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2022-06-30-accounts

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 2022

Azets Audit Services Limited 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 2021 to 30[th] June 2022. 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 what we hope to achieve during 2022/23.

Trustees

Mr C J Norton Mr P A Clark (resigned 17[th] November 2022) 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 (resigned 10[th] October 2022) Professor S R Timperley

Executive Summary

In many ways the last 12 months has been a period of transition for the Trust. With the impact of the pandemic still very much real for individuals and communities those people representing the Trust have had to showcase our values more than ever. We had to be innovative in our flexible approach to working and engaging with the communities we serve; we had to be inclusive in our thinking and planning of services, ensuring that we tackled barriers, rather than created them; and finally, we had to continue to show integrity by doing what we say we will do.

The Trust continued to provide a diverse range of community projects, activities, events and initiatives for a broad cross section of the community. It continued to build on the positive power of working in partnership, collaborating with a range of organisations to provide support for those in need.

The Trust remains committed to continuous improvement and this is demonstrated in the review section of this report where the Trust is making plans to ensure that it is fit for the future. Although it has been a challenging year hopefully the achievements and performance section of this report provides evidence to confirm that the Trust has 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 charities objectives 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:

Page 2

Watford FC's Community Sports & Education Trust

Trustees' Report

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. This is further complemented by us running and managing two community hubs which provide further opportunities and experiences which have a positive impact on people’s lives.

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. Further details of the Trust’s various community programmes, activities and events are detailed below.

HEALTH & WELLBEING

Golden Memories – a virtual Christmas zoom show was hosted by the Trust and attended by care homes across West Herts. Golden Memories was featured in the Daily Mirror newspaper, linked to an article regarding Geoff Hurst. Funding was secured to enable the programme to run for a further two and a half years.

Shape Up – funding of £75,000 was secured to deliver the Trust’s ‘Shape Up’ adult weight management programme in Harrow for a further year.

A bid was submitted to Hertfordshire County Council to run a Targeted Tier 2 Weight Management Programme and was successful. Delivery fell in the 2022/23 year. This resulted in the Trust working with Stevenage Football Club Foundation to support 700 people over the course of a 10-month period.

A health and wellbeing Christmas event was held in early December with over 100 participants from all the Trust’s adult health and wellbeing programmes in attendance. The event was paired with a rainbow laces event and was also attended by ex-Watford players.

Active Watford & Three Rivers – this programme exceeded its targets and further funding was secured to enable it to run until March 2025. As well as the consultations with beneficiaries and ongoing support three webinars were run, one on how physical activity can support the Menopause and two on how physical activity can support people with Arthritis.

Extra Time – this programme which provides recreational and social activities for older adults returned to three venues across Watford and Harrow. Funding of £7,500 was secured to support with the delivery of activities for the groups.

Positive Minds – this programme received great feedback from partners and schools. It was delivered to 190 schools this academic year (52% of Primary schools in Herts) providing advice and guidance to support young people with their mental wellbeing.

Man On! – weekly sessions have been running providing a wellbeing session for men aged 18-65 using a combination of a football session and wellbeing workshops. Funding of £7,500 was secured to deliver the programme in Watford for another year and a further session was launched in St. Albans during May.

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Watford FC's Community Sports & Education Trust

Trustees' Report

Comic Relief Empower – a funding bid was submitted to Comic Relief to deepen or scale the impact of the project. A bid for £165,000 was submitted in June 2022 and was approved in the July.

Youth Link – this year also saw the commencement of a new youth 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).

LEARNING & SKILLS

Premier League Inspires – this was delivered to 18 secondary schools helping nearly 200 young people who have been identified by their schools as needing extra support to engage with activities, helping them to develop the personal skills and positive attitudes needed to succeed in life. We launched our PL Inspires Challenge focusing on climate change and hosted a regional event regarding this on 24 March at the stadium. We also ran a Premier League Changemakers course, which was a 12-week female leadership programme promoting confidence, self-esteem, and mental wellbeing. TK Maxx & Homesense Foundation confirmed £15,000 of funding towards our Inspires programme.

National Citizen Service – we delivered a very successful summer programme with 526 young people from across Watford, Three Rivers, Harrow and Hillingdon completing the programme. 65 young people also graduated from our Autumn programme.

SOCIAL INCLUSION

Premier League Kicks – face-to-face delivery returned with over 600 young people attending the various weekly sessions (football, dance, etc.). A Kicks tournament involving most London clubs took place in Harrow, in conjunction with the Metropolitan Police.

The Trust took teams to play in three PL Kicks tournaments (boys, girls & disability) at Nottingham University between 29 June – 1 July.

Premier League Kicks Targeted (Level Up) – this program helped to tackle and help reduce youth violence in Harrow in the form of 1-2-1 and small group mentoring. The project used a child centered approach to shape targets and reach desired outcomes for every individual which included reducing risk factors in their lives, build confidence, develop resilience, provide a ‘trusted adult’ and create positive opportunities.

Premier League Kicks Girls Programme – funding from the London Marathon Charitable Trust was 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 its targets and outcomes between December 2020 – December 2021, including high engagement and sustainment figures, and has received very positive feedback from the funders.

Chances – this new project focuses on working with young people aged 8-17 years in Harrow who are known to the authorities and are on the cusp of criminality, struggling at school, etc. The delivery model was agreed in May with Hatch End High School providing the 35 students that need to be referred into the service. Additionally, 75 young people have been self-referred via our Kicks programme, making an overall total of 110 young people on programme.

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Watford FC's Community Sports & Education Trust

Trustees' Report

FOOTBALL & SPORTS DEVELOPMENT

Delivery in this period saw a resumption of our usual activities following periods of lockdown and the easing of Covid restrictions as the year progressed.

Holiday Coaching Courses – football activities for young people aged between six to 12 years of age took place at a range of community locations across South-West Hertfordshire and the London Borough of Harrow. For the first time since 2018-19, we were able to deliver planned activities across all school holiday periods taking a break over the Christmas period to a total of 1,976 visitors over the year. We were also able to increase the roll-out of our 1:1 coaching session as a bolt-on during the holidays, for families who wanted an individual coaching experience for their children.

Matchday Activities – with the return of fans to Vicarage Road from the start of the season, we were able to deliver 11 matchday packages for 1791 young people and their families before weekend home fixtures, during the academic year. These young people took part in a 90-minute training session at Westfield Academy in Watford, before making their way to Vicarage Road to take in a Premier League match. This year we also were able to include the return of our Train Like A Pro event at the training ground, where children were able to experience the WFC training ground and enjoy a session in the indoor training dome.

We also operated a ‘hybrid’ mascot model for men’s home league fixtures. Whilst Covid restrictions remained imposed by the Premier League, we were able to improve on the wholly virtual offer for young fans which ran in the 20/21 season. This meant that we were able to invite a mascot and family member to a match, have them featured in the matchday programme and for them to submit a video question to a first team player which the players were then filmed answering. These videos were shown on the big screens in the stadium before kick-off. 62 places were provided over the course of the season.

Player Development Centres – Our six centres provided structured skills coaching for 565 young male and female grassroots footballers aged 7 to 16 years of age for the duration of the season. We were also able to return to inter and intra centre fixtures at times during the year at the training ground.

Schools Coaching Programmes – We were able to deliver a full academic year’s worth of activities with our partner schools, delivering breakfast clubs, 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 EFL Trust’s ‘Move & Learn - Joy of Moving’. We also supported Premier League colleagues in hosting the national finals of the Premier League Primary Stars tournaments, with schools representing all 20 PL club community organisations and playing on the pitch on day one, and girls’ teams from EFL and national league clubs for a separate competition on day two. The events included a ministerial visit from Nigel Huddleston MP, Richard Masters the Premier League’s CEO, Dean Russell (Watford MP) and Peter Taylor (Mayor of Watford).

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 educational, and football opportunities in the 21/22 academic year. Foundation Degree – June 2021 saw the graduation of our first cohort of Foundation Degree (FdA Football Development and Coaching) in partnership with Middlesex University.

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.

Watford FC Women – Unfortunately the first team conceded a very late goal in the last game of the season which resulted in them being relegated from the FA Women’s Championship to the third tier for the 2022/23 season.

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Watford FC's Community Sports & Education Trust

Trustees' Report

COMMUNITY FACILITIES (run and managed by the Trust)

Weekly footfall at both community hubs returned to 1,400 (Cedars) and 1,100 (Meriden) post Covid lockdowns.

Holiday courses were provided for children on free school meals at our Meriden and Cedars community hubs during various school holiday periods. The courses were free to the families/children and included a free hot meal lunch. These courses were featured on BBC’s Match of the Day.

Cedars Youth & Community Centre – work was done on the funding application to the Football Foundation to secure funds for a replacement carpet for AGP, as well as replacing the sports hall floor. The centre was used as a blood donation centre and has been used intensively by four educational services, Harrow Mencap, The Education Hub (Home Learning group), Hatch End High School and occasionally by our own Foundation Degree. ‘The Wish Centre’ have continued to occupy the firstfloor breakout room, on a sole occupancy basis. They are a long-established London charity helping teenagers who self-harm or have experienced abuse through therapy, peer support groups and out of hours digital support.

A funding application for £12,500 was approved by John Lyon’s Charity for all lights and fittings to be changed to LED to save on energy costs.

Meriden Community Centre – continued to be used each Friday for GoKula (foodbank charity) to help distribute food locally to those most in need. The centre was still used as a non-Covid19 vaccination venue on a weekly basis for babies ECG vaccinations and occasionally at weekends for children’s vaccinations.

The Meriden Residents’ Association Christmas party was held successfully for local needy children on Saturday 5 December.

Equality, Diversity & Inclusion

Events took place in the training ground dome for The English Walking Football Association for their Over 70’s National Cup Finals in September and for The Frank Soo Foundation in partnership with The FA (in both August and October), and for 85 displaced Afghan refugee families to enjoy an informal football session in October.

Various training opportunities were provided across the year including workshops on ‘Banter at work’, ‘inclusive line management’, ‘equality reviews’ and a Pronouns workshop linked to International Pronouns Day. A Ramadan awareness workshop was also delivered. A Black History Month webinar was run and we delivered our annual Show Racism the Red Card event at the stadium, with player and staff representation from the men’s and women’s teams. This received coverage from Sky Sports News.

We supported the Holocaust Memorial event in partnership with club colleagues. A Chinese New Year video was created with The FA and Frank Soo Foundation. Interfaith and LGBTQ+ webinars were delivered in January and February with local partners and an event was held in partnership with the Club and Watford Women Centre to help educate people about female safety.

The Trust continued to support the Herts Youth Inclusive Football and Adult disability league activities in the indoor dome at the Club’s training ground.

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Watford FC's Community Sports & Education Trust

Trustees' Report

Fundraising

Our Step Up for Shape Up event took place at the stadium which involved participants climbing the stairs within the stadium as party of a sponsored challenge. The event was sponsored by Mercer & Hole and the event was attended by the Watford MP Dean Russell, Watford Legend Luther Blissett (OBE) and the elected Mayor Peter Taylor. The event raised over £11,000.

A 24-hour Football Marathon in partnership with Watford FC, AMYA, and Railway Children raised £11,000. Auctioning of players match worn shirts raised a further £5,088 for the Trust.

Meetings were held with the Taylor family (Trust Patrons) and the first Taylor Trek was scheduled to take place in September.

Business Partnerships

It proved a difficult year to try and attract new sponsors, however we were able to establish a sponsorship agreement worth £20,000 with the Bugler Group and M.K. Ginder & Sons who are a longstanding partner of the Trust renewed their £5,000 annual sponsorship. Steven Eagell Toyota also continued their long-standing support of us by agreeing to provide a sponsored van for a further year.

Volunteering

We continued to have excellent support from our team of 47 volunteers across the Trust’s range of activities.

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 2022/23.

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Watford FC's Community Sports & Education Trust

Trustees' Report

Reserves Policy

The Trust has put in place its ‘Reserves policy’ to help plan and manage its resources appropriately, 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 between three and six months operating costs, without which the charity could not function and continue to deliver its day-to-day operations.

In addition, we hold free reserves to maintain our community hubs, including sustainability and infrastructure improvements where identified.

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 objectives. 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

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Watford FC's Community Sports & Education Trust

Trustees' Report

Page 9

Watford FC'S Community Sports & Education Trust Tru5tees' Report Reference and Admlnlstratlve Detalls Secretary Mr P J Waslall Principal Office Vicarage Road Sl8dium Walford Hertfordshire VVD18 OER The company is incorporated in England & Wales. Company Registration Number 04903645 Charlty Reglstratlon Number 1102239 Audltor Azels Audit Services Limfted Ashcombe Court Woolsack Way Godalming Surrey GU71LQ Disclosure of information to audltor E8ch Iruslee has taken steps that they oughl40 have taken as a trustee in orcler lo make themselves aware of any relevant audit information and lo establish that the charity's auditor is aware of that information. Thè Iruslees confirm that there is no relevant infom)allon that they know of and of whlch they know the auditor is unaware. The annual report was approved by the trustees of the charity on )S.*3 ..?.? by.. 8nd signed on ils beha Mr P J Waslall Company Secretary Page 10

Watford Fc's Community Sports & Education Trust Statement of Trustees. Responslbllltles The trustees (who are also the directors of Watford FC'S Community Sports & Education Trust for the purposes of Gompany lawl are responsible for preparing the Iruslees, report and the financial statements in accordance ￿th the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. Company law requires the trustees lo prepare financial slalemenls for each financi81 year. Under company law the Iruslees must not approve the fi'nancial slalemenls unless they are satisfied Ihal they give a true and fair view of the slate ol affairs of the charitable company and of ils incoming resources and application of resources, including ils income and expenditure. for that period. In prepartng these financial statements, the trustees are requirod to.. select sui18ble accounting policies and apply them ¢onsislenlly', observe the methods and principles in the Charilte8 SORP,. make judgements and eslimales that are reasonable and prudent., slate whether applicable UK Ac¢ounling Standards have been followed. subject to any mat8rial departures disclosèd and explained in the financial slalemenls,. and prepare the financial slalemenls on the going concern basis unless11 is Inapproprtate lo presume that the charitable company will continue in business. The trustees are responsible ft)r keeping adequate accounting records that are Sufficient lo show and explain the charitable company's transactions and disclose with reasonablo accuracy al any time the financial position of the charitable company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assots of the charitable company and hence for taking reasonable steps for the prevenlton and detection of fraud and other irregularities. Public Benefll Statement The Trusle8s confirm that they have complied with their duty lo have du& regard lo the guidance on public benefit published by the Charity Commission in exe￿lS1ng their powers of duties. The public beneff( of the ChaTlty's activilres are outlined under'objeclivas for public b6n6fil' above. Approved by I slees of the Charity on and Signed on ils behalf by.. Mr P J Wastall Company Secretary 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 2022, 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:

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:

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:

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:

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.

Page 13

Watford FC's Community Sports & Education Trust

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

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.

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.

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) ACA (Senior Statutory Auditor) For and on behalf of Azets Audit Services, Statutory Auditor

Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ

14 March 2023 Date:.............................

Page 14

Watford FC's Community Sports & Education Trust

Consolidated Statement of Financial Activities for the Year Ended 30 June 2022

(Including Consolidated Income and Expenditure Account)

Unrestricted
Restricted
Total
funds
funds
2022
Note £
£
£
Income and Endowments from:
Donations and legacies
3		 323,799
40,000
363,799
Charitable activities
4		 1,456,658
2,300,662
3,757,320
Other trading activities
5		 41,919
-
41,919
Investment income
6		 11,783
-
11,783
Total income
1,834,159
2,340,662
4,174,821
Expenditure on:
Raising funds
7		 (38,682)
-
(38,682)
Charitable activities
8		 (1,567,876)
(1,868,081)
(3,435,957)
Total expenditure (1,606,558)
(1,868,081)
(3,474,639)
Net (expenditure)/income
227,601
472,581
700,182
Transfers between funds 84,725
(84,725)
-
Net movement in funds
312,326
387,856
700,182
Reconciliation of funds
Total funds brought forward
1,713,779
4,867,611
6,581,390
Total funds carried forward
20
2,026,105
5,255,467
7,281,572

Page 15

Watford FC's Community Sports & Education Trust

Consolidated Statement of Financial Activities for the Year Ended 30 June 2022 (Including Consolidated Income and Expenditure Account)

Unrestricted
Restricted
Total
funds
funds
2021
Note £
£
£
Income and Endowments from:
Donations and legacies
3		 270,946
40,000
310,946
Charitable activities
4		 754,700
1,359,507
2,114,207
Other trading activities
5		 -
-
-
Investment income
6		 6,496
-
6,496
Total income
1,032,142
1,399,507
2,431,649
Expenditure on:
Raising funds
7		 (25,389)
-
(25,389)
Charitable activities
8		 (1,221,171)
(1,223,496)
(2,444,667)
Total expenditure (1,246,560)
(1,223,496)
(2,470,056)
Net (expenditure)/income
(214,418)
176,011
(38,407)
Transfers between funds 348,216
(348,216)
-
Net movement in funds
133,798
(172,205)
(38,407)
Reconciliation of funds
Total funds brought forward
1,579,981
5,039,816
6,619,797
Total funds carried forward
20
1,713,779
4,867,611
6,581,390

Page 16

Watford FC'8 Communlty Sportg & Edueatlon Trust {Reg18tratlon numb8r: 04903646) Consolldatad Balance Sh88t as at 30 June 2022 2022 2021 Not• FIKod 9586ts Tanglbl& 98sets In￿81Th￿l￿ 13 14 4,308,3D8 318 961 289 4651,828 Currantassets Debtors Cash at b$¢)k￿￿1 In hand 15 204.301 2 925 081 8.129,3K2 344,847 2,296,309 Credftorts: Amounts fllllng duewlthln onoy&ar Net current asstts 17 441229 2 688 154 1797 101 Total assetsloss eur¥8rtt Ihbllltlos 7 318 423 6 617 890 Provlslons 850 Nglass￿6 7 281673 581390 Punds ot Ihegrowi: R￿trf¢tsd Incomo fundts 5,265,487 4067,811 Unr&strlcted Incom8 fundB Unr6sttkt¢d In¢omafunds 20261DB 1713779 Total fvnd8 7 281572 The Inanclkl ￿￿teMentS on pggos 2210 44w8ro 4pprDved bythe fru91oas and aUth￿l8£d for L88uaon I.QRlaa,.. and 8fgnad onthglr btrhawby.. Mrc J Nortgn Chalrman slee Pagè 17

Watford FC'S Cornmunlty Sport8 & Educatlon Trust (Reglstratlon number: 04903645) Balance Sheet as at 30 Junè 2022 2021 Noto Flxd 8s60tts Tanglbl8 as8et6 Investrnèftts 13 14 4,379.247 4,636,805 4 69U 210 4 854 78B Curr&nt 844,278 2 $28 ¥23 3,373,099 492,087 988,202 1 E45 733 2,531,935 Cash at bank and In hand 18 Crndltors: Amo¢Jhts f8lllnq du8 wlthln on•Y￿r Net currenl ass&ts 17 2 881012 2 029 095 Not Funds ol tho Charlty.. ReBtYlcted Ihcom•fund$ 7 679 222 6,824817 4.938,W Unroslrlcted In¢om•fund$ Unr881rl¢ted I￿M9 fuMIg 2 264 405 1947 398 Total 20 22 al statanents on page8 22 to44w8rè 8pprovgd by Ihotru8tegs and author￿ed forlssue on . and 81gned on thalr beha￿ty. CTdth5 14r C J Norton Chglrman pa￿ 18

Watford FC's Community Sports & Education Trust

Consolidated Statement of Cash Flows for the Year Ended 30 June 2022

2022 2021
Note £ £
Cash flows from operating activities
Net cash income 698,882 (48,907)
Adjustments to cash flows from non-cash items
Depreciation
13		 243,520 244,515
Investment income
6		 (11,783) (6,496)
930,619 189,112
Working capital adjustments
Decrease/(increase) in debtors
15		 140,828 9,996
(Decrease)/increase in creditors
17		 (79,611) (21,410)
Decrease inprovisions -
Net cash flows from operatingactivities 61,217 (11,414)
Cash flows from investing activities
Interest receivable and similar income
6		 11,783 6,496
Purchase of tangible fixed assets
13		 - -
Repayment of investment loan - 50,000
Net cash flows from investingactivities 11,783 56,496
Net increase in cash and cash equivalents 1,003,619 234,194
Cash and cash equivalents at 1 July2021 1,921,462 1,687,268
Cash and cash equivalents at 30 June 2022 2,925,081 1,921,462

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 2022

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 likely 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 2022

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 2022

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 2022

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
Income from donations and legacies
2022
2021
£
£
Donations and legacies 354,799
208,863
Grants,includingcapitalgrants 9,000
102,083
363,799
310,946

Page 23

Watford FC's Community Sports & Education Trust

Notes to the Financial Statements for the Year Ended 30 June 2022

4 Income from charitable activities

4
Income from charitable activities
Unrestricted
Restricted		 Total Total
funds funds 2022 2021
£ £
Courses 469,622 1,833,503 2,303,125 1,431,108
Meriden Community Centre 127,638 72,159 199,797 113,447
Cedars Community Centre 320,199 395,000 715,199 457,524
Watford Women 539,199 - 539,199 112,128
1,456,658 2,300,662 3,757,320 2,114,207

5 Income from other trading activities

5 Income from other trading activities
2022 2021
£ £
Lotteries and competitions income - -
Membershipand match dayincome 41,919 -
41,919 -
6 Investment income
2022 2021
£ £
Interest receivable on bank deposits 5,442 1,392
Interest receivable on loans to relatedparties 6,341 5,104
11,783 6,496

7 Costs of raising funds: Commercial trading operations

7
Costs of raising funds: Commercial trading operations
2022
2021
£
£
Publicity and merchandise 38,682
25,389
Lotteries and competitions -
-
38,682
25,389

Page 24

Watford FC's Community Sports & Education Trust

Notes to the Financial Statements for the Year Ended 30 June 2022

8 Expenditure on charitable activities

Total Total Total
Direct costs
£		 Support
£		 costs
 2022
£		 2021
£
Courses 1,377,822 742,438
2,121,560		 1,620,271
Cedars Community Centre 251,881 205,712 457,593 424,813
Meriden Community Centre 216,872 102,034 318,906 287,454
Watford Women 508,770 30,428 539,198 112,129
2,355,345 1,080,612
3,435,957		 2,444,667
9
Analysis of support costs
Watford Total Total
Courses Cedars
Meriden		 Women 2022 2021
£ £ £ £ £ £
Auditor's
remuneration 11,800 - - 2,370 14,170 13,870
Professional fees 9,398 - - 387 9,785 16,258
Wages 510,010 - - 26,823 536,833 471,697
Social security 68,071 - - - 68,071 44,076
Pensions 20,160 - - - 20,160 15,391
Premises costs - 26,806 24,087 - 50,893 39,502
Telephone, postage,
general advertising
and stationery - 12,979 30,790 - 43,769 35,600
Computer expenses - - 12,383 - 12,383 17,472
Motor vehicle costs
and travel expenses 29,643 - - - 29,643 34,925
Hospitality 1,733 3 - - 1,736 1,682
Repairs, renewals
and cleaning 4,121 14,303 26,090 - 44,514 47,005
Bank charges 7,726 - - 142 7,868 5,797
Irrecoverable VAT 82,426 - - - 82,426 81,557
745,088 54,091 93,350 29,722 922,251 824,832

10 Net income/expenditure

Net income/expenditure for the year include:

2022
2021
£
£
Audit fees 14,170
13,870
Depreciation of fixed assets 243,520
244,515

Page 25

Watford FC's Community Sports & Education Trust

Notes to the Financial Statements for the Year Ended 30 June 2022

11 Staff costs

The aggregate payroll costs were as follows:

11
Staff costs
The aggregate payroll costs were as follows:
2022
2021
£
£
1,950,754
1,392,673
132,399
102,234
46,359
41,307
Wages and salaries
Social security costs
Pension costs
2,129,512
1,536,214

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:
2022
2021
No
No
Coaching staff 52
35
40
42
8
10
5
6
4
5
Administration
Cedars community centre
Meriden community centre
Watford Women
109
98

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

2022 2021
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 2022

13 Tangible fixed assets

Group

Cedars
Community
Cedars
Furniture and
Meriden
Community
Meriden
Centre
Astroturf
equipment
Motor vehicles
Centre
Astroturf
Total
£
£

£
£
£
£
£
Cost
At 1 July 2021 3,846,799
349,268
476,928
58,520
1,152,108
323,468
6,207,091
Additions -
-
-
-
-
-
-
At 30 June 2022
3,846,799
349,268
476,928
58,520
1,152,108
323,468
6,207,091
Depreciation
At 1 July 2021 647,819
226,129
374,432
54,126
251,111
101,646
1,655,263
Charge for theyear 86,350
26,786
46,649
1,098
58,591
24,046
243,520
At 30 June 2022
734,169
252,915
421,081
55,224
309,702
125,692
1,898,783
Net book value
At 30 June 2022
3,112,630
96,353
55,847
3,296
842,406
197,776
4,308,308
At 30 June 2021
3,198,980
123,139
102,496
4,394
900,997
221,822
4,551,828

Page 27

Watford FC's Community Sports & Education Trust

Notes to the Financial Statements for the Year Ended 30 June 2022

Charity

Charity
Cedars
Community
Furniture and
Meriden
Community

Centre
equipment

Centre
Total
£

£
£
£
Cost
At 1 July 2021 4,216,387
126,608
1,152,108
5,495,103
Additions -
-
-
-
At 30 June 2022
4,216,387
126,608
1,152,108
5,495,103
Depreciation
At 1 July 2021 647,819
60,368
251,111
959,298
Charge for theyear 86,350
11,617
58,591
156,558
At 30 June 2022
734,169
71,985
309,702
1,115,856
Net book value
At 30 June 2022
3,482,218
54,623
842,406
4,379,247
At 30 June 2021
3,568,568
66,240
900,997
4,535,805

14 Fixed asset investments

Group

2022
2021
£
£
Loans 318,961
318,961
318,961
318,961
Charity
2022
2021
£
£
Shares in group undertakings 2
2
Loans 318,961
318,961
318,963
318,963

Page 28

Watford FC's Community Sports & Education Trust

Notes to the Financial Statements for the Year Ended 30 June 2022

Shares in group undertakings and participating interests

Shares in group undertakings and participating interests
Subsidiary

undertakings
Total

£
£
Cost
At 1 July2021 2
2
At 30 June 2022
2
2
Net book value
At 30 June 2022
2
2
At 30 June 2021
2
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
incorporation		 Holding Proportion of voting rights
and shares held		 Proportion of voting rights
and shares held		 Principal
activity
2022 2021
Subsidiary undertakings
Watford Trust Trading
Limited		 England and Wales Ordinary 100% 100% The hiring
community
centre		 of
facilities
Watford FC Women
Limited		 England and Wales Ordinary 100% 100% Running
Watford
Women		 FC

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

During the year, WTT charged the charity £18,000 (2021: £18,000) for astroturf pitch usage, £1,104 (2021: £1,465) for motor vehicle usage, £35,028 (2021 - £35,032) for equipment usage and £18,000 (2021 - £18,000) for astroturf pitch maintenance.

Included in debtors is a balance of £623,547 (2021: £698,547) due from the subsidiary.

2022 £ Aggregate capital and reserves 62,173 Profit/(Loss) for the year 5,324

Page 29

Watford FC's Community Sports & Education Trust

Notes to the Financial Statements for the Year Ended 30 June 2022

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

Included in debtors is a balance of £3,866 (2021 - £110,566).

2022 £

Aggregate capital and reserves

(42,983)

15 Debtors

15
Debtors
Group Charity
2022 2021 2022 2021
£ £ £ £
Trade debtors 100,551 123,440
98,961		 122,644
Due from group undertakings - -
680,163		 754,925
Due from participating interest 2,819 179,728
-		 66,954
Prepayments 100,931 41,679
65,152		 41,679
204,301 344,847
844,276		 986,202

16 Cash and cash equivalents

16
Cash and cash equivalents		 16
Cash and cash equivalents
Group
Charity
2022
2021
2022
2021
£
£
£
£
Cash on hand
980
995
980
995
Cash at bank
2,924,101
1,920,467
2,527,843
1,544,738
2,925,081
1,921,462
2,528,823
1,545,733
17
Creditors: amounts falling due within one year
Group
Charity
2022
2021
2022
2021
£
£
£
£
Trade creditors 78,149
34,286
75,774
32,972
Other taxation and social security 57,365
30,284
48,328
30,284
Owed to related parties -
-
67,923
-
Other creditors 305,714
454,638
300,062
439,084
441,228
519,208
492,087
502,340

Deferred income

Deferred income
2022
£
Deferred income at 1 July 2021 377,564
Resources deferred in the period 235,861
Amounts released frompreviousperiods (377,564)
Deferred income at year end
235,861

Arisen as a result of income depending on future conditions becoming probable that they will be met.

Page 30

Watford FC's Community Sports & Education Trust

Notes to the Financial Statements for the Year Ended 30 June 2022

18 Provisions

Group

2022 £ Short term timing differencesg differences differences 33,850

Short term timing differencesg differences differences

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

Group

Group
Balance at Incoming
Resources
Balance at
1 July 2021

resources
expended
Transfers
30 June 2022

£
£

£
£
£
Unrestricted funds
General
General Fund 1,713,779 1,834,159
(1,606,558)
84,725
2,026,105
Restricted funds
Social Inclusion 115,632 352,853
(285,644)
(50,062)
132,779
Healthy Living 291,799
824,017
(624,634)
(75,584)
415,598
Learning 16,034
496,525
(229,651)
(7,250)
275,658
Football & Sports Development 78,336
460,873
(316,374)
(52,736)
170,099
My Place 2,141,903
-
(86,350)
-
2,055,553
Mental Health -
-
-
-
-
Cedars Community Centre 805,536
134,234
(160,921)
78,511
857,360
Meriden Community Centre 1,418,371
72,159
(164,507)
22,396
1,348,419
Continuous Improvement -
-
-
-
-
Total restricted funds 4,867,611
2,340,662
(1,868,081)
(84,725)
5,255,467
Total funds
6,581,390 4,174,821
(3,474,639)
-
7,281,572

Page 31

Watford FC's Community Sports & Education Trust

Notes to the Financial Statements for the Year Ended 30 June 2022

Group (prior year) Balance at
1 July 2020
£
Incoming
resources
£
Resources
expended
£
Transfers
£
Balance at
30 June 2021
£
1,579,981
1,032,142
(1,246,560)
348,216
1,713,779
6,999
76,083
(19,383)
51,933
115,632
181,615
161,720
(260,564)
209,028
291,799
-
185,113
(80,865)
(88,214)
16,034
59,916
300,383
(226,637)
(55,326)
78,336
2,228,253
-
(86,350)
-
2,141,903
98,833
298,813
(77,286)
(320,360)
-
964,488
305,236
(232,471)
(231,717)
805,536
1,488,870
72,159
(229,099)
86,441
1,418,371
10,842
-
(10,841)
(1)
-
5,039,816
1,399,507
(1,223,496)
(348,216)
4,867,611
6,619,797
2,431,649
(2,470,056)
-
6,581,390
Unrestricted funds
General
General Fund
Restricted funds
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 2022

Charity

Balance at
1 July 2021
£
Incoming
resources
£
Resources
expended
£
Transfers
£
Balance at
30 June 2022
£
1,947,396
1,320,574
(1,098,290)
84,725
2,254,405
116,213
352,853
(285,644)
(50,062)
133,360
291,799
824,017
(624,634)
(75,584)
415,598
16,034
496,525
(229,651)
(7,250)
,275,658
78,336
460,873
(316,374)
(52,736)
170,099
2,210,670
-
(86,350)
-
2,124,320
-
-
-
-
-
805,544
134,234
(160,921)
(78,511)
857,368
1,418,371
72,159
(164,513)
(22,396)
1,348,413
-
-
-
-
-
4,936,967
2,340,662
(1,868,087)
(84,725)
5,324,817
6,884,363
3,661,236
(2,966,377)
-
7,579,222
Unrestricted funds
General
General Fund
Restricted funds
Women’s & 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 2022

Charity (prior year) Balance at
1 July 2020
£
Incoming
resources
£
Resources
expended
£
Transfers
£
Balance at
30 June 2021
£
1,798,662
971,885
(1,171,367)
348,216
1,947,396
-
-
-
-
-
7,580
76,083
(19,383)
51,933
116,213
181,615
161,720
(260,564)
209,028
291,799
-
185,113
(80,865)
(88,214)
16,034
59,916
300,383
(226,637)
(55,326)
78,336
2,297,020
-
(86,350)
-
2,210,670
98,833
298,813
(77,286)
(320,360)
-
964,488
305,236
(232,463)
(231,717)
805,544
1,488,870
72,159
(229,099)
86,441
1,418,371
10,842
-
(10,841)
(1)
-
5,109,164
1,399,507
(1,223,488)
(348,216)
4,936,967
6,907,826
2,371,392
(2,394,855)
-
6,884,363
Unrestricted funds
General
General Fund
Restricted funds
Women’s & 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 34

Watford FC's Community Sports & Education Trust

Notes to the Financial Statements for the Year Ended 30 June 2022

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

Transfers from Restricted Funds during the year ended 30 June 2020 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.

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Watford FC's Community Sports & Education Trust

Notes to the Financial Statements for the Year Ended 30 June 2022

(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 Trust'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.

21 Analysis of net assets between funds

Group

Group
Unrestricted
funds
Restricted
Total funds at
General
funds
30 June 2022
£
£
£
Tangible fixed assets 348,412
3,959,896
4,308,308
Fixed asset investments 318,963
-
318,963
Current assets 1,358,730
1,295,569
2,654,301
Total net assets
2,026,105
5,255,467
7,281,572

Charity

Charity
Unrestricted
funds
Restricted
Total funds at
General
funds
30 June 2022
£
£
£
Tangible fixed assets 49,763
4,329,484
4,379,247
Fixed asset investments 318,963
-
318,963
Current assets 1,885,679
995,333
2,881,012
Total net assets
2,254,405
5,324,817
7,579,222

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Watford FC's Community Sports & Education Trust

Notes to the Financial Statements for the Year Ended 30 June 2022

22 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 £43,243 (2021: £46,859) for goods and services and £12,241 (2021: £38,259) 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 (2021: £50,000) more than one year is £269,000 (2021: £269,000).

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 £6,341 (2021: £5,104).

23 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.

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