Company registration number: 04903645 Charity registration number: 1102239 

## Watford FC's Community Sports & Education Trust 

(A company limited by share capital) Annual Report and Financial Statements 

for the Year Ended 30 June 2021 

Azets Audit Services Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ 



## **Watford FC's Community Sports & Education Trust** 

|**Contents**||
|---|---|
|Reference and Administrative Details|1|
|Trustees' Report|2 to 10|
|Statement of Trustees' Responsibilities|11|
|Independent Auditor's Report|12 to 14|
|Consolidated Statement of Financial Activities|15 to 16|
|Consolidated Balance Sheet|17|
|Balance Sheet|18|
|Consolidated Statement of Cash Flows|19|
|Notes to the Financial Statements|20 to 37|





## **Watford FC's Community Sports & Education Trust** 

## **Reference and Administrative Details** 

## **Chairman** 

Mr C J Norton 

**Secretary** 

Mr P J Wastall 

**Principal Office** 


Vicarage Road Stadium Watford Hertfordshire WD18 0ER 

**Company Registration Number** 

04903645 

**Charity Registration Number** 

1102239 

## **Auditor** 


Azets Audit Services Limited Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ 

Page 1 



## **Watford FC's Community Sports & Education Trust** 

## **Trustees' Report** 

This report provides a summary of the Trust’s activities covering the period from 1[st] July 2020 to 30[th] June 2021. It provides information relating to some of the services the Trust delivered during the Covid19 pandemic.  The report details progress made against our principal areas of work, it highlights our key achievements, provides insight into some of the areas for development and also what we hope to achieve during 2021/22. 

## **Trustees** 

Mr C J Norton Mr P A Clark Mrs G L Clarke Mr E J Coan Dr J Davis Smith CBE Miss M J Gabbitass Mr C J Luff MBE Mr S J Macqueen Miss E R Saunders Professor S R Timperley 

## **Executive Summary** 

Despite further challenges posed by the pandemic, the Trust continued to provide a diverse range of services, as well as collaborating with a range of partners to provide support for those in need. Learnings from the previous year enabled the Trust to remain agile and flexible in its approach to providing its activities.  This included offering hybrid models, running virtual provision alongside faceto-face delivery. 

The Trust remains committed to continuous improvement and this is demonstrated in the review section of this report.  Although it has been an extremely challenging year the Trust remain focused on making a positive difference for all through sport, physical activity and learning, and we believe that the achievements and performance section of this report provides evidence to confirm that the Trust continued to improve lives and enhance communities. 

## **Objectives for Public Benefit** 

Trustees work closely with staff to ensure that the Trust’s strategic and operational priorities set for the year meet the charity objects detailed in its governing document, and the Charity Commission’s general guidance on public benefit. 

In broad terms the Trust’s objectives for the benefit of the public are to: 

- Provide and promote sport, physical activity and learning opportunities to the communities it serves. 

- Assist in providing facilities and opportunities for all sections of the community, in the interests of social welfare and with the objective of making a difference to people’s lives. 

- Develop and implement new community-based projects, activities, initiatives and events which respond to communities’ needs and help promote community cohesion. 

The Trust has established strong and meaningful partnerships with a range of partners across the public, private and voluntary sectors and works collaboratively when delivering its services.  The objectives for public benefit primarily come from the Trust’s key priority areas of work which are: Health & Wellbeing, Learning & Skills, Social Inclusion and Football & Sports Development. 

Page 2 



## **Watford FC's Community Sports & Education Trust** 

## **Trustees' Report** 

The Trust recognises the importance of monitoring and evaluating its work on an ongoing basis.  It produces an Impact Report on a yearly basis which provides evidence on a range of outcomes and impact.  This report is widely circulated to fans, community partners and funders and a copy of it is freely available to the public by going to the Trust’s website at www.watfordfccsetrust.com and upon request. 

It is hoped that the rest of this report demonstrates many aspects of the public benefit which the charity provides. 

## _**HEALTH & WELLBEING**_ 

## **Physical Health** 

Our Active Watford and Three Rivers project proved extremely successful, exceeding its targets by 25%. The project delivered a highly effective hybrid delivery style of online and face to face consultations, giving patients the continued choice that best suited their situation. Both Watford and Three Rivers Local Authorities, together with Herts Valley Clinical Commissioning Group as funders were extremely pleased with the project over this period. 

Our Shape Up (adult weight management courses) continued to be provided to the usual high standard and a new App was launched to support ongoing delivery. The Trust submitted a bid to run a county wide weight management contract in Hertfordshire and was the chosen provider to deliver the service in Harrow under a new model. 

## **Mental Health** 

The Comic Relief Empower project was maintained through a delivery period very disrupted by Covid19. From January 2021 onwards the project was delivered face to face which supported project participants from 9-12 years old across West Herts with their mental health. 

Our CAMHS funded Positive Minds project continued being delivered on the ground with 60+ schools per year benefiting and a much larger online version delivered county wide as well. 

This period also saw the commencement of a new youth social prescribing project called ‘Youth Link’ delivering social prescribing services to 10-24 years old across West Herts in partnership with RAISE (West Herts Hospital Trust Charity). 

Golden Memories continued to grow from strength to strength and is building a fantastic reputation both locally and nationally, with widespread press coverage. Delivery was halted during the pandemic and all delivery went virtual, although doorstep visits were made and ‘golden reminiscence boxes’ were delivered to beneficiaries. During 2021 in person sessions returned, with the service now oversubscribed as it enters its final year funding. 

Our ‘Extra Time’ project was similarly affected by the non-delivery due to the pandemic but also resumed during 2021. 

## _**LEARNING & SKILLS**_ 

## **Premier League Inspires** 

Weekly sessions took place during July for key workers’ children and vulnerable young people at two of our partner secondary schools.  In addition, electronic resources and virtual support were provided. 

Page 3 



## **Watford FC's Community Sports & Education Trust** 

## **Trustees' Report** 

We took part in the Premier League Inspires Challenge which saw five St Michael’s Catholic High School students complete a social action project. Our team worked alongside our Premier League Kicks staff to deliver some female only led sessions.  The girls had a great time and built-up vital life skills in the process. 

We started looking ahead to the summer and new academic year with the development of 10 mental well-being sessions to grow our Premier League Inspires project offer in schools.  By the end of the academic year some 16 secondary schools, colleges and pupil referral units were booked for the new academic year (September 2021). 

## **Building Better Opportunities** 

We continued to offer support and guidance remotely to young people engaged in this employability programme.  Despite some successes in helping young people to secure employment, apprenticeships and volunteering, the Trust decided not to continue delivering the service in 2021/22. This was due to funding being reduced and the introduction of other employability programmes at county level. 

## **National Citizen Service** 

The summer programme ran during August and was branded ‘Keep Doing Good’.  We were the biggest delivery provider for the East of England this summer with 175 young people participating on programmes in Watford and Harrow.  Some 3,863 volunteering hours were pledged by the young people, which included raising £4,388 for a wide range of local charities.  The completion rate for young people was 100%. 

_Quotes from NCS Summer 2020:_ 

- “This programme has taught me to not be scared of learning who I am or being judged by others or overthink what others might say about me”. 

- “Being able to make new friends was really nice. I think NCS was a good experience and really rewarding. I wish it was longer than 2 weeks”. 

Autumn Programme – 100% completion rate and over delivered on target numbers for both contracts. In addition, the English Football League Trust asked us to trial a virtual programme for a small group of young people from across London.  Staff turned this around at short notice, with eight young people involved and 100% completion. 

## _**SOCIAL INCLUSION**_ 

## **Premier League Kicks** 

In 2020/2021, the Trust has engaged with more young people than ever before through Premier League Kicks. The project uses the power of football, sport and personal development activities to inspire young people of all backgrounds and abilities in some of the highest need areas. By working closely with the police, local authorities and other charities and organisations, Premier League Kicks is helping to build stronger, safer and more inclusive communities. 

Despite the disruptions caused by Covid-19, the Trust has been able to increase both the Kicks Delivery team, with the addition of two Project Officers, and the amount of weekly provision on offer across Hertfordshire, Harrow and Hillingdon to over 40 hours. Following the return to face-to-face activity in March, the focus has been on building back confidence by creating safe environments and providing more opportunities in areas of high need. This has enabled the Trust to engage with 1946 

Page 4 



## **Watford FC's Community Sports & Education Trust** 

## **Trustees' Report** 

young people during this reporting period, of which over 30% are female, over 40% are aged 14+ and 10% have a disability. 

Alongside weekly delivery, young people have represented the Trust in multiple competitions, events and Matchday Packages with Trust and Foundations at other football clubs, taken part in educational workshops related to local issues and attended fun trips to places including the Olympic Velodrome, Ninja Warrior and Go Ape!  At both Community Centres, formalised Youth Boards have been created. These quarterly sessions will bring together a diverse group of Kicks participants to discuss and address community safety, programme experiences and improvements to the Centres. 

The Trust has received £20,000 from Watford Community Housing Trust and £15,000 from St Albans Council to support existing Kicks delivery and further increase opportunities in South Hertfordshire. This has included new football-based youth engagement sessions at Cotlandswick Leisure Centre and Marlborough Science Academy as well as two Youth Club sessions at the Meriden Community Centre to mirror the successful Harrow model. 

## **Premier League Kicks Targeted (Level Up)** 

‘Level Up’ aims to tackle and help reduce youth violence in Harrow in the form of 1-2-1 and small group mentoring. The project uses a child centered approach to shape targets and reach desired outcomes for every individual which may include reduce risk factors in their lives, build confidence, develop resilience, provide a ‘trusted adult’ in their lives and create positive opportunities. 

## **Premier League Kicks Girls Programme** 

The funding for the Premier League Kicks Girls Programme from London Marathon Charitable Trust has been extended until July 2022 and the Trust will receive an additional £6,000 to continue delivering female specific sessions in Harrow. The Trust has over-achieved on all KPI’s and outcomes between December 2020 – December 2021, including high engagement and sustainment figures, and has received very positive feedback from the funders. 

## **Chances** 

This Social Impact Bond programme supports Harrow residents aged 8-18 at risk of offending to develop mechanisms for preventing youth crime. By delivering a range of qualifications and sport-based sessions in Hatch End School and at Cedars Youth & Community Centre, the programme aims to improve attendance, reduce NEET status, reduce re-offending and improve physical literacy. Qualifications will include Sports Leaders, Arts Awards, AQA’s, Playmakers and Activators courses. Year two of the programme starts in May 2022. 

## _**FOOTBALL & SPORTS DEVELOPMENT**_ 

Delivery in this period was significantly impacted with restrictions placed on education and football during the second and third lockdowns in November 2020 and January 2021. From Easter 2021 we were able to resume most of our projects, adapted to include social distancing where possible. 

**Holiday Coaching Courses** - Coaching courses for young people aged between six to twelve years of age took place at a range of community locations across South-West Hertfordshire and the London Borough of Harrow, with numbers reduced to reflect the FA’s ‘safe return to football guidance’ player ratios. However we managed to deliver across all school holiday periods except for the February 2021 half-term due to covid restrictions once again halting grassroots football. 

**Matchday Activities** – with football being played behind closed doors for the extended end of the 2019/20 and the whole of 2020/21 seasons, we were unable to deliver any matchday activities. 

Page 5 



## **Watford FC's Community Sports & Education Trust** 

## **Trustees' Report** 

We were able to hold our ‘Play Like a Pro’ day in May 2021 with 320 children enjoying the chance to play fun games on the pitch at Vicarage Road. 

**Player Development Centres** – We delivered our six player development centres either side of the November and January restrictions to grassroots football. These centres provided structured coaching for 565 young male and female grassroots footballers aged seven to 16 years of age. 

We delivered a series of remote workshops, sessions, skills challenges, and fun (non-football) social activities online during the January-April lockdown and received overwhelming positive feedback from families delighted that we had created innovative ways of keeping their children involved and engaged when they were unable to participate in their usual football sessions. 

**Watford FC Women** – For the second season running, Watford FC women found themselves in a promotion position in the FA Women’s National League when the pandemic forced the FA to curtail the competition. We were delighted to be notified in June 2021 that we had been promoted to the elite level of the FA Women’s Championship for the 2021/22 season. 

**Schools Coaching Programmes** – Covid restrictions imposed on for external deliverers in schools in Hertfordshire and Harrow during the end of the 2019/20 academic year and for the first two terms of the 2020/21 academic year, meant our usual levels of delivery was reduced for a large part of this year. We worked with our partner schools to deliver breakfast, in-curriculum coaching, lunchtime and after school clubs where our support was required. We also continued to deliver our two funded programmes: ‘Premier League Primary Stars’ and the English Football League Trust’s ‘Move & Learn - Joy of Moving’. 

**Football & Education Schemes** - Three schemes combining football and academic studies were run for boys between 16 and 18 years of age, in partnership with schools and colleges in Hertfordshire and Harrow. 75 students accessed training and match opportunities in the 2020/21 academic year. 

**Foundation Degree** – September 2020 saw the launch of our Foundation Degree (FdA Football Development and Coaching) in partnership with Middlesex University with 10 students forming our first cohort. 

**Disability Talent Hub** – We continued to deliver this programme at Watford FC’s training ground providing coaching opportunities for talented players aged 7-16 years old, as part of The FA's England talent pathway. 

## _**COMMUNITY FACILITIES (run and managed by the Trust)**_ 

Both of our centre’s, Cedars Youth & Community Centre in Harrow Weald and the Meriden Community Centre, Watford, spent many months of the financial year closed as a result of the Covid-19 pandemic. Between March and June, November 2020 and then January to April 2021, government measures forced the closures. PPE, thermal temperature checks and appropriate signage were introduced, and risk assessments performed to ensure that when the centres could re-open, all relevant measures had been taken to act compliantly. 

Cedars continued to provide space for Harrow Mencap and the Home Learning Hub. Local schools also used the facility for key PE delivery and many other Trust programmes operated out of the centre. Membership of the centre exceeded 5,000 for the first time throughout the year, with weekly footfall of circa 1,138. 

Meriden Community Centre provided space for the Music Gym, together with delivery of Trust health and social inclusion programmes.   Membership levels approached 2,400 with weekly footfall at 1,000. 

Page 6 



## **Watford FC's Community Sports & Education Trust** 

## **Trustees' Report** 

## **Fundraising** 

Due to the lockdown periods a number of fundraising events were cancelled across the year.  The following activity did take place: 

- During the year the Trust purchased and implemented a Fundraising CRM system – Beacon CRM. 

- Race Europe – all team spaces filled which included Patrons family, Trustees, ex-players, current players, staff, volunteers - over £7,500 raised, with team finishing 3[rd] . 

- Friends of the Trust Newsletter went out to c.550 supporters including Christmas Appeal. 

- Graham Taylor Matchday – £580 raised from Club scarf sales and Donations (text and website). 

- • In collaboration with the Club, we were involved in running a Toy Drive.  Our fans were asked to donate gifts for children between the ages of 0-17 years.  Some 224 gifts were distributed to Trust partner schools who were able to identify their most vulnerable students and those from low-income families.  Trust staff were involved in wrapping gifts and delivering them directly to the schools.  Staff also delivered gifts to the Starfish Ward, Watford General Hospital, Keech Children’s Hospice, Bedfordshire and Homestart, Watford. 

## **Business Partnerships** 

It proved a difficult year to try and attract new sponsors. However we were able to establish a sponsorship agreement worth £10,000 with the Bugler Group and M.K Ginder & Sons who are a longstanding partner of the Trust renewed their £5,000 annual sponsorship. 

## **Volunteering** 

Volunteers continued to support across the Trust’s range of activities, although this was reduced during lockdown periods.  Our Golden Memories programme for people living with dementia and their carers continued to receive excellent support from our team of volunteers. 

## **Covid-19 Response** 

As detailed above further lockdown periods meant that some of our projects and events had to be cancelled and our two centres also had to be closed for periods of the year.  Our focus remained on the wellbeing and safety of our beneficiaries, employees and volunteers. 

## **Review** 

Reviews of Trust activities took place on a regular basis throughout the year with Trustees via Board and operational meetings, to ensure that services were delivered in line with the Trust’s key objectives. The senior leadership team also reviewed projects, activities and events to ensure the delivery was in line with priorities set for the year, as well as the Trust’s wider business plan. 

From the reviews the following actions were identified as priorities for 2021/22. 

- Continue developing a People Strategy and look to implement actions throughout 2021/22. 

- 

   - During 2022 work on a new strategy for the Trust. 

- 

   - Complete the Barnardo’s safeguarding audit and compile an action plan as required. 

- Further explore opportunities which the apprenticeship levy presents both in terms of upskilling staff, as well as taking on apprentices in the future. 

Page 7 



## **Watford FC's Community Sports & Education Trust** 

## **Trustees' Report** 

- Work on the funding application to the Football Foundation to secure funds for a replacement carpet for our artificial grass pitch, as well as replacing the sports hall floor at Cedars Youth & Community Centre. 

- Submit funding applications to the PLPFA Fund for funding towards the continuation of both the Active Watford & Three Rivers & Golden Memories programmes. 

- Progress plans to review the Board structure. 

- Complete our Capability Code of Practice Audit with the Premier League. 

- Celebrate our 30[th] year anniversary during 2022. 

- Introduce an employee assistance programme for colleagues. 

- Secure funding to run free courses for young people on free school meals during school holiday periods in the future. 

- Continue to be part of the ‘London United’ group of Trust’s/Foundations building links and relationships with the NHS Trusts across London as well as the hospital charities, to explore further opportunities to work together. 

- Complete the transfer of Watford FC Women Limited from the Trust to the Club. 

- Be ready to mobilise quickly if we win the tender to run the weight management contract in Hertfordshire. 

## **Reserves Policy** 

The Trust has put in place its ‘Reserves policy’ to help plan and manage its resources appropriately to ensure that the level set matches its ongoing requirements and to inform relevant stakeholders. 

It is the policy of the Trust to increase the level of free reserves generated to provide sufficient funds to cover three months operating costs, without which the charity could not function and continue to deliver its day-to-day operations. 

This level has been agreed on the basis that the reserves amount will provide the Trust with adequate financial stability and the means for it to meet its charitable objects. 

This policy will be monitored and reported on during the month end reviews and Board meetings, to establish whether any changes to this policy are deemed necessary and to ensure that the reserves are adequate to fulfil our continuing obligations. 

The Board acknowledge that the level of free reserves changes during the year and can be a good indicator of the underlying financial health of the charity. This can also be an indicator of potential problems.  The level of reserves will also be monitored throughout the year as part of the normal monitoring and budgetary reporting process. 

## **Achievements & Performance** 

- Won Regional Community Club of the Year for the London region. 

Page 8 



## **Watford FC's Community Sports & Education Trust** 

## **Trustees' Report** 

- Social Impact Report distributed to nearly 6,000 season ticket members. 

- Meriden Centre used as Covid-19 vaccination centre, to support food bank distribution and for HPV and Flu vaccinations.  Cedars centre used as blood donation centre and remained open during lockdown 2 providing a variety of education provision. 

- NHS Football Tournament (part of ‘London United’ initiative) – took place at the Club’s training ground with 16 teams of staff from Northwick Park and Watford General Hospitals taking part. 

- Secured £233,000 funding for the Positive Minds project from CAMHS for next three years. 

- Active Watford & Three Rivers project featured on national TV in January as part of the BBC’s programme ‘The truth about mental health’. 

- Holiday courses provided for children on free school meals at our Meriden and Cedars community hubs during various school holiday periods. 

- Weekly physical activity sessions organised for staff who work at Watford General Hospital via RAISE (West Herts NHS Hospital Charity). 

- New partnership formed with RAISE West Herts Hospital Trust charity.  ‘Youth Link’ Project started via Youth Health and Wellbeing Officer delivering a social prescribing service to young people. 

- New ‘Shape Up’ App launched as part of our adult weight management project, to support delivery and help people lose weight. 

- Despite the challenges from Covid-19, our Foundation Degree course (Football Development and Coaching) was launched with a first cohort of students. 

- Successful application to The FA to continue running our FA Disability Talent Hub. 

- As part of our Golden Memories project for people living with dementia and their carers, ‘Golden Capsules’ were launched with 45 reminiscence boxes distributed to care homes across Watford, Three Rivers and Bushey.  Valentines and Easter Variety shows also held for care homes in partnership with Watford Borough Council. 

- ‘Watford FC For’ Brand Campaign implemented. 

- Hugely successful summer NCS programme with the Trust ending as the largest provider in the East of England region for the summer period. 

- Hugely successful Ramadan football tournament run by the Trust and Club, held at the Club’s training ground. 

- Wall art image of Graham Taylor finished and launched at Meriden Community Centre. 

- Play on the Pitch event held for young people at the Vicarage Road stadium – over 300 young people enjoyed a memorable experience playing on the pitch. 

- WFC Women promoted to the FA Women’s Championship (Tier 2). 

Page 9 



Watford Fvs Community Sports & Education Trust
T￿￿te•s. Report
Shy Up (adutt weight management) - £75k furwfmg S*ur￿ to delpm a 724nonlh
contract with Harrow C￿r￿￿ to dther the FYogranff* to 250 &Jvk8 face to face and 150 vta
the Shape Up App.
Refe￿nce and Adminislralive Drtalls
retary
Mr P J Wastall
PrI￿1paI Offlce
V[ea￿ge Ro&1 Stad￿M
Watford
Hertford8htre
WD18 OER
Th8 company is incorporateAJ In Eng￿￿ & Wtsle8.
Gompany Regthatlon Number
04903845
Charlty Reglstratlon Number
1102239
Audttor
Azets Audit SarvKes
A8hGombe Court
Woobsck
Godalming
Surrey
GU7 ILQ
Dlsclosur8 of Infonnallon tr• audltor
Each trustse has tsken steps that they ¢wJht to have taken a8 a tru¥tee in order to make thernsefv88
8ware of any rebvanl audit Inflymat￿ and to 8stabftsh th* the charW$ audltor is awar8 of that
information. The ITuslees ￿r￿lmi that there is no relevant infOrn￿ll0n that they know of and of vthth
they kncw the auditor is unmrg.
The annual rap￿t
Q)3.)
roled by tha trustee8 Ghwiiy on....................
Sign￿ on 5t8 behalf
Mr P J Wastan
Comparty Se•
Pag8 10

Watford FC'8 Community SpoTts & Education Trust
statement of Trustees, Responslbllltles
The Iru8t*8 arn ajso the dwector5 of WatfcTd Ftrs CLYnmunly Sp￿ts & Educknn Tru8t for the
purposes of ccmparry la¥) are r8sp)n5ib￿f0r prepariro IhetNstees' report aTrJ thefinan(ial 3tatemgnts
in a￿ordanc* wtth the Ullited Kingdom Accounting Stand•d5 (Unrted KJ"ngthJn Ggneraty A(xeplad
Accountino Pra¢tK¥l and applicab￿ and reguhtKn5.
Company law requwes the trustee5 to prep￿ finaxxl sfatem8nts for 88th finarKial yoar. Under
c(rnpany lawthe truslaeÈ must not approve the financial StateM￿)ts unkns they are satisfi&d Ih&t th8y
9[￿e a true 3nd fair vivw of the state of affairs ol the chartt￿le company and of its ncoming resources
and applicati(￿ of resources, indudirKJ Is incoma &¥J exFendKure. for that per￿. In prapaTing these
financial Statements, the truslees are Trquired to".
6918Ct 8Uitabl8 accountw￿ polbx arKI atvty (xmsislenty.,
obseN8 th6 nN8thc*J8 pthcipleg In the Ch￿￿88 SORP.
make ludgemenls and e8timate8 that are reasonable prudert
Btate whether applicable UK Accxjunting Standards Fwe been fdItr￿d, sub￿￿ to any mat6rlal
departures disclose(l aFvJ explained in the financial s￿etT￿ts,. and
prepar& the financi81 statsmènls on IF￿ going concem basis unk8S it is in8ppropr&te lo presume
th* the d￿rItab￿ ￿par￿ continue in business.
Thè trustees arn re8pMsfole for keeping ad4uate accountiro record$ that are sU￿lEnt to sh¢7w and
explain the CharIt8L￿& company's transacti￿￿ and dthe wth reasonable acojracy at any time the
financial ￿61th?Tr of the chantable ￿MPary and eFth them to ensufe that the ffinBnci$l 3tatem8nts
comply the Compahies Act 20(E. They are also respC￿Sible for safeguarding lh8 assets of
charitable Lxthpany and hence for taking r&sonat4e steps for the prevention and deteC￿n of fraud
and Lrther irregukrttes.
Publ1¢ Bgngftt Statement
The Trustees confim thal they have c• w#h their duty to have due reg¥d to the guidance on
public benefft pubik%hed by the Chwity C(xMii88ion in exercising ther pcweTS cl dL&t16g. Thg pub
b8nefit of the Charity'¥ thrties are ¢)udind undw'Ol¥'edtves for pubfic benaf* knv
Appro￿1 by th&
J on its L*hall by:
Mr li J Wa$l*l
Company Secreiwy
Page 11

## **Watford FC's Community Sports & Education Trust** 

## **Independent Auditor's Report to the Members of Watford FC's Community Sports & Education Trust** 

## **Opinion** 

We have audited the financial statements of Watford FC's Community Sports & Education Trust (the 'charitable parent company') and its subsidiaries (the 'group') for the year ended 30 June 2021, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the group's and parent charity's affairs as at 30 June 2021 and of its incoming resources and application of resources, including its income and 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 (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit 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 to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: 

- the trustees use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or 

- the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. 

## **Other information** 

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

Page 12 



## **Watford FC's Community Sports & Education Trust** 

## **Independent Auditor's Report to the Members of Watford FC's Community Sports & Education Trust** 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Opinion on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the Trustees' Report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the strategic report and the directors’ report included within the Trustees' Report have been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the and the Trustees' Report. 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or 

- the parent charitable company financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 18), the trustees, who are also the directors of the charitable company for the purposes 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 statements, the trustees are responsible for assessing the group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative 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 statements 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, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Page 13 



## **Watford FC's Community Sports & Education Trust** 

## **Independent Auditor's Report to the Members of Watford FC's Community Sports & Education Trust** 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included: 

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; 

• Reviewing minutes of meetings of those charged with governance; 

• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection; • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; 

• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

## **Use of our report** 

This report is made solely to the charitable parent company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable parent company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

...................................... 

David Lawrence BSc (Hons) FCA (Senior Statutory Auditor) For and on behalf of Azets Audit Services, Statutory Auditor 

Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ 28 March 2022 Date:............................. 

Page 14 



## **Watford FC's Community Sports & Education Trust** 

## **Consolidated Statement of Financial Activities for the Year Ended 30 June 2021** 

## **(Including Consolidated Income and Expenditure Account)** 

|**Unrestricted**<br>**funds**<br>**Restricted**<br>**funds**<br>**Total**<br>**2021**|**Unrestricted**<br>**funds**<br>**Restricted**<br>**funds**<br>**Total**<br>**2021**|**Unrestricted**<br>**funds**<br>**Restricted**<br>**funds**<br>**Total**<br>**2021**|**Unrestricted**<br>**funds**<br>**Restricted**<br>**funds**<br>**Total**<br>**2021**|**Unrestricted**<br>**funds**<br>**Restricted**<br>**funds**<br>**Total**<br>**2021**|
|---|---|---|---|---|
||**funds**<br>**funds**<br>**2021**||||
|**Note**||**£**<br>**£**<br>**£**|||
|**Income and Endowments from:**|||||
|Donations and legacies<br>3||270,946<br>40,000<br>310,946|||
|Charitable activities<br>4||754,700<br>1,359,507<br>2,114,207|||
|Other trading activities<br>5||||-<br>-<br>-|
|Investment income<br>6||||6,496<br>-<br>6,496|
|Total income|||||
|||1,032,142<br>1,399,507<br>2,431,649|||
|**Expenditure on:**|||||
|Raising funds<br>7||(25,389)<br>-<br>(25,389)|||
|Charitable activities<br>8|(1,221,171)<br>(1,223,496)<br>(2,444,667)||||
|Total expenditure|(1,246,560)<br>(1,223,496)<br>(2,470,056)||||
|Net (expenditure)/income|||||
|||(214,518)<br>176,011<br>(38,407)|||
|Transfers between funds|||348,216<br>(348,216)<br>-||
|Net movement in funds|||||
||||133,798<br>(172,205)<br>(38,407)||
|**Reconciliation of funds**|||||
|Total funds brought forward|||||
|||1,579,981<br>5,039,816<br>6,619,797|||
|Total funds carried forward<br>20|||||
|||1,713,779<br>4,867,611<br>6,581,390|||



Page 15 



## **Watford FC's Community Sports & Education Trust** 

## **Consolidated Statement of Financial Activities for the Year Ended 30 June 2021** 

## **(Including Consolidated Income and Expenditure Account)** 

|**Note**<br>**Unrestricted**<br>**funds**<br>**£**<br>**Restricted**<br>**funds**<br>**£**<br>**Total**<br>**2020**<br>**£**<br>**Income and Endowments from:**<br>Donations and legacies<br>3<br>162,853<br>-<br>162,853<br>Charitable activities<br>4<br>866,316<br>1,594,797<br>2,461,113<br>Other trading activities<br>5<br>40,846<br>-<br>40,846<br>Investment income<br>6<br>12,262<br>-<br>12,262|**Note**<br>**Unrestricted**<br>**funds**<br>**£**<br>**Restricted**<br>**funds**<br>**£**<br>**Total**<br>**2020**<br>**£**<br>**Income and Endowments from:**<br>Donations and legacies<br>3<br>162,853<br>-<br>162,853<br>Charitable activities<br>4<br>866,316<br>1,594,797<br>2,461,113<br>Other trading activities<br>5<br>40,846<br>-<br>40,846<br>Investment income<br>6<br>12,262<br>-<br>12,262|**Note**<br>**Unrestricted**<br>**funds**<br>**£**<br>**Restricted**<br>**funds**<br>**£**<br>**Total**<br>**2020**<br>**£**<br>**Income and Endowments from:**<br>Donations and legacies<br>3<br>162,853<br>-<br>162,853<br>Charitable activities<br>4<br>866,316<br>1,594,797<br>2,461,113<br>Other trading activities<br>5<br>40,846<br>-<br>40,846<br>Investment income<br>6<br>12,262<br>-<br>12,262|
|---|---|---|
|**Note**|||
|**Income and Endowments from:**|||
|Donations and legacies<br>3|||
|Charitable activities<br>4|||
|Other trading activities<br>5|||
|Investment income<br>6|||
|Total income|||
||||
|**Expenditure on:**|||
|Raising funds<br>7|||
|Charitable activities<br>8|||
|Other expenditure|||
|Total expenditure|||
|Net (expenditure)/income||<br>(209,724)<br>232,074<br>22,350<br>289,778<br>(289,778)<br>-|
||||
|Transfers between funds|||
|Net movement in funds|||
||||
|**Reconciliation of funds**|||
|Total funds brought forward|||
||||
|Total funds carried forward<br>19||1,579,981<br>5,039,816<br>6,619,797|
||||



Page 16 



## **Watford FC's Community Sports & Education Trust** 

## **(Registration number: 04903645) Consolidated Balance Sheet as at 30 June 2021** 

|**Note**<br>**2021**<br>**£**<br>**2020**<br>**£**<br>**Fixed assets**<br>Tangible assets<br>13<br>4,551,828<br>4,796,343<br>Investments<br>14<br>318,961<br>318,961<br>4,870,789<br>5,115,304<br>**Current assets**<br>Debtors<br>15<br>344,847<br>404,843<br>Cash at bank and in hand<br>16<br>1,921,462<br>1,687,268<br>2,266,309<br>2,092,111<br>**Creditors: Amounts falling due within oneyear**<br>17<br>(519,208)<br>(540,618)<br>**Net currentassets**<br>1,797,101 1,551,493<br>**Total assets less current liabilities**<br>~~6,617,890~~<br>~~6,666,797~~<br>**Provisions**<br>~~(36,500)~~<br>~~(47,000)~~<br>**Netassets**<br>6,581,390 6,619,797<br>**Funds of the group:**<br>**Restricted income funds**<br>4,867,613<br>5,039,816<br>**Unrestricted income funds**<br>Unrestricted income funds<br>~~1,713,773~~<br>~~1,579,981~~<br>**Total funds**<br>19<br>~~6,581,390~~<br>~~6,619,797~~|**Note**<br>**2021**<br>**£**<br>**2020**<br>**£**<br>**Fixed assets**<br>Tangible assets<br>13<br>4,551,828<br>4,796,343<br>Investments<br>14<br>318,961<br>318,961<br>4,870,789<br>5,115,304<br>**Current assets**<br>Debtors<br>15<br>344,847<br>404,843<br>Cash at bank and in hand<br>16<br>1,921,462<br>1,687,268<br>2,266,309<br>2,092,111<br>**Creditors: Amounts falling due within oneyear**<br>17<br>(519,208)<br>(540,618)<br>**Net currentassets**<br>1,797,101 1,551,493<br>**Total assets less current liabilities**<br>~~6,617,890~~<br>~~6,666,797~~<br>**Provisions**<br>~~(36,500)~~<br>~~(47,000)~~<br>**Netassets**<br>6,581,390 6,619,797<br>**Funds of the group:**<br>**Restricted income funds**<br>4,867,613<br>5,039,816<br>**Unrestricted income funds**<br>Unrestricted income funds<br>~~1,713,773~~<br>~~1,579,981~~<br>**Total funds**<br>19<br>~~6,581,390~~<br>~~6,619,797~~|
|---|---|
|**Fixed assets**||
|Tangible assets<br>13||
|Investments<br>14||
|||
|**Current assets**||
|Debtors<br>15||
|Cash at bank and in hand<br>16||
|||
|**Creditors: Amounts falling due within oneyear**<br>17||
|**Net currentassets**||
|**Total assets less current liabilities**||
|**Provisions**||
|**Netassets**||
|**Funds of the group:**||
|**Restricted income funds**||
|**Unrestricted income funds**||
|Unrestricted income funds||
|**Total funds**<br>19||



The financial statements on pages 22 to 44 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by: 

......................................... Mr C J Norton Chairman and Trustee 

Page 17 



## **Watford FC's Community Sports & Education Trust** 

## **(Registration number: 04903645) Balance Sheet as at 30 June 2021** 

|**Note**<br>**2021**<br>**£**<br>**2020**<br>**£**<br>**Fixed assets**<br>Tangible assets<br>13<br>4,535,805<br>4,692,990<br>Investments<br>~~318,963~~<br>~~318,963~~<br>4,870,789<br>5,011,953<br>**Current assets**<br>Debtors<br>15<br>986,202<br>1,113,593<br>Cash at bank and in hand<br>16<br>~~1,545,733~~<br>~~1,307,649~~<br>2,531,935<br>2,421,242<br>**Creditors: Amounts falling due within oneyear**<br>17<br>~~(502,340)~~<br>~~(525,369)~~<br>**Net currentassets**<br>~~2,029,595~~<br>~~,895,873~~<br>**Netassets**<br>~~6,884,363         6,907,826~~<br>Funds of the Charity:<br>**Restricted income funds**<br>4,936,967<br>5,109,164<br>**Unrestricted income funds**<br>Unrestricted income funds<br>~~1,947,396~~<br>~~1,798,662~~<br>**Total funds**<br>19<br>~~6,884,363~~<br>~~6,907,826~~|**Note**<br>**2021**<br>**£**<br>**2020**<br>**£**<br>**Fixed assets**<br>Tangible assets<br>13<br>4,535,805<br>4,692,990<br>Investments<br>~~318,963~~<br>~~318,963~~<br>4,870,789<br>5,011,953<br>**Current assets**<br>Debtors<br>15<br>986,202<br>1,113,593<br>Cash at bank and in hand<br>16<br>~~1,545,733~~<br>~~1,307,649~~<br>2,531,935<br>2,421,242<br>**Creditors: Amounts falling due within oneyear**<br>17<br>~~(502,340)~~<br>~~(525,369)~~<br>**Net currentassets**<br>~~2,029,595~~<br>~~,895,873~~<br>**Netassets**<br>~~6,884,363         6,907,826~~<br>Funds of the Charity:<br>**Restricted income funds**<br>4,936,967<br>5,109,164<br>**Unrestricted income funds**<br>Unrestricted income funds<br>~~1,947,396~~<br>~~1,798,662~~<br>**Total funds**<br>19<br>~~6,884,363~~<br>~~6,907,826~~|
|---|---|
|**Fixed assets**||
|Tangible assets<br>13||
|Investments||
|||
|**Current assets**||
|Debtors<br>15||
|Cash at bank and in hand<br>16||
|||
|**Creditors: Amounts falling due within oneyear**<br>17||
|**Net currentassets**||
|**Netassets**||
|Funds of the Charity:||
|**Restricted income funds**||
|**Unrestricted income funds**||
|Unrestricted income funds||
|**Total funds**<br>19||



The financial statements on pages 22 to 44 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by: 

......................................... Mr C J Norton Chairman and Trustee 

Page 18 



## **Watford FC's Community Sports & Education Trust** 

## **Consolidated Statement of Cash Flows for the Year Ended 30 June 2021** 

||**2021**<br>**2020**|
|---|---|
|**Note**|**£**<br>**£**|
|**Cash flows from operating activities**||
|Net cash income||
||(48,907)<br>22,350|
|**Adjustments to cash flows from non-cash items**||
|||
|Depreciation<br>13|244,515<br>245,129|
|Investment income<br>6|(6,496)<br>(12,262)|
||189,112<br>255,217|
|**Working capital adjustments**||
|||
|Decrease/(increase) in debtors<br>15|9,996<br>(205,970)|
|(Decrease)/increase in creditors<br>17|(21,410)<br>62,968|
|Decrease inprovisions|-<br>(1,000)|
|Net cash flows from operatingactivities||
||(11,414)<br>111,215|
|**Cash flows from investing activities**||
|||
|Interest receivable and similar income<br>6|6,496<br>12,262|
|Purchase of tangible fixed assets<br>13|-<br>(16,761)|
|Repayment of investment loan|50,000<br>50,000|
|Net cash flows from investingactivities||
||56,496<br>45,501|
|Net increase in cash and cash equivalents||
||234,194<br>156,716|
|Cash and cash equivalents at 1 July||
||1,687,268<br>1,530,552|
|Cash and cash equivalents at 30 June||
||1,921,462<br>1,687,268|



All of the cash flows are derived from continuing operations during the above two periods. 

Page 19 



## **Watford FC's Community Sports & Education Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

## **1 General information** 

Watford FC's Community Sports & Education Trust is a company limited by guarantee, incorporated in England and Wales. The registered office is Vicarage Road Stadium, Watford, Hertfordshire WD18 0ER. The nature of the charity’s operations is set out in the Report of the Trustees. 

## **2 Accounting policies** 

## **Statement of compliance** 

The financial statements of the charitable company have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. 

## **Basis of preparation** 

Watford FC's Community Sports & Education Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. 

## **Basis of consolidation** 

The consolidated accounts incorporate the results of Watford FC’s Community Sports & Education Trust and its subsidiary undertakings on a line by line basis. The consolidated entity is referred to as ‘the group’. 

A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. 

The results of subsidiaries acquired or disposed of during the year are included in the statement of financial activities from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group. 

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full. 

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements. 

## **Going concern** 

The trustees consider that there are no material uncertainties about the group's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the group. 

We have paid particular attention to the ongoing effects on the business of the current Covid-19 outbreak and the directors remain confident that sufficient funding is in place and that the company has adequate resources to enable the company to continue as a going concern for the foreseeable future. 

Page 20 



## **Watford FC's Community Sports & Education Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

## **Income and endowments** 

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Deferred income arises where funds have been received but the contractual terms of the monies have not yet been met. 

## _**Donations and legacies**_ 

Tickets and other items donated for resale by the charity are included as income when they are sold. Donated services are recognised in the financial statements where there is an identifiable cost to the donor. 

## _**Grants receivable**_ 

Grant income is classified depending on the terms of the donation and where income relates to a period, specified by the donor or sponsor, it is recognised over the length of that period. 

## _**Lottery and investment income**_ 

Lottery income and investment income, which consists of loan interest receivable, are accounted for on a receivables basis. 

## **Expenditure** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 

## **Support costs** 

Support costs comprise the management of the charity's assets, organisational administration and property costs. Certain expenditure is directly attributable to specific activities and has been included within those categories. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 

Staff salaries are apportioned between cost categories based on the estimate of time spent. 

Page 21 



## **Watford FC's Community Sports & Education Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

## **Taxation** 

The is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 

Deferred tax is recognised in respect of all timing differences between capital allowances and depreciation reported in the consolidated financial statements. 

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. 

## **Tangible fixed assets** 

All classes of tangible fixed assets are recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 

## **Depreciation and amortisation** 

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: 

|**Asset class**|**Depreciation method and rate**|
|---|---|
|Furniture & equipment|10% straight line|
|Community Centre|2% straight line|
|Motor vehicles|25% reducing balance|
|Astroturf pitch|between 4% and 10% straight line|



## **Fixed asset investments** 

Fixed asset investments are stated at their historic cost value at the year end. Any permanent diminution in the value of fixed asset investments is provided for in the financial statements. 

## **Trade debtors** 

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. 

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables. 

Page 22 



## **Watford FC's Community Sports & Education Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

## **Cash and cash equivalents** 

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. 

## **Trade creditors** 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. 

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. 

## **Fund structure** 

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity. 

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. 

## **Pensions and other post retirement obligations** 

Contributions payable by the charitable company to an individual's personal pension scheme are charged to the Statement of Financial Activities in the period to which they relate. 

## **Financial instruments** 

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

**3 Income from donations and legacies** 

|**3**<br>**Income from donations and legacies**|**3**<br>**Income from donations and legacies**|
|---|---|
|**2021**<br>**£**<br>**2020**<br>**£**<br>Donations and legacies<br>208,863<br> 67,504<br>Grants,includingcapitalgrants<br>102,083<br>95,349||
|Donations and legacies||
|Grants,includingcapitalgrants||
||310,946<br>162,853|



Page 23 



## **Watford FC's Community Sports & Education Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

## **4 Income from charitable activities** 

|**4**<br>**Income from charitable activities**||||||
|---|---|---|---|---|---|
||**Unrestricted**|<br>**Restricted**|**Total**|**Total**||
||**funds**|**funds**|**2021**|**2020**||
||||**£**|**£**||
|Courses|408,995|1,022,113|1,431,108|1,605,909||
|Meriden Community Centre|41,288|72,159|113,447|149,583||
|Cedars Community Centre|192,289|265,235|457,524|534,278||
|Watford Women|112,128|-|112,128|171,343||
||754,700|1,359,507|2,114,207|2,461,113||



## **5 Income from other trading activities** 

|**5**<br>**Income from other trading activities**|**5**<br>**Income from other trading activities**||
|---|---|---|
|||**2021**<br>**2020**|
|||**£**<br>**£**|
|Lotteries and competitions income||-<br>12,545|
|Membershipand match dayincome||-<br>28,301|
|||-<br>40,846|
|**6**<br>**Investment income**|||
|||**2021**<br>**2020**|
|||**£**<br>**£**|
|Interest receivable on bank deposits||1,392<br>5,529|
|Interest receivable on loans to relatedparties||5,104<br>6,733|
|||6,496<br>12,262|
|**7**<br>**Costs of raising funds: Commercial trading operations**|||
|||**2021**<br>**2020**|
|||**£**<br>**£**|
|Publicity and merchandise||25,389<br>35,416|
|Lotteries and competitions||-<br>7,529|
|||25,389<br>42,945|



Page 24 



## **Watford FC's Community Sports & Education Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

## **8 Expenditure on charitable activities** 

|**Direct costs**<br>**Support costs**<br>**Total**<br>**2021**<br>**Total**<br>**2020**|**Direct costs**<br>**Support costs**<br>**Total**<br>**2021**<br>**Total**<br>**2020**|**Direct costs**<br>**Support costs**<br>**Total**<br>**2021**<br>**Total**<br>**2020**|
|---|---|---|
||**£**<br> <br>**£**<br>**£**<br>**£**||
|Courses|978,958<br>645,313<br>1,620,271<br>1,620,271||
|Cedars Community Centre|372,870<br>51,943<br>424,813<br>370,069||
|Meriden Community Centre|206,305<br>81,149<br>287,454<br>303,405||
|Watford Women||76,202<br>35,927<br>112,129<br>171,367|
||1,630,335<br>814,332<br>2,444,667<br>2,612,779||



## **9 Analysis of support costs** 

|||||**Watford**|**Total**|**Total**|
|---|---|---|---|---|---|---|
||**Courses**|**Cedars**|**Meriden**|**Women**|**2021**|**2020**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Auditor's|||||||
|remuneration|11,500|-|-|2,370|13,870|13,970|
|Professional fees|15,513|-|-|745|16,258|6,470|
|Wages|438,930|-|-|32,767|471,697|522,894|
|Social security|44,076|-|-|-|44,076|45,507|
|Pensions|15,391|-|-|-|15,391|15,731|
|Premises costs|-|20,941|18,561|-|39,502|46,374|
|Telephone, postage,|||||||
|general advertising|||||||
|and stationery|-|11,123|24,477|-|35,600|22,182|
|Computer expenses|-|-|17,472|-|17,472|27,805|
|Motor vehicle costs|||||||
|and travel expenses|34,925|-|-|-|34,925|38,280|
|Hospitality|1,599|83|-|-|1,682|1,079|
|Repairs, renewals|||||||
|and cleaning|6,570|19,796|20,639|-|47,005|43,083|
|Bank charges|5,752|-|-|45|5,797|6,453|
|Irrecoverable VAT|81,557|-|-|-|81,557|90,355|
||655,813|51,943|81,149|35,927|824,832|880,183|



## **10 Net income/expenditure** 

Net income/expenditure for the year include: 

||**2021**<br>**2020**|
|---|---|
||**£**<br>**£**|
|Audit fees|13,870<br>13,970|
|Depreciation of fixed assets|244,515<br>245,129|



Page 25 



## **Watford FC's Community Sports & Education Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

## **11 Staff costs** 

The aggregate payroll costs were as follows: 

|**11**<br>**Staff costs**<br>The aggregate payroll costs were as follows:||
|---|---|
||**2021**<br>**2020**|
||**£**<br>**£**<br>1,392,673<br>1,610,035<br>102,234<br>109,358<br>41,307<br>44,507|
|Wages and salaries||
|Social security costs||
|Pension costs||
||1,536,214<br>1,763,900|



The monthly average number of persons (including senior management team) employed by the group during the year expressed as full time equivalents was as follows: 

|during the year expressed as full time equivalents was as follows:||
|---|---|
||**2021**<br>**2020**|
||**No**<br>**No**|
|Coaching staff|35<br>62|
|Administration|42<br>40|
|Cedars community centre|10<br>11|
|Meriden community centre|6<br>5|
|Watford Women|5<br>4|
||98<br>122|



The number of employees whose emoluments fell within the following bands was: 

||||**2021**||**2020**||
|---|---|---|---|---|---|---|
||||**No**||**No**||
|£60,001|- £70,000|||1||1|
|**12**||**Taxation**|||||



The charity is a registered charity and is therefore exempt from taxation. 

Page 26 



## **Watford FC's Community Sports & Education Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

## **13 Tangible fixed assets** 

## **Group** 

||**Cedars**<br>**Community**<br>**Cedars**<br>**Furniture and**<br>**Meriden**<br>**Community**<br>**Meriden**|
|---|---|
||**Centre**<br>**Astroturf**<br>**equipment**<br>**Motor vehicles**<br>**Centre**<br>**Astroturf**<br>**Total**|
||**£**<br>**£**<br> <br>**£**<br>**£**<br>**£**<br>**£**<br>**£**|
|**Cost**||
|||
|At 1 July 2020|3,846,798<br>349,268<br>476,928<br>58,520<br>1,152,108<br>323,468<br>6,207,091|
|Additions|-<br>-<br>-<br>-<br>-<br>-<br>-|
|At 30 June 2021||
||3,846,798<br>349,268<br>476,928<br>58,520<br>1,152,108<br>323,468<br>6,207,091|
|**Depreciation**||
|||
|At 1 July 2020|561,469<br>193,296<br>327,155<br>52,661<br>192,520<br>83,646<br>1,410,747|
|Charge for theyear|86,350<br>32,833<br>47,277<br>1,465<br>58,591<br>18,000<br>244,516|
|At 30 June 2021||
||647,819<br>226,129<br>374,432<br>54,126<br>251,111<br>101,646<br>1,655,263|
|**Net book value**||
|At 30 June 2021||
||3,198,980<br>123,139<br>102,496<br>4,394<br>900,997<br>221,822<br>4,551,828|
|At 30 June 2020||
||3,285,329<br>155,972<br>149,773<br>5,859<br>959,588<br>239,822<br>4,796,344|



Page 27 



## **Watford FC's Community Sports & Education Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

## **Charity** 

|**Charity**||
|---|---|
||**Cedars**<br>**Community**<br>**Furniture and**<br>**Meriden**<br>**Community**|
||<br>**Centre**<br>**equipment**<br> <br>**Centre**<br>**Total**|
||**£**<br> <br>**£**<br>**£**<br>**£**|
|**Cost**||
|||
|At 1 July 2020|4,216,387<br>126,608<br>1,152,108<br>5,495,103|
|Additions|-<br>-<br>-<br>-|
|At 30 June 2021||
||4,216,387<br>126,608<br>1,152,108<br>5,495,103|
|**Depreciation**||
|||
|At 1 July 2020|561,469<br>48,123<br>192,520<br>802,112|
|Charge for theyear|86,350<br>12,245<br>58,591<br>157,186|
|At 30 June 2021||
||647,819<br>60,368<br>251,111<br>959,298|
|**Net book value**||
|At 30 June 2021||
||3,568,568<br>66,240<br>900,997<br>4,535,805|
|At 30 June 2020||
||3,654,918<br>78,485<br>959,588<br>4,692,991|



## **14 Fixed asset investments** 

## **Group** 

||**2021**<br>**2020**|
|---|---|
||**£**<br>**£**|
|Loans|318,961<br>318,961|
||318,961<br>318,961|
|**Charity**||
||**2021**<br>**2020**|
||**£**<br>**£**|
|Shares in group undertakings|2<br>2|
|Loans|318,961<br>318,961|
||318,963<br>318,963|



Page 28 



## **Watford FC's Community Sports & Education Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

## **Shares in group undertakings and participating interests** 

|**Shares in group undertakings and participating interests**||
|---|---|
||**Subsidiary**|
||<br>**undertakings**<br>**Total**|
||<br>**£**<br>**£**|
|**Cost**||
|||
|At 1 July2020|2<br>2|
|At 30 June 2021||
||2<br>2|
|**Net book value**||
|||
|At 30 June 2021||
||2<br>2|
|At 30 June 2020||
||2<br>2|



## **Details of undertakings** 

Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as follows: 

|**Undertaking**|**Country of**<br>**incorporation**|**Holding**|**Proportion of voting rights**<br>**and shares held**|**Proportion of voting rights**<br>**and shares held**|**Principal**<br>**activity**||
|---|---|---|---|---|---|---|
||||**2021**|**2020**|||
|**Subsidiary undertakings**|||||||
|Watford Trust Trading<br>Limited|England and Wales|Ordinary|100%|100%|The hiring<br>community<br>centre|of<br>|
||||||facilities||
|Watford FC Women<br>Limited|England and Wales|Ordinary|100%|100%|Running<br>Watford<br>Women|FC|



## **Watford Trust Trading Limited (WTT) - Company Number: 06692917** 

During the year, WTT charged the charity £18,000 (2020: £18,000) for astroturf pitch usage, £1,465 (2020: £1,953) for motor vehicle usage, £35,032 (2020: £35,032) for equipment usage and £18,000 (2020: £18,000) for astroturf pitch maintenance. 

Included in debtors is a balance of £644,359 (2020: £723,874) due from the subsidiary. 

**2021 £** Aggregate capital and reserves 56,849 Profit/(Loss) for the year (14,943) 

Page 29 



## **Watford FC's Community Sports & Education Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

## **Watford FC Women Limited (WW) - Company Number: 08549712** 

Included in debtors is a balance of £110,566 (2020 - £56,446). 

**2021** 

**£** 

## Aggregate capital and reserves 

(42,981) 

## **15 Debtors** 

|**15**<br>**Debtors**|||||
|---|---|---|---|---|
||**Group**||**Charity**||
||**2021**|**2020**|**2021**|**2020**|
||**£**|**£**|**£**|**£**|
|Trade debtors|123,440|51,203|<br>122,644|51,132|
|Due from group undertakings|-|-|<br>754,925|780,320|
|Due from participating interest|179,728|49,072|<br>66,954|49,072|
|Prepayments|41,679|304,568|<br>41,679|233,069|
||344,847|404,843|986,202|1,113,593|



## **16 Cash and cash equivalents** 

|||**Group**||**Charity**||
|---|---|---|---|---|---|
|||**2021**|**2020**|**2021**|**2020**|
|||**£**|**£**|**£**|**£**|
|Cash on|hand|995|2,333|<br>995|2,333|
|Cash at|bank|1,920,467|1,684,935|<br>1,544,738|1,305,316|
|||1,921,462|1,687,268|<br>1,545,733|1,307,649|



## **17 Creditors: amounts falling due within one year** 

||**Group**<br>**Charity**|
|---|---|
||**2021**<br>**2020**<br>**2021**<br>**2020**|
||**£**<br>**£**<br>**£**<br>**£**|
|Trade creditors|34,286<br>19,044<br>32,972<br>15,396|
|Other taxation and social security|30,284<br>42,565<br>30,284<br>42,565|
|Other creditors|454,638<br>479,009<br>439,084<br>467,408|
||519,208<br>540,618<br>502,340<br>525,369|



## **Deferred income** 

|**Deferred income**||
|---|---|
||**2021**|
||**£**|
|Deferred income at 1 July 2020|394,155|
|Resources deferred in the period|377,564|
|Amounts released frompreviousperiods|(394,155)|
|Deferred income at year end||
||377,564|



Page 30 



## **Watford FC's Community Sports & Education Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

## **18 Provisions** 

## **Group** 

**2021 £** ~~Short term timing differences~~ Brought Forward                                                                                                                     (47,000) Movement in the year                                                                                                               10,500 Carried forward ~~(36,500)~~ 

## **19 Charity status** 

The charity is limited by guarantee, incorporated in England & Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation. 

|**20** **Funds**<br>**Group**||||
|---|---|---|---|
||**Balance at**|**Incoming**<br>**Resources**<br>**Balance at**||
||**1 July 2020**|<br> <br>**resources**<br>**expended**<br>**Transfers**<br>**30 June 2021**||
||<br>**£**|<br>**£**<br> <br>**£**<br>**£**<br>**£**||
|**Unrestricted funds**||||
|**_General_**||||
|||||
|||||
|General Fund|1,579,981|1,032,142<br>(1,246,560)<br>348,216<br>1,713,779||
|**Restricted funds**||||
|||||
|Social Inclusion|6,999|76,083<br>(19,383)<br>51,933<br>115,632||
|Healthy Living|181,615<br>161,720<br>(260,564)<br>209,028<br>291,799|||
|Learning|-<br>185,113<br>(80,865)<br>(88,214)<br>16,034|||
|Football & Sports Development|59,916<br>300,383<br>(226,637)<br>(55,326)<br>78,336|||
|My Place|2,228,253<br>-<br>(86,350)<br>-<br>2,141,903|||
|Mental Health|98,833<br>298,813<br>(77,286)<br>(320,360)<br>-|||
|Cedars Community Centre|964,488<br>305,236<br>(232,471)<br>(231,717)<br>805,536|||
|Meriden Community Centre|1,488,870<br>72,159<br>(229,099)<br>86,441<br>1,418,371|||
|Continuous Improvement|10,842<br>-<br>(10,841)<br>(1)<br>-|||
|**Total restricted funds**||||
||5,039,816|1,399,507<br>(1,223,496)<br>(348,216)<br>4,867,611||
|**Total funds**||||
||6,619,797|2,431,649<br>(2,470,056)<br>-<br>6,581,390||



Page 31 



## **Watford FC's Community Sports & Education Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

||**Balance at 1**<br>**July 2019**<br>**£**<br>**Incoming**<br>**resources**<br>**£**<br>**Resources**<br>**expended**<br>**£**<br>**Transfers**<br>**£**<br>**Balance at**<br>**30 June 2020**<br>**£**<br>1,499,927<br>1,082,277<br>(1,292,001)<br>289,778<br>1,579,981<br>5,000<br>-<br>(4,699)<br>(301)<br>-<br>32,614<br>32,681<br>(27,432)<br>(30,864)<br>6,999<br>119,215<br>263,205<br>(188,644)<br>(12,161)<br>181,615<br>81,072<br>325,692<br>(45,923)<br>(360,841)<br>-<br>66,886<br>401,951<br>(379,657)<br>(29,264)<br>59,916<br>2,314,213<br>-<br>(85,960)<br>-<br>2,228,253<br>45,602<br>156,150<br>(102,919)<br>-<br>98,833<br>832,267<br>342,959<br>(333,262)<br>122,524<br>964,488<br>1,559,817<br>72,159<br>(164,235)<br>21,129<br>1,488,870<br>40,834<br>-<br>(29,992)<br>-<br>10,842<br>5,097,520<br>1,594,797<br>(1,362,723)<br>(289,778)<br>5,039,816<br>6,597,447<br>2,677,074<br>(2,655,724)<br>-<br>6,619,797|
|---|---|
|||
|**Unrestricted funds**||
|**_General_**||
|General Fund||
|**Restricted funds**||
|Womens & Girls Football||
|Social Inclusion||
|Healthy Living||
|Learning & Skills||
|Football & Sports Development||
|My Place||
|Mental Health||
|Cedars Community Centre||
|Meriden Community Centre||
|Continuous Improvement||
|**Total restricted funds**||
|**Total funds**||



Page 32 



## **Watford FC's Community Sports & Education Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

|**Charity**|**Balance at 1**<br>**July 2020**<br>**£**<br>**Incoming**<br>**resources**<br>**£**<br>**Resources**<br>**expended**<br>**£**<br>**Transfers**<br>**£**<br>**Balance at**<br>**30 June 2021**<br>**£**<br>1,798,662<br>971,885<br>(1,171,367)<br>348,216<br>1,947,396<br>-<br>-<br>-<br>-<br>-<br>7,580<br>76,083<br>(19,383)<br>51,933<br>116,213<br>181,615<br>161,720<br>(260,564)<br>209,028<br>291,799<br>-<br>185,113<br>(80,865)<br>(88,214)<br>16,034<br>59,916<br>300,383<br>(226,637)<br>(55,326)<br>78,336<br>2,297,020<br>-<br>(86,350)<br>-<br>2,210,670<br>98,833<br>298,813<br>(77,286)<br>(320,360)<br>-<br>964,488<br>305,236<br>(232,463)<br>(231,717)<br>805,544<br>1,488,870<br>72,159<br>(229,099)<br>86,441<br>1,418,371<br>10,842<br>-<br>(10,841)<br>(1)<br>-<br>5,109,164<br>1,399,507<br>(1,223,488)<br>(348,216)<br>4,936,967<br>6,907,826<br>2,371,392<br>(2,394,855)<br>-<br>6,884,363|
|---|---|
|||
|||
|**Unrestricted funds**||
|**_General_**||
|General Fund||
|**Restricted funds**||
|Womens & Girls Football||
|Social Inclusion||
|Healthy Living||
|Learning & Skills||
|Football & Sports Development||
|My Place||
|Mental Health||
|Cedars Community Centre||
|Meriden Community Centre||
|Continuous Improvement||
|**Total restricted funds**||
|**Total funds**||



Page 33 



## **Watford FC's Community Sports & Education Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

||**Balance at 1**<br>**July 2019**<br>**£**<br>**Incoming**<br>**resources**<br>**£**<br>**Resources**<br>**expended**<br>**£**<br>**Transfers**<br>**£**<br>**Balance at**<br>**30 June 2020**<br>**£**<br>1,714,530<br>931,672<br>(1,137,318)<br>289,778<br>1,798,662<br>5,000<br>-<br>(4,699)<br>(301)<br>-<br>33,195<br>32,681<br>(27,432)<br>(30,864)<br>7,580<br>119,215<br>263,205<br>(188,644)<br>(12,161)<br>181,615<br>81,072<br>325,692<br>(45,923)<br>(360,841)<br>-<br>66,886<br>401,951<br>(379,657)<br>(29,264)<br>59,916<br>2,382,980<br>-<br>(85,960)<br>-<br>2,297,020<br>45,602<br>156,150<br>(102,919)<br>-<br>98,833<br>832,267<br>342,959<br>(333,262)<br>122,524<br>964,488<br>1,559,817<br>72,159<br>(164,235)<br>21,129<br>1,488,870<br>40,834<br>-<br>(29,992)<br>-<br>10,842<br>5,166,868<br>1,594,797<br>(1,362,723)<br>(289,778)<br>5,109,164<br>6,881,398<br>2,526,469<br>(2,500,041)<br>-<br>6,907,826|
|---|---|
|||
|**Unrestricted funds**||
|**_General_**||
|General funds||
|**Restricted funds**||
|Womens & Girls Football||
|Social Inclusion||
|Healthy Living||
|Learning & Skills||
|Football & Sports Development||
|My Place||
|Mental Health||
|Cedars Community Centre||
|Meriden Community Centre||
|Continuous development||
|**Total restricted funds**||
|**Total funds**||



Page 34 



## **Watford FC's Community Sports & Education Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

The specific purposes for which the funds are to be applied are as follows: 

Transfers from Restricted Funds during the year ended 30 June 2021 are in respect of completed projects or represent costs that had been incurred from unrestricted funds. No sums are liable to be repaid in respect of these amounts. 

(i) Women's and Girls’ – funding provided to ensure the player pathway for female footballers is in place. 

(ii) Social Inclusion - projects are run to provide positive opportunities and experiences for disadvantaged and hard to engage young people. This is done through offering a range of sports based youth diversionary activities. The objectives of the projects are to reduce anti-social behaviour, youth crime, enhance community cohesion, encourage good citizenship and provide volunteering and employment opportunities for young people. Projects receiving funding include; PL Kicks, Onside and our county wide disability sports project. Funding bodies vary from The Premier League Charitable Fund, Local Authorities, Housing Associations, Football Authorities and grant giving Trusts. 

(iii) Healthy Living – involved delivering a project called ‘Move & Learn’ which consisted of a six week programme of classroom based lessons and sports sessions at schools, focusing on nutritional education alongside regular physical activity. Trust coaches visited schools and ran interactive lessons using handsets and classroom technology in a fun and imaginative way. This was followed by sports lessons and after school clubs giving school children a taste of a variety of different sports and then linking young people to local sports clubs. Funding came from the Football League Trust. 

(iv) Learning & Skills – relates to a life skills and personal development programme for 16 and 17 year olds. 

(v) Football & Sports Development – provide 16 - 19 year olds with the opportunity to combine football coaching and matches with a BTEC qualification within a college or school environment. In addition students are able to gain coaching qualifications which enhance their CV’s and general employment prospects with some students going on to work for the Trust. Funding comes directly from the schools or colleges the Trust is partnered with. Other centres provide high quality structured coaching on a weekly basis for players covering a wide range of ages. 

(vi) MyPlace – relates to Cedars Youth & Community Centre in Harrow which the Trust runs and manages via a long term lease with Harrow Council. This includes depreciation costs associated with the building. 

(vii) Health & Education – this relates to funding which supports the Trust’s employability project called Watford Works, as well as general health and education activities and initiatives. 

(xii) - Continuous Improvement Fund (CIF) - Funding secured via the Premier League and administered via the Premier League Charitable Fund. This funding was secured for a number of areas of our work which support our infrastructure, organisational development and capacity building. 

Page 35 



## **Watford FC's Community Sports & Education Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

(viii) Mental Health - funding from Herts Partnership NHS Foundation Trust enabled the Trust to run a mental health sports project for adults over 18 years of age who are mental health service users. 

(ix) Cedars Community Centre - funding came from a range of sources and supported a number of projects and activities. This included our PL Kicks project, offering a range of diversionary activities for hard to engage young people. Funding also came from Whitmore High School to run a football and education scheme. 

(x) Meriden Community Centre - this relates to funding from Watford Borough Council which supports the costs associated with the Trust running and managing the centre. It also includes the capital funding secured relating to the refurbishment of the centre and associated facilities. 

(xi) Projects (Heritage) - Funding was secured from the Heritage Lottery Fund towards three elements of the project which celebrate the Trusts's 25th year anniversary and work in the community. The three elements funded were the production of a heritage book, a new website and a museum exhibition. 

A designated fund was set up £110,000 during the year. 

## **22 Analysis of net assets between funds** 

## **Group** 

|**Group**||
|---|---|
||**Unrestricted**|
||**funds**|
||**Restricted**<br>**Total funds at**|
||**General**<br>**funds**<br>**30 June 2021**|
||**£**<br>**£**<br>**£**|
|Tangible fixed assets|445,360<br>4,106,468<br>4,551,828|
|Fixed asset investments|318,961<br>-<br>318,961|
|Current assets|949,452<br>761,149<br>1,710,595|
|Total net assets||
||1,713,773<br>4,867,617<br>6,581,390|
|**Charity**||
||**Unrestricted**|
||**funds**|
||**Restricted**<br>**Total funds at**|
||**General**<br>**funds**<br>**30 June 2021**|
||**£**<br>**£**<br>**£**|
|Tangible fixed assets|59,749<br>4,476,056<br>4,535,805|
|Fixed asset investments|318,963<br>-<br>318,963|
|Current assets|1,568,684<br>460,911<br>2,029,596|
|Total net assets||
||1,947,396<br>4,936,967<br>6,884,363|



Page 36 



## **Watford FC's Community Sports & Education Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

## **21 Related party transactions** 

## **Charity** 

During the year the charity made the following related party transactions: 

**The Watford Association Football Club Limited** The charitable company is associated, by virtue of a common director, with The Watford Association Football Club Limited (WAFC). 

During the year WAFC charged the company £46,859 (2020: £77,293) for goods and services and £38,259 (2020: £54,894) for recharged expenses. 

On 29 June 2005 the company loaned £668,961 to WAFC which was due for repayment on 29 June 2010. Loan repayment extensions were granted by the Trustees in subsequent years. On 14 April 2016, there was a further extension whereby £150,000 was due for repayment. The balance due in less than one year is £50,000 (2019: £50,000) more than one year is £269,000 (2019: £319,000). 

The loan bears interest at 1.5% above Barclays Bank base rate and is secured by a legal charge over WAFC's freehold stadium. The directors of the company who are also directors of WAFC declared an interest in the transaction and were not involved in the decision to grant the loan. During the year the interest receivable from WAFC amounted to £5,104 (2020: £6,733). 

Following the year end, the debt due from the club was restructured. 

## **22 Trustees' remuneration and expenses** 

No trustees, nor any persons connected with them, have received any remuneration from the group during the year. 

No trustees have received any reimbursed expenses or any other benefits from the charity during the year. 

Page 37