rationale in relation to Significa1. unusual transactions and transactions entered into outsid¢ the normal ¢ours¢ of bu5in¢55, ¢hall¢nging judgment5 and estimates and reviewing transactiot)$ around the year-end to consider if the income is recorded in the correct period. A further description of ourresponsibiliiies for the adit of the finan¢ial ststements is provided on the Financial Reporting Coun¢il's w¢bsil¢ at http.'l/www.fv.org.uk/auditor5r¢5ponsibilities. This descripiion foms part of OUT auditor's report. Use of report This report is made solelyio the charitable company's members, os abody. ID a¢cordance wilh Chapter J of Part 16 of the Companies Act 2006. Our audit WOTk has b¢¢n undertaken $0 Ih&t we might state to the charitable company's members ihose matt¢rs we ar¢ required to state to them ij? an auditor's report and for no other purpose. To the fullest ext¢n¢ pEmiiti¢d by law, we do not accept or assum¢ responsibility to anyone oth¢r than the charitable Company and the ch2riiable company's members as a body. for our audit Work. for this report. or for the OPilliOD5 we have fornied. LUCY ROBSON (Senior Stawtory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditoi Chart¢r¢d A¢countants I St Jame5, Gat¢ Newcastle upon Tyne NEI 4AD Dale 14
Foundation of Light Company Statement of Financial Activities for the year ended 31 August 2025 (ineluding Income and Expenditure account) Nots Unrestricted Restrieted Total funds Total funds fuzhds funds 31 August 31 August 2025 2024 1COMe from: Donations and legacie5 la 121,719 29,588 ISIJ07 146,500 Charitable actlVLtI¢S Ib 973,564 2.580,148 3,553,712 3.114,277 Other trading activities Ic 433,100 433,106 470,913 Investments Id 50,752 50,752 48,708 Total Ineom¢ 1,579,141 2,609,736 4,188,877 3,780,398 Expenditure on: Raising funds 2a 295,471 295,471 254.829 Charitabl¢ activities 2b 934.833 2,862,130 3,796,963 3,525284 Totsl Expenditure 12311J04 2,862,130 4.1192,4J4 3,780,113 Net (exped11r¢)IjD¢oe 348,837 (252 J94) 96,443 285 Transf¢rs between funds 12 {235,690} 235,696 Net movement in funds 113,141 (16,698) 96,443 285 Total funds brought forward 1202,Y22 23,513 1220J35 1,225,950 Total funds carried forward 1,315,863 6,815 lJ22,678 1.226233 All gains aT]d 1055¢S T¢wgnis¢d in th¢ y¢ar ar¢ iTr¢lud¢d in th¢ Stat¢m¢nt of Financial Activities. All in¢om¢ and expendilure are derived from continuing activities. There is no difference between the net in¢oTning resources shown above arAd th¢ir historical cost equivalenl5.
Foundation of Light Company Balance Sheet as at 31 August 2025 Note 31 AuEllSt 2025 31 August 2024 Fixed os$et$ Intangible assets 3,901 Prop¢rty, Plant and Equipment Ill494 45,342 Investments TotNI fixed assets 104,596 49.245 Current IS5ets Debtor% 1,819.195 .791.154 Cash at bank aDd in hgnd 1,104,illt 1,115,805 Total current asset$ 2,923306 {769J17) 2,15J089 2,906.959 (741,7671 2,165,192 Creditors.. amounts flIn due within one ear Nel current assets Total a55ets less eurrent liabillties 2 358.485 2.214.437 CreditOTS.' amounts fallin due after more than one ear 10 935,811 (988202 Net as$els 22,678 1,226.235 The funds of the charity: Rtstrict¢d income funds 12 6,815 23,513 Unrestrtcted incomt funds General funds 12 l265,$01 1.152,360 Designated fund5 12 SOJ62 50,362 Toiat unrestri¢t¢d income funds IJE5J63 1,202,722 Total charity funds lJ22,678 1,226235 The financial statements were approved by the ThJsle¢s on 23 April 2026 and were signed on their behalf by- Sir Robert Sydn¢y Murray Trustee
Foundation of Light Consolidated Statement of Financial Activities for the year ended 31 August 2025 (including Income and Expenditure account) Note Unre5trleted Restrleted Restricted Tothl funds Total funds funds funds Flxed Asset 31 August 31 August funds 2025 2024 Incom¢ from: Donations and legactes Charitable actiVFties 121,719 29,588 151J07 143.500 Ib 973,564 2.580,148 3,55J,712 3,114,277 Other trading activities 1.816.672 1,816,672 1.604,136 Investments Id 50,752 50,752 48.708 Tot41 Income 2,962,707 2,609,736 5,572,443 4,910.621 Expenditure oll: Raising funds 1,126,406 1,126,406 907,688 Charitable activities 2b 1.659,740 2,613,670 387.714 4,661,130 4,314,838 Total Expenditure 2.786,152 2,613,670 387,714 5,787.536 5,222.526 Net (expenditure)lin¢gme 176,550 (3,934) {387,714) (215,093) (311,9051 Transfers between fund$ 12 12,765 {12,765) Net movernent in funds 189,320 (16,699) {387,714) (2J5,093) (311,9051 Totsl fund5 broiEght forward 323J50 23.514 16352,984 16J99,848 16.911,753 Total funds carri¢d fonYaTd 512,670 6JIS 15,865,270 16J84,755 16,599,848 All gains and losses recognised in the y¢ar are included in th¢ Staiem¢nt of Financial Activities. All income and expenditure are derived from continuing activities. There is no differ¢nce b¢tween the nei incoming resources shown aboY¢ JDd their historical cost ¢quivalents. JJ Augusl 2025 31 AM8usI 21124 rradlng EBJTDA Net expendiftire D¢pTeciation and(Thoriisotion charges Inlepesl reG¢ivuble Inteyestpayable Trqdlng EBITDA {EarHings Btfore Inleresl, T&¥e5, Depreelttdon dndAmortls¢Yli&n) (215,093) 435,458 150,752) 15,019 (311,905) 468.714 f41,708J 80,954 245,232 195.055
Foundation of Light Consolidated Balance Sheet as at 31 August 2025 Note 31 Augtt$t 2025 31 August 2024 Fixed assets Lntangible Sets 5,999 PrOrtY. Plant and Equipment 16,149,796 16,465,412 Tot41 fixed assets 16,149,796 16,471,411 Current assets D¢b¢or5 927,246 913,777 Cash at bank and in hand 1.212,576 1,192.609 Total eurrent assets 2,139,822 2,106.386 CreditQTS.- ainounts falling due within ome y¢ar Net curreDt assets (969.056) (989,747) 1.170,766 1,116,639 Total assets less c¥JrrtTht Ilabllities 17J20,S62 17,588,050 Creditors.. amounts fallin due after mor¢ than One ¢ar 10 935,807 (988,202 Net assets 16J84,755 16,599,848 The f&nds Of the group: Restrl¢t¢d funds Restricted Fixed Asset Funds 12 15,86S,270 16252,984 Restrictsd Income Fur5ds 12 6.815 23,514 Tot21 restricted funds 15,872,085 16.276,498 Unrestricted funds General funds 12 462P08 272,988 Designated funds 12 50J02 50,362 Total unrestricied funds 512,670 323.350 Totgl group lld$ 16a84,755 16,599.848 The financial statements on pages 21 to 42 wer¢ approv¢d by the Tru5te¢s on 23 April 2026 and wer¢ signed on their behalf by: Sir Robert Sydney MuTray C Trtystee
Foundation of Light Company Cashflow for the year ended 31 August 2025 For the year endiRg 31 August 2025 For the year ending 31 August 2024 Net cashflows frtsm by operating activities.. 200.238 193,918 C4shfloivs from investing o¢tlvitie$", trchaSe of property, plant, equipment and intangible a$s¢ts Net cash used in Investlng aetivilie$ (88,S21) (10,204) (88,521) (10204) Cashflows from Iln&neing a¢livities.' L¥Jan r¢payments (47,892) {40,732} Int¢r¢st paid on b¢)rrowings (75,619) 186,954) Net cash used In flnancing activities (12311) (127,686) Change in cash alld cash equivalents in tht period (11,794) 56,028 Cash and eash equlv4l¢nt5 at the beginning of the period 1,115,805 1,059,777 Cx5h and cash uivalents at the end of the period 1,104,011 1,115,805 ReconTiliation of net movement (ndS to net e#sbflows from opernting #etlvitles: Net movement in funds 96,443 285 Adjustm¢nts for.. Depr¢¢iation and amortlsation charges 33,171 60,436 Interest payable 75,019 86,954 Iln¢re&%eYdecr¢ase in debt¢)r8 {28,041) (333249) Increlqelldecrease) ift creditors 23,046 379.492 Ntl ¢asbflow5 from operaÉihg actlyltles 200,238 193,918 19
Foundation of Light Consolidated Cashflow for the year ended 31 August 2025 For the yeqr e4dlng 31 August 2025 For lie year ¢nding 31 August 2024 Net e&shflows from by operating aelivitles: 257J21 144,378 C8$hllows from investing 4etivitles: Purchase of property, plant, equipm¢nl and inÈangibl¢ aSts {113,843) (16,323) ea$h used in investiog activities Cashflows from finon¢iDg act¥Yilies". (113,843) (16,323) Loan repayments (47,892) 140,732) Interest paid on borrowing (75,619) (86,954) Net ¢a$h used in fin4ncing activitles (123.511) {127.686) Change im ¢9sh and cash equivalents in the perlod 19,967 369 Cash and eash equlvglents at the beginning of the period 1,192.61J9 1,192.240 Cash and cash eqlllv4l¢nts at the end of the period 1312,576 1.192,609 Rec0ClI1at1on of net movement IR funds to net 5flow5 from operatiDg 4divitie$: Net movem¢ni funds 1215,1193) (311.9051 Adjustments for.. Depr¢ciaiion and amortisation charges Interest payable 435,458 468,714 75,619 86,954 Increase in debtors (13,469) (325,6311 {DecTeaseVincrease in creditors (25,194) 226246 Net ¢sshflows from op¢r8tlng 4¢tlvltles 257J21 144,378 20
Foundation of Light Accounting Policies Foundation of Light is a Private Limited Company by guarantee incorporated in England & Wales. Th¢ Group financial statements are prep2red under the historie21 cost eonvention and in accordance with the Companies Act 2006, appli¢able ac¢ounting Standards in the Unit¢d Kingdorn, iTicluding the St2t¢Jnent of Recommended Practi¢e.. Acwunting and Reporting by Charities 2015 {SORP} and rhe Charities Act 2011. The accounts have been prepared on a going concern basis and the xcouniing policie$ have been applied con5iStently. The charity is a ptsblic bett¢fit ¢ntity a5 d¢fin¢d by FRS 102. Basis of Consolldatio The Group finanrial statements consolidate the results of the Clwtty and its wholly owned sub$idigrt¢s, Beacon of Light Limited and Altruism Limited using ac¢ouniing policies ¢onsisteAtIy applied a5$ the Group, and after eliminating intra-Group trarssaclions. Going Concern The financial statements have been prepared on a gosng concern basis, notwithstanding that the Group has reported 2025 net expendi(ure of £215,093 (2024.. £311,905) and 2025 nei cash inflows of £19,967 12024.. £369)- The Group year-end bolan¢e sheet for 2025 h&% ne¢ ¢urr¢nt assets of £1,170.766 (2024.. £1,116.639) including cash ai bank of £1.212,576 (2024-. £1,192.609). The primary external finance of the Group is the loan du¢ to the Charity Bank which has an outslanding balan¢e of £987,677 as of 31 August 2025. Monthly capitsl and inl¢r¢st r¢payment5 commenced February 2023 with the finkl repay¥n¢nt du¢ Jaouary 2038. Inierest 15 charg¢d at 30/ above the Bank of England rate. Management have prepared acash flow forecastforthe period ending 31 August 2027 whi¢h has been sed as their basis of assessing the going concem basis of preparation. The cash flow reflects grant funding that has already been secured as well as including assumptions that r¢n¢wals of regular fund¢rs will Lake placc. Gift in Kind Gift in kind É$ reeeived from Sunderland AFC IR ihe form of products and services given freely and staff tim¢ donated. Where they Can be quantified. gift in kind is included within th¢ statrment of financial a¢tivi¢ies Ès both inwme and expense. 21
Foundation of Light Accounting Policies (continued) Incom¢ Voluntsry in¢ome including gifts and legaGies that Provide core funding which are genera] in nawre are recogni5ed when there is ¢ntiilemeni, probability of receipt and the amount can be me&5UTed with sutyirient reliability. Investment income is recognised on a receivable b45is and aris¢s from int¢r¢st-bearing deposit account. The Chority only Twognise interest on bonds wh¢n it is un¢onditional. and het)¢¢ all conditions of the bond have bEen m¢t, and it ha5 matured. In¢om¢ from charitable activiti¢5 includes income received from grants at)d contracts. Grant income includ¢d in this ¢alegory provides funding to support perfonnance activities and is recognised where th¢re is ¢ntiilement, probability of receipt and the amount can be measured with sutYici¢nt reliabiliiy. Donation5 ar¢ r¢cognised when received unles% the receipt is probable, when th¢y we recognised as accrued income. Donalions and grants received for specific purposes are classed as restricted and are deferred until th¢ Charity is entitled to the nding and has met the conditions set ot in the funding agreement. Trading income is recognis¢d on an a¢¢ruals basi5 as perforniance obltgatiorEs are lfilled. Beacon of Light ¢apitsl grant income was fundin8 teceived by Beacon of Light Lirnited toward the construction of th¢ BearoD of Light facility. In the consolidated SOFA. capithl grants were recognised upon receipi, os tequired by POTagraph 5.27 of Éhe SORP and held in a specific restricted fund for future depreciaiion cl)arges. The Cliarity is a re¥t51¢r¢d chArity, arld as $u¢h is enlitl¢d tts Certain tax exemptions on income and profits from investments, and surpluse5 on any traduJg activilies ¢arri¢d on in fvrth¢r3nce ol the Charity's primary obj¢ciive5, if ih¢s¢ PTofits and Surpluses are applied solely for charitable purposes. Expendfiturt Expenditure is ac¢ount¢d fot on an ae¢ruals ba$is as a liability is Incued and includes irrecoyerable VAT as applicable. Contrdciual arrangements and perforn)ance-related grdnts are r¢¢ognised as goods or services are supplied. Other grant payments are recognssd when a constructive obligalion &ri5¢5 r¢suliing in th¢ pAyent b¢iNg un4voidabl¢. Costs of generdting funds those costs incurred in attracting volunt*ry in¢om¢, and those curred in trading activities that raise funds. Charirable activities include expendilure assoGiat¢d wilh the delivery of education a¢tiviti¢s and in¢lude both the direct eosts and support cosis relalirsg to th¢se a¢tivitie5. Goveman¢e ¢o$ts in¢lude those incurred the govemance of the Charity and its assets and ar¢ primarily a5S(Ki4ted with consiitutional and Statutory requirements. Support costs includ¢ ¢¢ntrg1 functions and have been allocaied based on income. 22
Foundation of Light Accounting Policies (CODtinued) R¢dMndaney and TtmlnAtion Bentfits Redundan¢y and termination benefits are accrued by the Charity when there is a eonstructive obligation to pay them. This is normally via a contracbjal, l¢gisl#tion or other agreement with ¢mploy¢e5 and their representatiV¢S. Intangible Fixed A55ets Th¢ Foulld<ltion of Light website and the development of an op¢raliottal IT system havob¢¢n ¢lassified a5 intangible fixed assets. AEnorti1ioTr ha5 been provided on a straight-line basis reflecting the expected useful life of the assets, with a fvll month's amortisation ¢harge in the month of completion, at a rate of 330/ts per annum. The assets haye been capttalised at Cost, comprising all dir¢¢tly attribulable costs required to bring ihem into working ¢ondition. Tangible Flxed Assets Individual fixed assets costing £500 ormor¢ ar¢ ¢apitali5¢d al Cost. Cost includes the original pur¢ha5e price of the xs5et and the costs attributable to brkngingthe ass¢t to ils working condition for ils tended Use. tkpreciation is provided on a straight-line basis ov¢r th¢ estimated useful life of the asset with full month's d¢pr¢¢iation charged in the month of acquisition. Principal Tate5 Used are.. Land and Buildings Compuier Equipment Fixiures and Fittings 4G pitch 2-12.50/ 25Q/ 12.51/10 The Beacon is classif5ed underBuilding4 as the facility is used by the Charity as a functional property io further the charitable objectives of the Charity. The building is depreciated over its anticipated useful economic life. Any significant additions with a s¢paralely identifiable useful life are reviewed sep3Tately and depreciated on a component basis where oe¢es$ary. Fundraising Fundraising income and expenditure are ac¢ouut¢d for on an a¢cruals basis and are classified a5 unr¢stri¢red unless fundraising is targ¢t¢d at a specifi¢ caus¢ then this would be classed as restricted. Fundy Restricted funds #re funds raised or donated for a specific purpose. All other funds are classified a5 unrestricted. Surplus funds held are deposited with Barclays Bank and Virgin to earn interest priorto utilisation by the Foundation. There is a designated fitnd to build a reserve to nd the replac¢ment of fixed assets. Operating Leases The Charity rlassifi¢s th¢ l¢as¢ of minibuses and photo¢opying equipment as operating leases. Rental charg¢5 are ¢harged on a straight-line basi5 Over ihe tem) of the1¢8s¢. 23
Foundation of Light Accounting Policies (continued) Judgements and Key Sources of Estimation Uncertainty Tn the application of the accountlng policies. the Direciors ar¢ r¢quired to tnake judg¢ments, estimates and assumpiions about the carying amount of assets and liabiliti¢$ that are not readily apparent from other sour¢es. The estimates and associ*ed assumptions are bas on histori¢al ¢xperi¢nc¢ and oth¢r factors that are eon%idet¢d to b¢ relevant. Actual resultsrnaydiffer from these estimates. The estimated onomic lives of assets upon which depl&tiOn is calculated in accordance wilh the accountin8 policy for depreciation is assessed based on historical ¢xperien¢e. See note 6 for the Carrying amount of the tangible fixed assets, and ac¢ounting policies for the useful economic lives for each class of osset. 24
Foundation of Light Notes to the Financial Statements for the year ended 31 August 2025 I Ineome (a) Donati011s And Legaeies - Group For the year ending 31 August 2025 UthrestrÉ¢ted RestrÉcted Forthe ye8r euding 31 August 21124 Unrestricted Restricted Gifts, Donations and Legacies Capital Grants Membership. Subscriptiong and Sponsorship Donated oods and services 113,229 113229 85,767 85,767 (3,000) (3,000) 8,490 8,490 15,100 15,100 121719 29.588 ISR 07 100.867 143 500 (•} Donations and Legacies- Ch8Tity For the year endig 31 August 2025 or the year ending 31 August 2024 unrestrj¢t R¢stri¢t¢d U]Jrestricted Restricted Gifts, Donations and L¢ga¢ies Membership, SubwTlPtions and Sponsorship Donated oods and services 113.229 113,229 85,767 85,767 8,490 8,49Q 15.1 15,100 121719 151307 100 867 45 633 146,500 25
Foundation of Light Notes to the Financial Statements for the year ended 31 August 2025 (continued) Ineome (CODtinued) (b> Income from charitablt Actlvlties- Group Charity By Source of Fundiug Unr¢strict¢d Restr&rt¢d For the y¢ar ending 31 August 21125 For the year ending 31 Augusi 2024 Football coaching sales 656,671 656,671 664,694 Sale of services as part of the direct charitable activities 210.193 210.193 193,666 Contra¢ttJal payments from governmertr r public authorities 106,700 557,124 663,824 789,036 Perfomtance related grants whttre level of income depends on volume of service provided 2,023,024 2,023,024 1,466.88 973,564 2.580,148 3,553,712 3.114,277 ltt the prior period, income from charithble activities ¢ompris¢d of £904,160 unrestricted fvnds and restricted income of £2,210,117. By Charitabl¢ Artivlty Unrestricted liestricted FOT th¢ y¢ar For the year ending 31 endir]g 31 August 2112S August 2024 Sport and Play 642,545 182.710 825255 983,516 Educalion 195,820 776,419 972339 597,139 World of Work 783,692 783,692 667,024 Community 108,676 392,836 so112 413,070 Health 10,290 322,647 J32,937 328.914 Core 16,233 121,844 138,077 124.614 973,564 2,580,148 3,553,7J2 3,1 14,277 26
Foundation of Light Notes to the Financial Statements for the year ended 31 August 2025 (continued) Income (continued) (e) Other trlding activities- Group Unr¢striCt¢d Restricted For the year ending 31 August 2025 For the year ¢Dding 31 August 2024 Fundraising event5 Sponsorships and lottery 36,397 36,397 27,746 90,086 96,086 84,455 Ltlling arrangements for Property Trading a¢iivity 7,200 7,200 ,676,989 1,676,989 1.491,935 1,816,672 1,816,672 1,604,136 In the prior y¢ar, inrom¢ from other trading aGlivitie5 compris¢d 501¢ly of £1,604.136 unrestricted income. Other tradiDg activltl¢$- Charlty Unrestricted Restricted Ftsrthe yur ellding 31 August 2025 For th¢ year ending 31 August 2024 Fundraising events Sponsorships and lottery 36,397 36,397 27,746 96,086 90,086 84,455 Letting arrangements for Property 7,200 7.200 Trading activity 293,423 293.423 358,712 433,106 433,106 470,913 In the prior y¢ar, in¢oin¢ froln other trading activities compri5¢d lelY of £470,913 unrestricted iDcome. {d> In¥tents- Groyp ond Cbsrlty Urtrestricted Restricted For the y¢8r ending 31 August 2025 For the year ending 31 August 2024 Bank inler¢5t r¢c¢iv¢d 50,752 50,752 48,708 27
Foundation of Light Notes to the Financial Statements for the year ended 31 August 2025 (continued) 2 Expenditure Expendllure ots ralsing funds- Croup Vor the year endlng For ihc year ¢nding 31 31 August 2025 August 2024 Cost of seeking donations and grants Fundraising events 215.208 144,242 3,229 3,893 Sponsorships and lottery 23,IllJO 28,861 Membership schem¢ 59 36 Other running Costs 837,065 694,514 Depreciation 14,574 3,177 Marketing 2nd publicity 33371 32,965 1.126,4136 907,688 In the prior year, expenditure on raising funds comprised solely of £907,688 unrestricted expenditure. ExpedItre on rHising funds- Charity For the year endingFor the year ending 31 31 August 2025 August 2024 Cost of seeking donations and grants Fttndrthising events 215,208 144,242 3,229 3,893 Sponsor$hips and Iott¢ry 23,11110 28.861 Membership s¢h¢me 59 36 her running costs 20,71M 44,832 Marketing and publicity 33,271 32,965 295,471 254,829 In the prior year, exp¢ndilure on Taising fimds comprised 50tely of £254,829 unrestricted expenditur¢.
Foundation of Light Notes to the Financial Statements for the year ended 31 August 2025 (continlled) Expenditure (continued) b) EipenditUTe by Charitable Activity - Group Sport and World of Education Community Health Beacon Play Work of Light Core 2015 2024 Maichday tickets and stadium tours 19,500 2,662 6,622 19,588 45.633 Education 627,258 603.050 611,749 425.328 306,991 2A74,376 2.076.373 Depreciation and amortisation 6,634 6,634 6,634 6,634 6.634 387.714 420,884 450,707 Redundancy Expenses Building, Support costs (c) 27,460 27,4611 2.fv11 180.400 171.314 212,530 109,630 72,780 746,654 679.756 164,228 155,957 193.478 99,802 66255 138,077 817,797 1,025253 Governance (d) 8,874 8,874 8,874 8,874 8,875 44J71 34.475 ,006,894 975,951 1,033,265 651,072 468,157 387,714 138,077 4,661,J311 4,314.838 Expenditure on cbarilable aclivities comprised of £1,659,746 unrestricted funds {2024.. £1,683,213) and £3,001,384 restricted funds (2024.. £2.631,625). Support costs are staffing and overhead3 for fvo¢tion5 such as Directors, Finance. Admin, IT pnd HR are allocated based on income. Expenditure is allocated b¢tw¢¢n the restricted and unrestricted funds b&8ed on the project to which it Telat¢s' expenditure r¢laling to the generation of unrestricted income such as the 5al¢s of sports and play coaching ¢OUTses is classified as unrestricted expendiÈure, while expenditure r¢lating to restricted grani funded programme5 15 Classified as restricted expenditsre. l Buildillg costs relate io the staffing and overheads associated with opernting the BeOn of Light facility- 29
Foundation of Light Notes to the Financial Statements for the year ended 31 August 2025 (contillued) Expenditure (continued) b) Expenditure by Chgrltable Activity- Charity Sport and World ot Edueation Community Health Play Work Cor¢ 2025 2024 Matchday tickets and sthdiurn tours 19.500 2.662 804 6,622 29,588 45,633 Education 693.923 666,357 690,288 465,841 333,886 2,850295 2,366,737 Redundancy Expenses 27,460 27,460 2,641 Depreciation and amortisation 6,634 6,634 6,634 6.634 6,637 33,173 60,435 Support cost (¢} 164,228 155,957 193,478 99,802 66.255 138,077 817,797 1,025,253 Governance (d) 7.730 7.730 7.730 7.730 7.730 892015 866,8110 898,130 580,811 421,130 138,077 3,796,963 3,525,284 Exp¢nditure on charitable activitie5 comprised of £934.833 unrestricted funds (2024.. £9962091 and £2,862,130 restricted funds {2024.. £2.529,075). c) Expenditure by Support Costs- Group Charlty Sport and World of Education Community Health Play Work Core 2025 2024 Administration 75,425 72,139 89,495 46,164 30,647 34.519 348J89 526,831 34,319 241,637 226,228 34,519 122,135 124,053 Directors 50,178 47.481 58,904 30.384 20.171 Finance Dept 21,306 20,061 24.888 12.838 8,523 HR Dept 2,032 1,930 2.394 1,233 820 8,411 19,787 rr Depl 15,287 14,346 17,797 9.181 6,094 34,520 97225 128.354 164228 155,957 193,478 990lJ2 66255 138,077 817,797 1,025253 30
Foundation of Light Notes to the Financial Statements for the year ended 31 August 2025 (continlled) 2 Expenditure (continued) For the ye&r endlng 31 August 2025 For the y¢aT ending 31 Au8USt 2024 (d) Governance Costs- Gromp Audst F¢e5 VAT F¢¢s Other costs 33.51 4,050 30,40Q 2,827 48 Total Costs- Grou Governance costs are charged as in¢urred.
Foundation of Light Notes to the Financial Statements for the year ended 31 August 2025 (eontillued) 3 Group Staff Costs Year ending 31 Ytar ending 31 Augu$t 2025 August 2024 Staff costs: Wa8¢s and salJries 2,740,316 2,599.759 So¢ial security costs 280,294 221,524 Other pension rosts 94,664 89.408 Redundancy costs 27,4011 2,641 3,142,734 2,913,332 Number of employees The avernge monthly number of employees during the year was- Y¢ar ¢Dding 31 Ycar ending 31 August 2025 August 2024 Nujllber Number Delivery Staff Support and Administration Beacon of Lit Operations Commercial and Mateting Directors IlJ8 106 14 16 16 17 148 150 The number of employees whtis¢ annual i'emuneratiofk was £60,000 or more were.. Year ending 31 Year ending 31 August 2025 Augu 2024 P4mber Numi £60.00 I to £70.000 £70.00110 £80,000 £80,001 to £90.000 £90 001 to £lOO,000 K¢y management haye been determined io be ihe seftior managemeni team, defined ihose having authoiity and responsibility delegated to them by the trus¢ees for planning, dtrecting and conlrolling the a¢tiV2ties of the charity. Th¢ totsl employee b¢nefits of th¢ key management personnel were £328265 (2024.. £317.750). The TNstees are not entitled to. and did not receiv¢, any remuneratiott fortheir services to the Charity {2024'. £nil). During th¢ year totai expenses r¢iTnbursed to iwsttes for travel and subsistence, amounted to £240 (2024.. £n&l). 32
Foundation of Light Notes to the Financial Statements for the year ended 31 August 2025 (Continued) 4 Net outgoing resources before transfers Net outgoing r¢sour¢¢s for the GTQUP are stated after charging: Year ¢nding 31 AMgu5t 2025 Year ending 31 August 2024 Audit fee 33AOO 30,400 Depreciation 429,459 440.353 Amortisation 5,999 28.361 Operating lease ¢OSfS'. plant and machinery 26J84 12,100 Bank Interest 75,619 86,954 Non-Audit Fees for T&x Compliance services 4.050 4,050 £Nil depreciation was charged in the year related to leased assets (2024.. £Nil). 33
Foundation of Light Notes to the Financial Statements for the year ended 31 August 2025 (continued) 5 Intsngible assets Charlty Website and daia warehouse Tot41 C05t As It I September 2024 71,51)0 71,5110 Additions As at 31 August 2025 71,51)0 71,500 Attumul4t¢d Amorti54tio A5 * I Sepiember 2024 67.599 67399 Charge for the PeThiod 3,901 3,90 At 31 Atsgust 2025 71,51HI 71,500 Net book value At 31 August 2025 Ai 31 August 2024 3.901 3,901 Croup W¢bsite and dats war¢house Total Cost As at I September 2024 86,750 86,750 Additiolls A5 at 31 August 2025 86,750 86,750 Ac¢vmul&ted Amortl$atlon As at I September 2024 80,751 80,751 Charge for the Period 5.999 5.999 At31 A ust 2025 80,749 80,749 N¢1 book vylue At JI AuEUSt 2025 At 31 August 2024 &999 5,999 34
Foundation of Light Notes to the Financial Statements for the year ended 31 August 2025 (continued) 6 Property, Plant and Equipment Charlty Ctsmputer Equipment Leasehold Fixtures and BuildinRS FittinRS TTrtsl Co$t As at I September 2024 223,814 75,706 137,907 437,427 Additions 18,499 70,022 88,521 As at 31 A8$t 2025 242J13 75,706 207,929 525,948 Ac¢umulated Depreciation As at I September 2024 Charge for the Period 195,772 75,706 120,607 391,085 17,633 11,637 29270 At31 Au ust 2025 213,405 75,706 132,244 421 J55 Net book v&lue At 31 August 2025 28,909 75,685 104,594 Ai 3 1 August 2024 28,¢M2 17JOO 45.342 35
Foundation of Light Notes to the Financial Statements for the year ended 31 August 2025 (continued) 6 Property, Plant and Equipment (continued) Group Computer Equipment Fr¢ehold Buildings Leasehold Buildings Fixtures and Fittings Tot41 Cost As at I September 2024 Additions 425.592 18,720,701 75,706 437,104 19,659,163 18.499 95,344 113,843 As at 31 August 2025 444,091 18,720,701 75.706 532,5118 19,773,006 Accumulated Depree14tiOD A5 at I September 2024 396,4116 2289,462 75,706 432,177 3,193,751 Charge for the Period 18,073 381,316 30,070 429,459 At 31 Augu$t 2025 414,479 2,670,778 75,706 462,247 3,623210 Net book value At JI August 2025 At 31 Augusr 2024 29,612 16,049,923 70,261 16,149.796 29,186 16,431,239 4,987 16,465,412 7 Investments The Foundation has a wholly own¢d subsidiary, AItrui5m Lirnit¢d Ipreviously SAFC ComiDuDity Limited), a company inco4)orated in England and Wal¢s Tegistration number04303983. The purpose of the company is to operate the commercial trading at the B&icon of Light, including sport facility hire, meeting5 and predominantly events. The income of th¢ Subsidiary as at 31 August 2025 was £1,444,482 {2024.. £1,205,954) with exp¢nditure totalling £1.384,87612024.. £1,191,263) resulting in a net profit of £59,606 (2024.. £14.691). The net liabilities of th¢ subsidiary as of 31 August 2025 were £977,618 (2024.. net liabilities of £1,037,224). The Foundation also has a wholly owned trading subsidiary) Beacon of Light Limit¢d r¢gistration number 09221229, which was established in September 2014. The purpose of the company was to constru¢g and now io run the Be#¢on of Lighf facility. The ineome of the subsidiary as at 31 Augusl 2025 was £1.147,728 (2024.. £1,134,819) with expenditure totslling £1,140,087 (2024-. £1,079.917) r¢sulting in a nei profit of £7,641 (2024 profit.. £54.902}. Th¢ net liabiliti¢s of the subsidiary a5 of 31 August 2025 were £351.520 (2024.. net liabilities of £359,161). Both subsidiaries share the same register¢d addre$5 as the Foundation of Light. Beacon of Light. Stadium Way, Sunderland, Epgland, SR5 ISN. 36
Foundation of Light Notes to the Finanelal Statements for the year ended 31 August 2025 (continued) 8 Debtors Ch3rity 31 August 2025 Charity 31 August 2024 Group 31 August 2025 Group 31 August 2024 Trade Debtors 164,301 118,081 320,997 227,839 Amounts due from Group undettskings 1,116,133 1.067,597 Amounts due from Sunderland AFC Ltd 7.143 23,021 19,897 Other D¢btors 68,27 70,579 12,216 Prepayments and accrued in¢om¢ 470J95 598,333 512,649 653,825 1,819,195 1.791.154 927246 913,777 Amounts due from Group ndertaking5 include5 an intercompany loan of £694,975 of which £170,685 is due in less than one year, and £524290 is due after more than one year. The loan is due for repayment by June 2029. Interest is charged at 30/0. The remaFning balance rElates to recharges invoiced but rtot ree¢iv¢d as at year-end. Creditors: amounts falling due within one year Charity 31 August 2025 Charity 31 August 2024 GTOUP Group 31 August 31 August 2025 2024 Trnd¢ Creditors 226,654 88,312 269,263 154.489 Amounts due to Sund¢rland AFC Ltd 6,100 3.679 6,100 5,809 Other Cr¢ditor5 68295 60.441 151 J39 83,850 Amounts due to Group und¢rtakin85 25,844 Accruals and defeTred inrom¢ 416398 516,124 49fl,484 698,172 Charity Bank Loan 51,870 47,367 47,367 769J17 741,767 969,1156 989,747 Amount$ due to Group underthkings are unsecured. have no interest and are repayable on demand. 37
Foundation of Light Notes to the Financial Statements for the year ended 31 August 2025 (continued) 9 Creditors: amounts falling due within one year (continued) Defrrred income can be fi]rther analysed as follows: Charlty for the year ending 31 August 2025 Charity for the Group for tbe Group for the year ending 31 yeftr ending 31 year ending 31 August 2024 August 2025 August 2024 Balance brought fon¥8rd lieceived in y¢ar Releas in year 319J23 104.552 390A66 104,552 3J73,008 2,659.505 3,884286 3,009,593 (3,768a40) (2,444,734} (4,0811,931) (2,723.679) Balance tarrled forward 123,991 319,323 193,821 390,466 Income is deferred based (m th¢ ¢al¢ndar period the activity takes place. 10 Creditors: amounts falling due after more than one year Charity 31 August 21125 Charity 31 August 2024 Group 31 August 2025 Group 31 August 2024 Charity Bank Loan 935,807 988,202 935,807 988,202 The primary external finance of the Group is the loan due to the Charity Bank whi¢h has an outstanding balan¢¢ of £987,677 as of 3 2 August 2025. Monthly capital and int¢r¢st repayments commen¢ed Febrnary 2023 with the final wayment due January 2038. Inter¢5t is charged at 30/• above the Bank of England rate. Thi5 loan tjow only has two ¢oYenants attached. a c&sh coveTrant and a loan to value ¢ovenant in comparison to the previous three covenants. The Charity bank loon is secured by a fixed charge agatnst the Bearoll of Light facility. I l Retired benefit sehemes Defined contribution schemes The charity operdtes a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from ihose of the charity in all ind¢pendently administered fuRd. The charge lo profit or1055 in resp¢ct of defined contribution schemes was £94,664 (2024.. £89,408). Contributions toralling £15,296 (2024.. £15,301) were payable to the fund at the balauce sheet date. These or¢ held in other creditors. 31
Foundation of Light Notes to the Financial Statements for the year ended 31 August 2025 (continued) 12 Analysis of charitable funds Charlty Fund balaft¢es at 31 August 2025 are repr¢s¢nted by- Unrestricttd Restricted Total Ftxed Assets 104,594 104,594 Investments Net Currerti Assets .3 55,863 838,026 2,153081J Creditors.. amounts falling due after one year (935,807) {935,8071 TotAI funds 1,315.863 6,815 lJ22,078 The funds Can be tther attalys¢d as follow$: I S¢pieTnb¢r 2024 Income Expenditrjie Transfers 31 August 2025 General funds 1.152,360 1,579,141 (1,230,304) (235,696) 1.265,501 Designated funds Contingency fund 50 62 Totsl de5ign#ted fund$ 50,362 50,362 Tot*1 reStrICted funds 1202 722 1579 141 1230 304 235 696 R¢glrlcted funds: Education 776,419 (769,604) 6,815 World of Work 786,354 {793,056) 6.702 Sport and Play 202210 (303,570) 101,360 Cotrtmuniry 23,513 393,640 (480,853) 63.700 H¢alih 329,269 (393.203) 63.934 Core 121,844 (121,844) Total restricted funds 2 609 736 2 862 130 Total funds 1226 235 4 188.877 4 092 434 39
Foulldation of Light Notes to the Financial Statements for the year ended 31 August 2025 (continued) 12 Analysis of charitable funds (eontinued) Group Fund bal8n¢es at 31 August 2025 are repTes¢nt¢d by.. Unresiricted Restricted Total Fixed Assets 16,149,796 658,096 16.149.796 Net Current Assets 512.670 1,170.7fj6 Creditors: amounts falling due aft¢r l year {935,807) (935,807) Total fund5 512 070 15 872 085 16 The funds can be further analysed a5 follows.. I September 2024 Inc(Trme Expenditure Transfers 31 August 2025 G¢n¢ral fvnds 272,988 2,962,707 (2,786,152) 12.765 462JO8 Deslgnated funds Contingency fund 50,362 SOJ62 Total designated funds 50,362 50.362 Total unrestricted fund$ 323 350 2 962 707 2.786 152 512 670 Re5triettd fund$: EduGation 776,419 (691,064) {78,540) 6815 World of Work 786,354 (757,209) 202,210 (236,905) 393.640 (440.340) (29,146) Sport and Play CoJDmuttity 34.695 23,513 23.187 Health 329.269 (366,308) 37.039 Cor¢ 121,844 (121,844) Bea¢on of Light 16252 984 387714 70 Totsl r¢5tri¢ted funds 16276 498 2 609 736 3 001384 15 872 085 T(*tsl fund5 16 599 848 5,572,443 5 787 536 16 40
Foundation of Light Notes to the Financial Statemellts for the year ended 31 August 2025 (CODtinued) 12 Analysis of Net Assets (continued) During the year, transfers were made between unrestri¢ted and re5tri¢¢ed funds to ¢over overspends thai had occurred on cettsinr¢stri¢ted furJd$. Community, Core, Health, Education and World of Work projects are mainly funded by gTXnt5 from Tst and Foundations. corporate funding and Public Sector contracts; the balan¢¢ 15 funded from unrestricted fijnds. A description of ¢a¢h reStr1d fund is given below.. Education Includ¢$ Post 16 Fotstball Scholarship and. secondary education proj¢ets. World of Work Family Lewning programmes #nd employability cours¢s Ib&8ed in Durham, Sunderland. and South Tynesid¢). Sport and Play Cominut]iiy football teams, the Emerging Talent Centre and in and out of cuNiculum coaching in Durham, Sunderlartd, and South Tyneside. Health Includes suicide prevention, physical andmental health projec over 55s and veterans, delivery sessions, alld ihe Coal to Goals proj¢ct. Funding provided by ih¢ Nati{al Lott¢ry Community Fundio deliver Reaching CommunitieslPartnerships in this area. Community Youth Engagement a¢tivity. Beacon of Light Grant funding r¢¢¢iv¢d for the construction of the Bea of Light facility, funding capital expenditure on the project and the d¢pr¢riation on the build. Core Digital. including th¢ web$ite and E-Lk8rning plf01. Designated funds A T¢5¢rv¢ built to fund the replacemettt of fixed Assets. 41
Foundation of Light Notes to the Financial Statements for the year ended 31 August 2025 (continued) 13 Financial Commitments Opergting lease eommltment5 At 31 Augllst the Group had totsl commikn¢nts under non-cancellable op¢rdting leases, as follows- Group 31 Attgust 2025 31 August 2024 Within on¢ year Betwe¢n on¢ to fiv¢ y¢ars Totsl 14,889 8,384 43,2110 55.389 14 Related Party Transactions The Foundation received quantifiable gift5 iE] kind frotn Sunderland AFC Limit¢d of £29,588 Q024= £45,633). Gifts included match tirkets for both staff and participants as well as use of certaiii ar¢a5 of th¢ Stsdium foT tour5 etc. Included within expenditure is £1,840 {2024.. £nil) In T¢lation to pur¢hases from Sund¢Tland AFC Limited. Outstanding balances at th¢ year end owed io the Group from Sunderland AFC LimÉted total £23,021 12024.- £19,897). Outstanding balances at year end owed io Swiderland AFC Limited iotal £6.100 {2024'. £r¢il}. Details of the Foundation's relationship with the Club can be found on page 4 of the Tru$te¢$' repoff. The Foundation reports d(Jnation$ of £nil from Trustee's in the year {2024.. £30). 42