Charity reglstration number 1090916 Company registration number 04312794 {England and Wales) SAINTS FOUNDATION (SFC) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
SAINTS FOUNDATION (SFC) CONTENTS Page Trustees report Independent auditor's report Slalement of financial activities 10 Balance sheet 11 statement of cash flows 12 Notes lo the financial slalements 13-25
SAINTS FOUNDATION (SFC) LEGALAND ADMINISTRATIVE INFORMATION Trustees T Croucher B Walker R Goldsworthy B Umfleet A Hendon-John R Wheeler-osman JFew P Parsons F Benali (Appointed 19 October 2023) (Appointed 19 October 2023) {Appointed 19 October 2023) (Appointed 19 Oclober 2023) (Appointed 26 March 2024) (Appointed 26 March 20241 (Appointed 26 March 20241 (Appointed 26 March 20241 Charity number 1090916 Company number 04312794 Registered office St Mary's Stadium Britannia Road Soulhamplon Hampshire S014 5FP Auditor Fiander Tovell Limited stag Gates House 63164 The Avenue Soulhampion Hampshire S017 1XS
SAINTS FOUNDATION (SFC) TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 JUNE 2024 The trustees present their annual report and fin8ncial statemenls for the year ended 30 June 2024. The financial statements have been prepared In accordance with the accounting policies set out in note 1 to the financial slalements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Fin2nci81 Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021" (effective 1 January 2019). ObJectives and activities The charitable company is established for the promotion of community participation in healthy recreation for the benefit of children in full time education and disadvantaged adults residing in the county of Hampshire and other neighbouring areas by the provision of facilities and opportunities for the playing of 2nd learning through football. Public benefit The trustees confirm that they have given careful consideration to the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives for the year. The trustees judge that all charitable activity made meets this guidance. Achievements and performance The start of the year was very much framed around the challenges caused by Southampton Football Club's men's first teams. relegation from the Premier League, and the resulting decrease in funding. Whilst this was expected to have a significant negative impact, in reality the year evolved positively with a chance to reset operations, alongside record numbers of participanls engaged and outcomes achieved. Whilst the charily has not been able to grow any activily significantly, we have consolidated, focused on what's important and did not have to reduce the scale of any projects, as a result of both the aulhorised budget deficit and the success of the fundraising team in filling these gaps. Saints Foundation was also able lo launch 'Sainls Restart, a project designed lo support adult male offenders leaving HMP Winchester to positively resettle in Southampton and the surrounding areas, in order lo reduce crime and help these men to contribute positively in their cornmunity. We also welcomed support from the Premier League Charitable Fund's Police Partnerships granl and the Office of the Police and Crime Commissioner lo fund our Saints Switching Play Project, after the end of the existing grants term, which has given il security into the 2024125 financial year. Our A¢live Through Football Project re-branded in the year to S014'.Aclive in order to belter represent the project and the participants il engages, and was also nominated for awards at a local and national level. Another positive development was Ihe enhanced Work Experience week that we were able lo offer lo 12 students from across our Communily Champion and Inspires Schools, which saw a collaborative approach between staff In club and Foundation. On a Projects front we engaged with 5,710 individual participants across our 15 projects which represents a 70/0 rise on 2022123 and equates to roughly 2 /0 of Southampton's population. 4,930 of those participants achieved at least one positive outcome, with a total of 11,796 positive outcomes achieved by participants,. this means that our project delivery is not just engaging larger numbers of those who need il but are also more effective in helping them achieve outcomes for themselves. This financial year also saw the recruitment of our first bespoke Lawyer, with the recruitment of a Legal Advisor. This role was deemed essential given the increasing governance demands and the risks being undertaken by the charity. The role was recruited and started in January with a clear remit around risk management and data protection, as well as being the Secretary lo the Board of Trustees. The role helped to kick off a governance plan with the Board which will be worked on IhroughoLJt 2024 and d81ivered in 2025.
SAINTS FOUNDATION (SFC) TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Our fundraising aclivity this year has been more critical than ever with record funds raised through our raft of public fundraising initiatives, from community, corporate, individuals and events. As ever we are grateful for the support of our many donors who really stepped up when we needed il mosl, through their participation in events including the return of the Red & While Quiz and our annual Bike Ride, as well our Charity Dinner which was again our biggest single fundraising event. We are fortunale lo call on the support of some significant Corporate Partners locally including Barratt David Wilson Homes and DP World Soulhampton, who not only provided volunteers through their employee volunteering schemes, but also ran events to benefit Saints FoLJndation. The Benali on Tour event returned for il's second year, with fundraisers taking on the Yorkshire 3 Peaks alongside club legend Franny Bènali and raising over 40k in the pracess. Key partnerships Saints Foundation continues lo work closely with and alongside a range of partners in order lo deliver our projects. with support continuing lo come from the football family in the form of the Premier League Charitable Fund and The Professional Footballers Associations, alongside the English Football League Trust and Southampton FC. We have maintained relationships with key funding partners such as The National Lollery Community Foundation and Children in Need, Third House Trust, Soulhamplon Hospital Charity and Substance through the Chances Social Impact Bond. We have also worked closely with partners such as Hampshire's Police and Crime Commissioner. Hampshire's Integrated Care Board and Soulhampion City Council to deliver on their priorities, and access funding as a result. Al a local level our schools conlinue to be crucial partners, whether Secondary, Primary or Specialist, across all of our projects, whether in school or the community. We actively collaborate with other community organisations and stalulory partners in the city to support those who need it, and continuing examples include our work wilh Yellow Door and Communicare which have develop further in the year. Alongside this has come the opportunity for all Community Groups working with young people in the City to connect through Young Southampton, and we look fonmard to this group establishing itself. Financial review During the year ending 30 June 2024 the charity received income amounting to £2,770,935 (2023.. £2,470,176). Resources were expended of £2,899,09312023'. £2,418,737). The deficit for the year was £128,158 (2023.. surplus of £51,439) and has resulted in a cash outhow in the year of £15,653 (2023.. £96,640) due to working capital movements and a surplus in unrestricted funds of £959,646 {2023'. £1,091,126). The year end cash position stood at £1,454,117 (2023.. £1,469,770}. Going concern The 2023124 year was a challenging one financially, where the charity made a year-end deficit of £128,158, the first time a deficit has been recorded since 2015, leaving free reserves at £959,646. As of 301h June 2024, this meant our free reserve would amount ta 3.95 months of operating costs. Whilst running a deficit is not a good thing, this was a planned approach and a clear rationale for why Ihat was the case this year. The relegation of Southampton Football Club's men's first team fram the Premier League in the 2022123 year, meant a significant drop in funding to the charity because of the change in league status of the team. The Board of Trustees authorised the use of reserves, towards a budgeted £200,000 deficit budget in 2023124, in order to sustain jobs and maintain delivery. This was seen as 8 positive slep lo use reserves exactly as intended for extreme circumstances. The budget was approved on the basis of the charity holding a healthy reserve, of almost 95010 of the six-month policy, and in order to fulfil its purpose of supporting those people most in need.
SAINTS FOUNDATION (SFC) TRUSTEES REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 During the 2023124 year the team established more efficient methods of operation 8nd were also successful in bringing in record fundraising revenues. There were also successes in securing grant funding for projects over multiple years, which supports the future delivery of these projects. Additionally, Southampton Football Club continue to support the charity through the provision of office space at discounted value and the provision of some staff resource lo support Saints Foundation's operation. The promotion back into the Premier League secured by the men's first team, means that Saints Foundation will access an enhanced funding stream again. Whilst this is welcome news, the charity has also setup lo use this in a more pragmatic way, over multiple years where possible, in order to be less re5iant and less al risk of the volatility of relegation and promotion. Operationally the charity has also set out plans to review the team structure and efficiency, in order to identify ways lo better share resources between proj8cts and ensure that financial resources are used most effectively. There are also plans to use the benefit of the funding in the 2024125 year to invest in resources which will have a benefit in the longer term, both operationally and in ongoing revenue sources. As such a budget for the 2024125 year was set in order lo restore some of the ReseNes, which were used in 2023124. As such, after careful consideration, the Trustees are of the view that the charity has sufficient liquidity lo continue lo operate during the period in question, and indeed long into the future, and therefore consider it appropriate to continue lo prepare the financial statements on a going concern basis. Fundraising Saints Foundation are signed up to the Fundraising Regulalols voluntary registration scheme and consider Ihemselves fully compliant with the guidelines as set out. Any new initiatives are signed off through the Chief Executive Officer of Saints Foundation and Trustee Board before commencing, and success is measured through a ser¢es of financial and operatlonal KPI'S, as set out in our fundraising strategy. During the financial year, no associated complaints were received, and due lo our main method of fundraising being through the running of events, a local business patrons, club and the sale of items on our auction site, we are confident that no one will have felt under any undue pressure lo support us. Reserves policy In accordance with Charity Commission guidelines the trustees consider that the charity should hold reserves lo meet operational expenditure in the event of a significant drop in income. The trustees voted lo change the Reserves Policy in October 2023, decreasing it from 6 months to 4 months running costs, in order to be pragmalic and not unnecessarily hold funds which could be used towards Ihe charitable purpose. The total reserves of the company as al 30th June 2024 amount to £1,036,766 of which £9,471 is held in fixed assets and £950,175 is considered free reseNes. This sufficiently covers approximately 4.1 months of expenditure. Plans for future periods After a challenging bul successful 12 monlhs, the 2023124 period will see a sustained focus on supporting those people most impacted by inequalities in Southamplon, through the 15 projects of work that we have established. Alongside maintaining our quality of delivery, and achievement of project KPI'S, the Project Operations team will have a focus on the effectiveness of each intervention and the sharing of expertise and experience between different projects. Having und8rtaken an extensive consullalion around the needs of young people and adults with a disability in the City, we have a comprehensive Disability Project which funding dependent, we are planning to launch to support young adults to be active and develop skills lo support independent living. To support this we plan to place our Employability and Gender Equality projects together with our disability plans, in a newly formed Development Pillar of work to give these projecis structure, resource and enable them to thrive. Next year will also see the first lime that we are able to put a £ value against the outcomes of the work that we undertake, having commissioned a research partner lo undertake a Social Return on Investment Study into our outcomes from the 2023124 delivery year. Whilst the SROI is only one measure amongst many thal we collect, it will enable the Charity to demonstrate the social value of each project and pillar of work, as well as the overall social value that Saints Foundation delivers. This will be used with partners and funders, as well as with donors, to help the understanding that for each £1 donated, we are able to lurn il into a greater social value.
SAINTS FOUNDATION (SFC) TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 The year ahead is also about innovation in the charity's abilily raise funds, with continued diversification of income streams. We plan to launch a new Corporate giving product named 'Premium Patrons,, building on the success of our existing Patrons scheme and providing 8n opportunity for those with a desire to give al a higher level the opportunity to do so and be recognised for it. In addition, Saints Foundation will take control of its malchday fundraising with the re-launch of 'Sainls Superdraw, using our own platforms and use this as a method lo increase individual giving. To support these aims we will invest in a Fundraising CRM platform in order lo be able to record and steward our donors effectively. Structure, governance and management The company, which is a registered charity, is limited by guarantee and does not have any share capital. The liability of each member under guarantee does not exceed the sum of £1.11 is governed by a Memorandum and Articles of Association. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were.. M Abrahams R Jackson T Shaw T Croucher A Gross E Young B Walker R Goldsworthy B Umfleet A Hendon-John R Wheeler-osman JFew P Parsons F Benali (Resigned 23 January 2024) (Resigned 10 June 20241 (Resigned 19 October 2023) {Resigned 3 July 2023) {Resigned 23 January 2024) {Appoinled 19 October 20231 (Appointed 19 October 2023) (Appointed 19 October 2023) (Appointed 19 October 2023) (Appointed 26 March 2024) {Appointed 26 March 2024) {Appoinled 26 March 2024) (Appointed 26 March 2024) Recruitment and appointment of trustees The Board of trustees is responsible for appointing trustees who have to be nominated and elected at a Board meeting. As part of a long-term governance plan a number of long standing Iruslees retired within the year, including Toni Shaw (retired October 20231, Mark Abrahams (retired January 20241 and Rod Jackson (retired June 2024). Additionally, Emma Young resigned from her position as trustee in January 2024. As part of this plan a number of new Irustees were appointed to the Board after a structured recruitment campaign based on the identified skills, expertise and experiences needed, with Ben Walker, Rachel Goldsworthy, Dishi Umfleet and Anne Hendon-John appointed and inducted in October {191h October 2023). Whilst James Few and Franny Benali were appointed as trustees in March 2024. to fill the remaining Board gaps identified. The Trustee Board was bolstered by two new Southampton Football Club employee representatives in March 2023, namely Phil Parsons ISFC CEO) and Ros Wheeler {SFC Club Secretary), who were appointed through agreement between Saints Foundalion and the football club representatives before being nominated, with the final say on all recruitment given to existing Trustees.
SAINTS FOUNDATION (SFC) TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Organisational structure The trustees decide the long-term strategy for the charity., they approve the sel budgets and review financial performance on a monthly basis ulilising the resources of a Finance Manager, supported by the Southampton Football Club Finance Department, insligaling change when required. The trustees have appointed a Head of the Charity {Chief Executive Officer), who runs the operations of the charitable company on behalf of the trustees. The Chief Executive Officer (Greg Baker) is assisted by a team of staff dedicated to running the day-to-day operations of Saints Foundation, made up of Sam Fulling {Chief Operating Officer), Robert Pearce (Head of Project Operations), Lucy Horne (Head of Impact & Insight), Charlie Martin Ilnterim Head of Fundraising & Marketing) and Jazz Bhalli {Head of Partnerships & Business Development). There were a number of changes in the Senior Management team within the year. including the Head of Fundraising & Marketing going on maternity leave in May with Charlie Martin promoted into the role on an Interim basis, and the Head of Project Operations leaving in April, being replaced by Robert Pearce on an interim basis in June. Additionally, the Chief Executive Greg Baker moved inlo an interim role with Southampton Football Club in June 2024, with Chief Operating Officer Sam Fulling performing an interim role as Head of the Charity. The Chief Executive Officer af Saints Foundation sal on both the Club Executive Team and ils Leadership team, being joined on the laller by the Chief Operating Officer. This helps build and maintain links between the two organisalions, with Southampton FC considered a related party. There is a Service Level Agreement in place between the two, selling out the support provided to the charity from the club, which includes a dedicated office space, access to HR, IT Safeguarding and Legal support, as well as granting usage of the football club's Intellectual Properly marks. The Iruslees lake advice and consider similar organis81ions when deciding the level of pay for Ihe Chief Executive, whilst that of the rest of the Senior Management Team and all other staff is delegated by the Board to the Chief Executive Offir. Remuneration and Benefits for those staff is set using benchmarking, including through regular data compiled by and shared by the Premier League as well as using local intelligence around typical rates for similar roles, as well as being based on experience and performance metrics. Induction and training of trustees The trustees have in place procedures for the induction and training of Iruslees, which have been tested and modified given the number of new trustees in the last year. The trustees appointed during the year, were all provide an induction, including being invited on a number of project visits, as well as being added to the training and development offer afforded lo all other Trustees. A development programme of training for all Trustees is being devised to be implemented during the 2023124 year, taking into account both the skills needed for trustees and the key are8 of operation of the charity. Risk management The trustees actively review the major risks which the charitable company faces on a regular basis. The charitable company has developed systems to monltor and control these risks and to manage any impa¢l they may have on the charitable company's future. Risks are included within the Risk Register and reviewed by the trustees on an annual basls. The syslems of internal control to provide reasonable, but not absolute, assuran against material mlsstatemenl or loss. They include: A strategic plan and an annual budget approved by the trustees Monthly management accounts which show variance from budget and re-forecast anticipated results for the year, which are reviewed by the trLJStees', ReseNes and Investment Policy. Policies and procedures to govern Safeguarding. Health and Safety and incident management Delegation of authority and segregation of duties., and The loss of funding, non-performance against targets and fraud.
SAINTS FOUNDATION {SFC) TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Statement of trustees responsibilities The trustees, who are also the directors of Saints Foundation (SFCI for the purpose of cornpany law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Practice). Company Law requires the Iruslees lo prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial slatemenls, the Iruslees are required to.. select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the charity will eonlinue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any lime Ihe financial position of the charity and enable them lo ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assels of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor In accordance with tha company's articles, a resolution proposing Ihal Fiander Tovell Limited be reappointed as auditor of the company will be put at a General Meeting. Disclosure of Informatlon to auditor Each of the trustees has confirmed thal there is no information of which they are aware which is relevant to the audit, bul of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. The trustees report was approved by the Board of Trustees. T Croucher Trustee Date..
SAINTS FOUNDATION (SFC) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SAINTS FOUNDATION {SFC) Opinion We have audited the financial statements of Saints Foundation (SFCI (the 'charily'} for the year ended 30 JLJne 2024 which comprise the statement of financial aclivilies, the balance sheet, the slalemenl of cash flows and notes to the financial stalemenls, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard 8pplicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial slatemenls: give a true and fair view of the state of the charitable company's affairs as a130 June 2024 and of its incoming resources and application of resources, including ils income 2nd expenditure. for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for lhe audit of the financial slalements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audil of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial slalements is appropriate. Based on the work we have performed, we have not Identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. other information The other information comprises the information included in the annual report other than the financial slatemenls and our auditor's report Ihereon. The Iruslees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materia51y inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required to determine whether this gives rise to a material misslatemenl in the financial statements themselves. If, based on the work we have performed, we conclude Ihat there is a material misstatement of this other information, we are required to report thal fact. We have nothing to report in this regard. Oplnlons on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the Course of our audit.. the information given in the trustees report for the financial year for which the financial slalements are prepared, which includes the directors, report prepared for Ihe purposes of company law. is consistent with the flnancial slatements. and Ihe directors, report included within the trustees report has been prepared in accordance with applicable legal requirements.
SAINTS FOUNDATION (SFC) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SAINTS FOUNDATION {SFC) Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and ils environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the trustees report. We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and relurns., or certain disclosures of Iruslees. remuneralion specified by law are not made., or we have not received all Ihe informalion and explanations we require for our audit., or the trustees were not enlilled to prepare the financial slalemenls in accordan with Ihe small companies regime and take advantage of the small companies, exemptions in preparing the trustees report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the statement of trustees responsibilities, the Iruslees, who are also Ihe directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial slalements, the trustees are responsible for assessing the charity's ability to conlinue as a going concern. disclosing, as applicable, matters relaled lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charitable company or to cease operations, or have no realistic allernalive but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial slalements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influen Ihe economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Extent to which the audit was considered capable of detecting irregularities, including fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. we identified Ihe laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience. we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, laxalion legislalion, data protection, employment, environmental and health and safety legislation. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management. We assessed the susceplibilily of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibility lo fraud, thelr knowledge of actual, suspected and alleged fraud. considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
SAINTS FOUNDATION (SFC) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SAINTS FOUNDATION {SFC) Audit response to risks identified To address the risk offraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships. tested journal entries to identify unusual transactions. performed transactional testing on payroll Gosts in respect of those employees with responsibility or authority in connection with the payroll function. assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included. but were not limited to.. agreeing financial statement disclosures to underlying supporting documenlalion. enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed Ihal laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Malerial misstatements that aris8 due lo fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https=Il .frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to Ihe charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2a06. Our audit work has been undertaken so that we might stale to the charitable companls members those matters we are required lo state to them in an aLJdilor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other Ihan the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Mark Gregory ACA (Senior Statutory Auditor) for and on behalf of Flander Tovell Limited 27 December 2024 Chartered Accountants Statutory Audltor Stag Gates House 63164 The Avenue Southampton Hampshire S017 1XS
SAINTS FOUNDATION (SFC) STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024 Unrestricted Restrlcted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments Other income 894,146 894,146 397,384 1,089,707 1,487,091 346,137 346,137 43,561 43,561 617,088 617,088 464,995 1,040,275 1,505,270 327,054 327,054 13,252 13,252 7,512 7,512 Total income 1,681,228 1.089.707 2,770,935 1,429,901 1,040,275 2,470,176 Expenditure on.. Raising funds Charitable activities 287,834 287,834 1.431,549 1,179,710 2,611,259 216,272 216,272 1,025,493 1,176,972 2,202,465 Total expenditure 1,719,383 1,179,710 2,899,093 1,241,765 1,176,972 2,418,737 Net incomel(expenditurel (38,155) {90,003) (128,158) 188,136 (136,697) 51,439 Transfers between funds {93,325) 93,325 {97,188) 97,188 Net movement in funds {131,4801 3,322 (128,158) 90,948 (39,5091 51,.439 Reconclliatlon of funds: Fund balances at 1 July 2023 1,091,126 73,798 1,164,924 1,000,178 113,307 1,113,485 Fund balances at 30 June 2024 959,646 77,120 1,036,766 1.091.126 73,798 1,164,924 The statement of financial aclivilies includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 10-
SAINTS FOUNDATION (SFC) BALANCE SHEET AS AT 30 JUNE 2024 2024 2023 Notes Fixed assets Tangible assets 14 9,471 4,981 Current assets Debtors Cash at bank and in hand 15 523,482 1,454,117 231,184 1,469,770 1,977,599 1,700,954 Creditors: amounts falling due withln one year 16 950,304 541,011 Net current assets 1,027,295 1,159,943 Total assets less current Ilabllities 1,036,766 1,164,924 The funds of the charity Restricted income funds Unrestricted funds 19 77,120 959,646 73,798 1,091,126 1,036,766 1,164,924 The financial statements were approved by the trustees on T Croucher Trustee Company registration number 04312794 (England and Wales) 11
SAINTS FOUNDATION (SFC) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024 2024 2023 Notes Cash flows from operating activities Cash absorbed by operations 24 {51,0551 {109,151) Investing activities Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets Investment income reiVed {8,159) {5,0551 7,512 13,252 43,561 Net cash generated from Investing activities 35,402 15,709 Financlng actlvltles Payment of obligations under finance leases (3,198) Net cash used In flnanclng activities {3,198) Net decrease in cash and cash equivalents (15,653) {96,640) Cash and cash equivalents al beginning of year 1,469,770 1.566,410 Cash and cash equivalents at end of year 1,454,117 1,469.770 12-
SAINTS FOUNDATION (SFC) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies Charity information Saints Foundation (SFCI is a private company limited by guarantee incorporated in England and Wales. The registered office is Sl Mary's Stadium, Britannia Road, Southamplon, Hampshire, S014 5FP. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. {'FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021" (effective 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The financial slalements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial stalemenls have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the lime of approving the financial slalements, the trustees have a reasonable expeclallon that the charity has adequate resources lo continue in operational existence for the foreseeable future. For further information on this please see the Going Concern section of the Trustees Report. Thus the trustees continu8 to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Iruslees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as lo how they may be used. The purposes and uses of the restricted funds are sel out in the notes to the financial slalemenls. 1.4 Income All income is recognised in the stat8ment of financial activities when the conditions for receipt have been met, the monetary value of the incoming resources can be measure with sufficient reliability and there is reasonable assurance of receipt. The following accounting policies are applied to income., Income from charitable activities Income from charitable activities represents income from the delivery of the charity's core projects. The income is accounted for on a receivable basis. Incoming resources from seNice level agreements are re¢ognised on performance. Donations Donations represent core-funding, donations from corporates and individuals and those dedicating volunteer events lo the charity. Where services are provided al no cost, the value of those seNices are treated as a donation in kind with the respective cost charged lo expenditure. Voluntary incorne includes income from legacies that are accounted for on notification by the personal representatives and the value of the legacy can be measured reliably and the receipt of that amount is probable. 13
SAINTS FOUNDATION (SFC) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies (Continued) Fundraising Fundraising income represents the monies received from supporters of the company fundraising events and are accounted for at the lime of the event. The charity operates a matchday lottery which is accounted for in Ilne with the lottery accounts and an auction site which recognises incorne on settlement of the bid. Stadium tours are accounted for in the period in which the tours take place. Interest income Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity., this is normally upon notification of the interest paid or payable by the bank. 1.5 Expendlture Resources expend8d, accounted for on an accruals basis, are allocated between costs of charitable expenditure and fundraising. Costs of raising funds These are costs which are directly related to the raising of voluntary donations and granls and publicising the activities of the charity. Costs of charitable a¢tlvltles Costs of charitable activities include services supplied identifiable as wholly or mainly in support of the charitable company's objectives. Direct costs are allocated against Ihe activities of the charity and support costs are apportioned on the basis of staff numbers. 1.6 Tanglble fixed assets All assets over £1,000 are capitalised. Tangible fixed assets are initially measured al cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Plant and equipment 3 5 year slraight line The gain or loss arising on the disposal of an assel is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impairment of fixed assets At each reporting end date, the charily reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). 1.8 Cash and cash equivalonts Cash and cash equivalents include cash In hand, deposits held al c811 with banks, other short-lerm liquld investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 14-
SAINTS FOUNDATION (SFC) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies {Contlnuedl 1.9 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financlal Inslrumenls, and Section 12 'other Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the nel amounts presented in the financial stalemenls, when there is a legally enforceable right lo set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Baslc flnanclal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method Ljnless the arrangement constitutes a financing transaction, where the transaction is measured al the present value of the future receipts discounted at a market rale of interest. Financial assets classified as receivable within one year are not amortised. Baslc flnanclal liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rale of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in Ihe ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognltlon of flnancial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or Gancelled. 1.10 Employee benefits The cost of any unused holiday enlitlement is recognised in the period in which the employee's services are received. Termination benefits are re¢ognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or lo provide termination benefits. 1.11 Retirement benefits The charity operates a defined contribution plan for ils employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been made the charity has no further payment obligations. The contributions are recognised as an expense in the slalements of financial activities when they fall due. Amounts not paid are shown separately as a liability in the balance sheet. The assets of the plan are held separately from the charity in the administered funds. 15-
SAINTS FOUNDATION (SFC) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Critical accounting estimates and judgements In the application of the charity's accounting policies. the trustees are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are ¢onsidered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and fulure periods where the revision affects bolh current and fLJlure periods. The trustees do not consider there to be any key sources of eslimalion uncertainty. Donatlons and legacies Unrestrlcted Unrestricted funds funds 2024 2023 Community donations Individual donations Corporate gifts Donated services 30,040 114,770 624,336 125,000 20,863 97,260 373,965 125,000 894,146 617,088 Charitable activities Charitable Charitable Income Income Events Events 2024 2023 Performance relaled grants 1,487,091 1,505,270 Analysis by fund Unrestricted funds Restricted funds 397,384 464,995 1,089,707 1,040,275 1,487,091 1,505,270 16-
SAINTS FOUNDATION (SFC) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Income from other trading activities Unrestricted Unrestrlctèd funds funds 2024 2023 Auctions Events & activities Gift aid Matchday lollery 39,504 258,739 22,920 24.974 34,185 259,684 17,377 15,808 Other trading activities 346,137 327,054 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 43,561 13,252 Other income Unrestricted Unrestricted funds funds 2024 2023 Net gain on disposal of tangible fixed assets 7,512 Raising funds Unrestricted Unrestricted funds funds 2024 2023 Fundraisin and ublicit Malchday lottery Events & activities Corporate activities Advertising Auction sile Community activities 186 148,218 129,336 59 101,562 100,838 3,756 10,057 8,266 1,828 Fundraising and publicity 287,834 216,272 17-
SAINTS FOUNDATION (SFC) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Expenditure on charitable activities Charitable Charitable Expenditure Expenditure Projects Projects 2024 2023 Direct costs staff costs Depreciation and impairment Overheads 2,120,317 3,669 333,373 1.799,203 4,780 248,842 2,457,359 2,052,825 Share of support and governance costs (see note 10) Support Governance 125,000 28,900 125,000 24,640 2,611,259 2,202,465 Analysis by fund Unrestricted funds Restricted funds 1,431,549 1,179,710 1,025,493 1.176,972 2,611,259 2,202,465 10 Support costs Support Governance costs costs 2024 Support Governance costs costs 2023 Donated seNices 125,000 125,000 125,000 125,000 Audit fees Insurances 17,700 11,200 17,700 11,200 13,440 11,200 13,440 11,200 125,000 28,900 153,900 125,000 24,640 149,640 Analysed between Charitable activities 125,000 28,900 153,900 125,000 24,640 149,640 11 Trustees None of the Iruslees (or any persons connected with them) received any remuneration or benefits from the charity during the year. 18-
SAINTS FOUNDATION (SFC) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 12 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Direct Administration Part time coaches 56 52 29 33 Total 89 88 Employment costs 2024 2023 Wages and salaries Social security costs Olher pension costs 1,881,556 169,503 69,258 1,604,988 142,454 51,761 2,120,317 1,799,203 Part time coaches numbers are based on full time equivalents. The number of employees whose annual remuneration was more than £60,000 is as follows.. 2024 Number 2023 Number £60,001 to £70,000 £80,001 to £90,000 £90.001 to £100,000 Remuneration of key management personnel Key management personnel include all senior managers across Saints Foundation (SFC), who logether have authority and responsibility for planning, directing and controlling the activilies of the charity. Their remuneration is as follows.. 2024 2023 Aggregate compensation 358,035 244,721 13 Taxation The chariiy is exempt from taxation on ils activities because all its income is applied for charitable purposes. 19-
SAINTS FOUNDATION (SFC) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 14 Tangible fixed assets Plant and equlpment Cost At 1 July 2023 Additions Disposals 9,937 8,159 {4,8821 At 30 June 2024 13,214 Depreclatlon and impairment Al 1 July 2023 Depreciation charged in the year Eliminated in respect of disposals 4,956 3,669 {4,882) At 30 June 2024 3,743 Carrying amount AI 30 June 2024 9,471 At 30 June 2023 4,981 15 Debtors 2024 2023 Amounts falling due withln one year- Trade debtors Prepayments and accrued income 146,605 376,877 153,744 77,440 523,482 231,184 16 Creditors: amounts falling due wlthln one year 2024 2023 Notes Other taxation and social security Deferred income Trade creditors Other creditors Accruals and deferred income 33,458 464,354 4,957 218,519 229,016 38,491 360,679 6,354 109,778 25,709 17 950,304 541,011 -20-
SAINTS FOUNDATION (SFC) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 17 Deferred income 2024 2023 Other deferred income 464,354 360,679 Deferred Income is included in the financial statements as follows.. 2024 2023 Deferred income is included within= Current liabilities 464,354 360,679 Movements in the y8ar'. Deferred income at 1 July 2023 Released from previous periods Resources deferred in the year 360,679 {360,6791 464,354 253,660 1253,6601 360,679 Deferred Income at 30 June 2024 464,354 360,679 The deferred income relates to project funding, courses and events due to take place In future periods. 18 Retlrement beneflt schemes Defined contribution schemes The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The charge to profil or loss in respect of defined contribution schemes was £69,258 (2023 £51,761). 21
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SAINTS FOUNDATION (SFC) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 20 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject lo specific conditions by donors and grantors as lo how they may be used. These include designaled funds which have been sel aside out of unreslricled funds by the truslees for specific purposes. At 1 July 2023 Incoming resources Resources expended Transfers At 30 June 2024 General funds 1,091.126 1,681.228 (1.719,383) {93,325) 959,646 Previous year: At 1 July 2022 Incoming resources Resources expended Transfers At 30 June 2023 General funds 1,000,178 1,429,901 {1,241,765) 197,1881 1,091,126 21 Analysis of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 Fund balances at 30 June 2024 are represented by.. Tangible assets Currenl assetsl{liabililies) 9,471 950,175 9,471 1,027,295 77,120 959,646 77,120 1,036,766 Unrestricted funds 2023 Restricted funds 2023 Total 2023 Fund balances at 30 June 2023 are represented by: Tangible assets Current asselsllliabilities) 4.981 1,086,145 4,981 1,159,943 73,798 1.091,126 73,798 1,164,924 -24-
SAINTS FOUNDATION (SFC) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 22 Related party transactions Southampton Football Club is considered to be a related party due lo its influence over Ihe charity. During the financial year, Southampton Football Club Limited committed donations of £218,529 (2023.. £31,926). Included in this amount is a lolal of £27,573 (2023.. £19,631) donated by the Club in respect of time costs provided by the Foundation. A total of £178,662 {2023= £nill is included in prepayments & accrued income at the year end. A payable balance of £209,543 (2023: £99,101) has arisen from purchases from Southampton Football Club Limited and is included within creditors falling due within one year al the year end. Soulhamplon Football Club Limited has provided administrative and other support with an estimated value of £125,00012023: £125,000), this has been recognised as donations and equivalent support cost. Al the year end £nil {2023'. £nill was outstanding on the balance sheet. During the year United Group Bulgaria EOOD, an entity under common control of the ultimate controlling party of Southampton Football Club Limited, donated £40,00012023'. £nil) to the Foundation. 23 Analysis of changes in net funds The charity had no material debt during the year. 24 Cash generated from operatlons 2024 2023 (Deficilllsurpus for the year 1128,1581 51,439 Adjustments for.. Investment income recognised in stalement of financial activities Gain on disposal of tangible fixed assets Depreciation and impairment of tangible fixed assets {43,5611 (13,252) 17,512) 4,780 3,669 Movements in working capital: (Increaselldecrease in debtors Increaselldecreasel in creditors Increase in deferred income (292,2981 305,618 103,675 52,874 1304,49g) 107,019 Cash absorbed by operations {51,0551 1109,151) -25-