Ccynpany registration n(wnbor.' 04903645 Clwity registrati Nmbgl.. 1102239 Watford FC'S Community Sports & Education Trust (A ¢ryany IkrHted by share wtar) Annual Report and StalMwnts forthe y Ended 30 June 2023 Azets Audit SeTrice6 LNned Ashcombe Cowt Wool8a¢k Way Godalrring SuTrey GU7 1LQ Iiiiirniii •ACZV8P9C 2810¥2024 COMPANIES HSE *381
Watford FC'S Communlty Sports & Educatlon Trust Contents Refwce and Adrnin1Stratr Details Tnjstees, Repyt 2109 Slalement ol Truslee$' Res1b1&1ieS 10 Ind¢pÈntJènt Auditorfs Report 11to13 Consolklaled Slatement of Financial ActThfjtles 14to15 Consol•Y*ed She 16 Balance Sheet 17 Con8olKlated &¥tement of Cosh 18 Not05 to the Financlal Statements 19to
Watford FC'S Community Sports & Educaiion Trust . Reference and Admlnlstrative Detail$ CthalTman Mr S J Macqueon So¢relary Mr P J Waslalj Prlnclpal Office Vicarage Road Slajium arford Hertford$hire VV018 OER Company Registration Numbfrr 04W3645 Charity Reglstratlon Number 1102239 Audltor Azet8 Audit sery Lwnited Asrnbe Court WooL%a¢k Way Gojalming Surrey GU7 1LQ P4e1
Watford FC'S CommunSty Sports & Educatlon Trt Trustees. Report Thi8 repcrft provhle5 8 summ¥y of Ihe TwsY6 xtwitS cowring the period trn 1s1 Juty 2022 10 301h June 2023. The reFYt det13 prcwJres5 made •Jain51 our prinGyl wea5 of Wts. 11 highlights our key achievements, provides H)sJghl into s¢m¢ of areas for devek)pmenl arKI whal we hope lo ¥chi¢ve durng 2023124. Tru$t¢•s TrusleeslDireclor8 at the yw end&J 30 June 2023. and lo date. and date5 01 apwntrnert if after 30 June 2022, are as Mr. S. J. Macqueen (Chairl ML8S M. J. Gabbrtass IVKe Chair) IAis5 H. Battram IAr. K. Dawan Mrs. R. A. Insk IAr. P. M. O'Brign •Ar. l. K. Taker 19.0723 19.0723 19.0723 19.0423 19.04.23 Trustee resigna16 from the Board. swKe the yew Commencry 1 JUPY 21Y22 are as foll#S. Mrs. G. L Clthe MT. P. A. Clark Mr. E. J. Coan Dr. J. DaS Smrfh, CBE Mr. C. J. Luff. MBE Mr. C. J. Norton Miss E. R. Saunders Profe8sor S. R. Timperfey 19.0423 17.11.22 19.0423 04.10.23 19.04.23 19.04.23 10.10.22 19.04.23 The above TN8te8 resnalkI)S are as a resull of the ¢cmpl8tion of their MmuM teTh in mlè. A comprehensive recrurtmenl process WBS corryleted and ow Trustees add a lurther rary of diverse knowledge and expeiien¢e lo the BLwd. E¢thI¥¢ Summary The Trust continued lo pThide a dlverse rdry ofcommunty ple¢t8. act#68$. everts. and InVe8 fora broad cross seclb)n ofthe ts)MrnLty. 11 Ctinue¢y lo buill on Its prou¢J tra( record of delfvering trnporlant servkes tor local ¢ommunlties and of worklr4 In p¥tnersh4), collabtsratin9 with a rangè ol organisations to provide SUFPOrt for those in ne&J. TheTrusl remains comNitedto ¢onlinLKUS Ynwovement andlhis is d8NK)nstrated intho so¢ilon of this reFK)rt where Ihe Trust is making plans to ensure that it is rrt for fulure. The hIeVeMents and performarKe Sect of this report provkjes elnce to confirm Ihal tho Trust has continued to 1rnpro Irles and enhance ctyr¥nunl PwJe 2
Watford Fc's Communty Sports & Education Trust Trusteos. Report Objectives for Publ1¢ B¢n•frt Trustees wort( ck)sety wilh staff to ensure thal the Trusl's stralegic and ¢¥JeTational priorities Set for the year me8t the charity obiKt5 detaled in rfs governing document and the Charty Conmi$sion'$ ueneral guidancg on Publ benefrt. In bmad temis the Trust's Obj1¥•$ forthe benef of tr Publ are lo." Provije and promote sport. phyx thty. aThS teIng cwortunits lo Ihe ¢c¥nMUn it serves. Assi51 in provKli filitie5 and cyJxunilIeS lor all secl)ns of the ¢LYrKnunity. in the Interests of sockal welfare and with the o¥'ective of makiNJ a differenc io pecple's Ive5. D?velop and implemenl nth¥commUnY-baSed projects. xtryibes. initiatr¥e5. and events vthKh respond lo communitres needs and help prrynote communty ¢¢hes)n. Th Trust has established strory and m•anngful partnerShS with a ge of pwtnors woss the public. private and voluntary sectors and works edlaboralivety when ddwerinu it$ seNi(s. The objectiveg for public benÈfft prm8rity ¢omÈ from the Tw$t's key prilty areas ofwork whh are.. Heah & Wellbeing, Leaming & Skills. sla1 Inclus and Focrfball & Sport8 Developmènt. This b further conwjemented by us running and managing hvo community hubB which wovNJe further opwtunli68 and experience8 which hav¢ a posrtNe impa¢t on Peop.$ Irves. The Trusl reCOgeS the Irtan of mcnoTing aThl evauatiTha its on an On99 bq818. 11 produ¢es an Impad Report on a yearty basi% whh provhjes ev cffi a Rnge of outcomes and impacL For thi$ year thè Trust produ¢ed a Slat impact report whth combined 30 51oTies for 30 yea¥s. celebrating the Trust's 30th year annTrrsary, as well as our inyt a¢ross 2022r23. Thi$ report is widely circulated to fans, MmUnitY partners and fvnders and a copy ol il 1$ freety availablg to the pubk by going to thg Trust's ¥rtb$i at www. st.com and on requesl. It is ho that the re6101 Ihk% rep(Yt demonslraltss many a$pècts olthe puts1 benefft whh the charity provides. Further details of the Tntst's warious prr4ects, 8d1vit arhj e4enls delivered during Ihi$ reporling year are delailed b. HEAL Th & WELL8E114G Our Golden Memorie5 proJB¢t njns for people living with dementia and their ¢9reis. As well as weekty $essnS Nnning al the stadium and at one of our corrniunity hubs. we also had ovgr 1(10 people attended an event at the 5tadivm, hekl as wl of Dntra Awareness VlÈek. Shape Up HarrcA¥ courseB re run at various an$ acrctss Harrrth providiry aduls with th• OPF4Ntunityto19sgweight and become phyCalty aclNe. A5 a ol the su¢¢ess ofthe project Harr{ PU¢ Health commissionèd the See foranother two yeas. providing funding of£75.000 per year. Extra Time has been runnwu for over 10 yes and providès rec¥eathwl and SOCTal *iviiigs for Older adults continued al three venues a¢Toss Watford and Harrtyw. A range of aGtNities are provided on a weekty ba$18 ranging from $hort matt IxwAs. table tenniq. to badminton. chair exercises. danee, and Iard games. Our Positive MirMI8 mental heatth prtie¢t for primary schcd chldren conlinufjd with over 200 schools voEved this academic yw. and over 11IIKIO chiklren SUFpJled with Ment health awaronesedVCat10n. P•Je 3
Wafford Fc's Community Sports & Education Trust Tntoes' Report During the year an irrycl Was Flu our A1 V4atfoTd & Rivers prcpd covering Ihg belween 2019 - 2022. This highhled the laws achieved and benefrts gained by bOnClar&S invdved in this behawur chang8 prograrrwn8 which focu on helping Fwle lo go from bging Inact lo Ne. Our Man Onl Se88ion$ continued at multyle venues across s(xrth4¥e81 HertfordshKe providing a wellbeing ses8K)n for 18ffj5. usirwJ a C0rt4nat of a loolbau sl0n 8nd wellbeing rf¢$hops. Cwnic Relief continued lo fund our prc4rn for chmren aged 9-12 years wrt require support with their Th¢nlal health and lbeing. Cwfses continued to prth1e Cotrls rrfyounu pwlÈ th Sessions combining physical actNity and cognftive haV)ural therapy. Youlh LI Is our Sla1 pi•scribing s¢rvts linklig ¢hikJr¢n and yo9 pw>lp lo non-clinrAI supervision. Alongside our Positive Minds a1 Empw proiecls it rMpleteS a SLlll8 of serv ained al supporllng youThJ peoF48 wlh their mental healfh. LEARNING & SKILLS PreMr League Inspirès is our ¢urriculum-based prc4ect arned al young peoFle who are at Tisk ol not fulfilling their pilential. Fn>m SeplertJer 2022, the project tas OetNered on a we&Y basis in wonteen rÈgulxr schools Tmth ew3hteen ca)horts completing the prcMJramm&. These cohorts conwleted Ihree diffwenl afeas ol work IrludI3 peTsonal development. Mental welbeing. and 51xial actiGffi over Ihe threelerms. The proied etYJag8d VAih 215yourKJ pèop on a 910 ba$iswith thostryoung Feiv having 760 different risk factors attributed. Vlrthin those euhteen cohcjrts. thr88 of thoso were female IcKused groups who completed the ¢hangemakeT prciecl. Akngside this we wekomed over 200 yOLtrThJ people lo target events. taster sessions and menloring opportlmtiitss. hvJhlKJht ol Januwy 2023 wa8 Ta(lrrfJ Tough Conversations Evert whKh vras hekl at our Mehden Communty Cent. This evenl focused on cr68ling a saf& spac f{ young people lo discuss tc¢)Ical 8rriel81 i58ues wkhin Watford and he access to loc41 chaiilies arJ cryanisatb)ns who can $upptsrt. ThÈ Èvènl ¢onsk%led of a K$ tasteT sessM. inlrodutlffi to boxing by a knal boxing club. Dignfy wothshop. Gamcore workslb)p 8rnd a by lffprnssxn8blè MiThJs drug abuse. In total we Wekred 84 vulneTable young pecwe from our Irwres cohorls lo the Centre for the day and receiv F¥)sitive fe8dba¢k from both YOUNJ Peop and aanYing Staff. As part ol our cultural capital cpportunities and to cdebratè Intamabonal IAt4Men'$ Day in Mah 2023 Premier League Inspires hosled an Inlemalional Women's Day event at Ihe TraIng Ground. The e1 was supported by olher Trust ¢olbagues, Hwtfotdshirg Football AssociatKJn ¥rKI Watford Wnen'S First Team. The event was qjer to41 females on prr Leagl Inspi$ asweH a8 dhe/gKls inteftisle(l in Ihosepartnerschool5. In tolal 97 femal85 attended the event from local seCCdary Schwls. TK Maxx & Homesen Foundation confirThd continued funding 01 £15.IWJO IcwKrd5 ow Inspires prcJramme. Unfortunatety. due lo change5 to the National Clttzen serv contract ow delivery of thi£ r[Sonal devetrjpment pr03rme for 16- and 17-y8ar-obJs vas mininwl. Pwje 4
Watford Fc's Community Sports & Ethcation Trust Trustees, Report SOCIAL INCLUSION Our Premiw League projèrj Èng8g&l wrth 1900 youfto pq)le aged 8-18 durtng this year. This includèd 516 femalas, 194 IndiwduS disobilFties and 24 diflerent ethnKities. 650 young people look part In an educational workshop and 645 compet1 in a louTnamenL fixtUTe. u event. 51 young people compfeted over 10 Pthrs of str(Kur8d volvErtgwing and 17 hard-tO•rwh indTr/idual8 wÈrè chosen for a 1Ckweek mentOTing programme. Particnts took pwt in thre8 SOCk4 action prolects and over 250 cLYryleted a nath)n81ty Tecogni5ed quakfication. The Kicks pr(yJwwnB offered over 35 h(w(s of w8&kty provisw)n Indu9 fcK4ball, youth dubs, baSkball. dancè, boxry and Mni Kth xross Watford. Harrow. Sl Abans, and Hillingdon as well as fomalized youth boards and Aekty yOh vrAce se38ions. In alliOn to the above, our ¥i¢lusNe Partpanwon the K(S DbIty Foott¥all Festwal 2023. FOOTBALL & SPORTS DEVELOPAIENT A dNerse range of opportunlties 7Awe pThided der thls therne ofwork, whith induded the folkywing.. HolKlay Coaching Cwfses were offered for young peoFle aged bdween 8iXto 12 yeatsof age and look ple al a large of commvnity Iccations across South-wesl H8rtf(Kdshire and the London Borough of Harrow. Fcdball devetopmenl actn11b8stk place across 1 school holNJay pericth {except Chrislmas) re¢ording a total of 3,251 visits fof kKal children and YOU people, during the year. Mat¢hd8y AdNitsès were run during the season with 12 malchday packages delNeTed to 1.300 young peoplc and their familw before men's first4ean h(xne league matches. These Y9 peopl8 look part in a 90-minute training at We91field A¢•Jwry in wford, makiry their way to Vicarage Road lo take in an EFL Chwnpionsh4) rnatch. In adOn to the stsndard mehd8y pthge8, Train Like a Pm. delNered in the indoor dcThe al the Irainlng ground. where 250 ¢hiklren were abte to experience the WFC Iraining ground and enp)y sèssion In the indoor training thme before watching Wthrd v Preston North End al Vor#go Ro. This period saw us restructura wr bs. and girls. player pathww deftwy mcJel lo double the number of male and femafe grassic#)ts f0th11e a3) lo 16 years by the end oflhe season. compa to 2021122. Some 700 grassroots pl8yws age UT-U16 (boys atyl girls) attend weekty Iraining within our player devebpmenl pathway. We weve akn awarded 8 Itcenca by The FA to an Emerging Talent Centre as part of Th8 FA'S new women and girfs. development pathway and ddfvwed weekty Ifwning and school holKlay festNal fixtures across 8ge grlwps. u>ring of players. In tarms of coaching programmes PTovded for sthwls we defvered breakfast rlLtbs, in4urri¢ulum chlng. lunchtime and after clubs in SchIS in Hertford$hire and Harrow. deJiv8ring nearly 2tKI Ikiurs per week during the academ year. Wa s0 conlinued lo deliver ojr two funded programmes. Premw League Primary Stars. acroBs 70 cjasses and teachèrs. Our deh'wy was 8sses5ed aS'exemarf by the Pf¢mh?r Lwue fund for this roporting perK¥J. We have also Conted lo provide the EFL Trusfs 'mO & Leam - Jty of Mwng, to over 2,500 StudlS in 42 sclKd5. Fdh lhasa partner progrwnmes have lestiV81s •xl tOumannts as part of national comltI0nS wh we Icok part in. with success in the U11 Kids Cup in the find al Wembley 8iwJithn. Page 5
Watford FC'S Communty Sports & Education Trust Trusteos, Report INeconUnued lo Nn Ihrne Foottiall & EduCatiC Schemes whh c£rtiine Ialland academic studiès for boys beiween 16 and 18 yèars of sgÈ. in partnership wbth schcds and coleS in H8rtford5hwe and Hatr0. 83 sludents accssed educational and f(ball OFV%tunrties in the 22r23 adern year. In Juno 2023 ¢T second cohort of students graduated on our Foundabon Degree (FdA Foolbal Dev8Wn8nl and Co¥hing) in partnership with Mkjdlesex Ur¥ver5ty. We eonlinued to deliver our disabilily lalenl hub at Walfr)rd Fc's trainin9 grnd provKling ¢0gthlng opportunities lor tanted playern aged 7-16 Yea old. as part of Thg FA'$ En9land tslent pathway. The operational delivery of INatford FC IAknien's first teams and dtsvekwThl squads returned to the Trusl in August of 2022. The 2022r23 season was a hugety successfvl one with thè women'$ first leam narrO%Y losing in extra time in the League Cup Final. wnning tha National League Prnmier South dNision and the playwoff final to secuTe promo1n ta Bar¢lays Wtwi's Chawpionship. COMMUl+llTYFACILifiES (run and man•ged by the Trust) Cedars Ywth & Communty Centre- With the centre celebral•]g 11 yts4s ofn9 open, a major piec8 of faclity developm&nt was gchieved in September and Odober fdbwng a succ85slul funding applicatlcsn lo the Football FOUndatiL rE6ting in an a¥ard of £99.823 lo replace the $ports hall fioor. the aslrolurf cavpet, the IwJhtTh for boih zones lo LED fdiings and bulbs and also for tho wholo ol the cAnlre lo have a nVers1O to LED hghtMvJ t. with cosl sa¥in9 measures in mitvj. FootbaH al the eentre continues to grow with arca 14CiI ait8nding h wed(. Fundiny of £19,500 was STed from the London Marathon FnlOn f the refuthl5hrrnt Of?1 spe and replxing equiprw M¢rrden Commynty Centre - The car park was re$urfed vo fuThliny frcln Ihg Councll and Trust Following energy effefiCy vthi¢h ve taken Pla since 2016. Ihe centre recetved an independent report Icommiss)ned by Waff0 Bcmjgh Council) lo a0¢e us that the Energy PerfomarTh Certilicale {EPC) rating for the buikling, Iwd nsed from 8 G grade lo a B grada. Further reviews will be underlaken dwing 2024. Footlall at the certTg has reached cir¢a 1100 each week. Beiween the Iwo centres continLd lo pythlde 8P8celorkty stakeJerS to offer bkjod donations. a food bk. avKI vaccinab'ons for bobiesthiktren. Equalmy, Dlv•rsity & I¢10n Our Equalrty, DNer5ty & Indusion Slralegy 12022 - 2025) t*ras davebpgd and launched. An EDI Learning and Awareness calermlar for 2022r23 vrds thewd in conjUnctn wilh Ihe club. This provided a broad Faroe ol OFWtunities. examples included a menopause webnar. autism avéareness train. dements friendty training. Herts Prbje. )CauSt eta The membership ofthe EDI ChampThs groLP wa5 refreshed, as was ow EDI aclfvjn pkn and prciect equality reviev P•J8 6
Watford Fc's Community Sports & Educatlon Trust Trustees. Report Flghllng Fil Football won the Natal FA Gra5$rkn Foolb41 Aw?rds, Proied of the Y&Y. Thi5 group of adutts, affected by Pafkirson's, use the each Monday ni9hl as their Iraining venuè and credit this use, faclltaled free charge by the Trust, a5 boing key to enabling Ihe groLP lo exercise and pY logether as a form c¢ free medTh, lo W dlay the effects ofthelr condllfjon. Through the TNst and club workiw Coknbvoty the dLth was rè-arded wth the Premkn League EDI 8dv8nced level starard. The EDI work vrds shortfBted a% pwt of Ihe English Football Leagu& EDI awards and recefvad thlrd place In the EDI Business Awarfs. The Truste0ntinito with a Tange ofccThnunty partnws IhTougb(Krt theyear. Exam% ofjusl some oflhe partners ilUde Ahm1Ya Muslwn Yryjth Ag>al {national foolball townan&ntl. Iftar Event wrfh Watford Mu$lwn Y Centrp- (in¢lud8d 8 stadium twr & Trust staff fasting for Ihree days in support). Other groups the Twst worke(I wrfh included the Frank Soo Foundation, OneVisK)n whi¢h was a Stephen L$wnCe event th and other partneTS, Music Footb?11 Faiherhcjjd including support forf8thers around Fathers Day. The Trust Also Vrked3kngskIe the thb and the Alzh8ims Sttiety lo m&ke Waiford FC'S Road Stadium Dementia friendly. Fundral¥lng Several futhising evenls place during the year. whKh wded Gala Dtnnerrai5ing £8,SCN), 9 24- hour football mor8lhon ratsing £11.000 and a crealive Stadium for Ants Iminialure design ol Wthrd Fc's stadium). whh raised £1,698 Ihrough the salè of raffie tickets. The fir61 ever Tayk)T Trek evenl took place with 114 peoFde p3rticpabng. Sponsorsh> of £4,000 cwng frpm Mercer & Hole with Wenzels the bakers promding lunch for those ttng parl. Buslnèss Partn•rdhlps 11 proved a dilficutt ye8r lo ty and attr8cI nw skWis. Fkwevor. wo V•tre ablB lo estthli5h sponsorship aywment wyjrth £20.000 with ts Bler Grow> and M.K. Ginder & Son5 who are a iong- slanfjing partner of the Trust renewed thelr £5.000 annu31 sp)n8crfshp. Stevw Eag811 Toyot8 also contlnued their long-stsnding support of us by agTeeirtg to provide a sponsored van for a further year. Volunteering Our team of over 40 vokrnteers conlinued to pro¥ide excelent surptsrt 06$ Ihe Tn1.$ range of adNilies. Rovl•w Reviews of Tru51 acbvitie5 kk place on a wuLir basis throughout the year ?th Tru51ees via Board and operational m881ing$, to ensure that Serv were delt%ered in line wlh the Trust's key objeclwe5. Th8 senior leadership team d50 reyitrwed projects. admtios, ar¥J events to ensurp the delivery was in line wth priorilw sat lorthe year, 8s well as the T[S wider buwess ptsn. Frcrfn reviv4¥S the folkxwy a(bns were thtifd &s pNJrities for 2024. D8VBIop 8nd18urth a IKve strology fLY the Tnt dumg ea 2024. Aknw$id& the new $trgy develop a nthv of change rnodel and 8 monticrflng and evaluation frame•vork so that ¢)w aThl FWImance agoinst the outcomes Sel yi Ihe ne* strategy. Page 7
Watford FC'S Communlty Sports & Educallon Trust Trustees. Report Prcth and distrbutean annual Nryacl dOnrtraIV th8p Tnjst ha$ In ICal mmunities. Devebp a repoitin9 Stwclure across wganisation so that all co189e5 have a voice and can shape change and vryjrovements within the TrusL This inckmles establ$hwig naw lo¢us groups. a new Managers gr(NJP and rrtw sb-)Mmrtlees. Undertake the Inveslors in People audit assessment and further devebp our Strategy. Devekp a Fundrai8ityJ & Irorne Generatp)n Strat89y. Recruil an Environmenld Sustainatmty and devebp an Emitronmonlal Sustain8bility Aclbn P&n. Run ow annual fLFndrai8ing G* Dinner. Run our thlrd Taykx Trek. c(IbUnty fdlsing v4enl. Expkye opporlunilies the appren1ashiP levy presents bolh in tenrts of up8kFllng staff. as as taking on apprenlKes in the fijlure. Recrnit a Funduw Olfrnr aThl Pwlnerships Exeurtr4e to help with th9 Sustainabllty of exi8llng proiecls and to try increase unrestricted funding. eThTes Policy The Trnsl has put in place tts'Resèrves to Iwp plart manage rt5 resource5 apprcpriatety to ensure Ihat the level set matches its oThJoing requiremenis and to inlomi relant stskèholdor$. 11 the poficy ofthe Trust lo Inease the levd offree r¢seNes genèr8tÈd to provKle sufficient hjnds to over beeen three and six mnths operat1 costs. wiihout whth the charity could not lun¢lrJn and contlnue to ddr1 h day4rkday tyeratlon5. In addits.. we hdd free reserves to maintaw) our C[rty Iwbs. including sust8inablliiy and Inlrastrudure imprpvernerrts vthere idgntified. This level hes been 8gree(l on the basis thal Ihe TeseThes amcrtmt wil ld0 the Trust with 8dequale financ1 $t8bilily and the means Icr rt lo meet rts Chan"tab objects. Thls Wicy will be rrlIt0[ad reP)rt on during the rrth end mie¥ts and méetin, lo ablish whether any changes to this polry are deemed necessary and to ensure that the reseryes arg adequate to lulfil our ¢ontinuSng OKdatlIS. Tho Bed aCkTrVIedge that the level of free reseThw chgeS the year and can a gL indicator of the underfying frnn¢1 heahh of the thardy: this can a150 be indraior of potential Problems. The level ol reserves will also be mcffilor8d IIwLwthoul tho year as paTI of the nMal )nitoring butstary reportirvj prcce5S. Page 8
Watford FC'S Community Sports & Education Trust Trustees. Report A¢hlev•mMls & Performance The folh)wing were also hbjhlights during Ihe ythr. wi adth.lkin to the hievements akeady detsibBd in this reporL Capabllty Cod8 of PraciKe Aulft- the Tn1 wats Tated V6ry Good,. The aroa of Ihe requirirtg moyl work Is Ewronmentsl SuBtainabilrty. Toy Drive inlkive (cl & Trust) swing families at ctwlslm8S. Fundin9- £20.CQO secured foryouth engagementproiects in Harruw, £14,OOOfor Harrow Fals Prevenlion Prcgramm8. £10.1 for Man On HwrLMf. £21,OLK) for a nI87 health programme in Harrow schools, W,CQO to provKle Emptywer hohjay camps to SUFPOrt yourvJ peOp'S rnentol healih. New syste 1mpkn[rtVd- knsure rnanagar scthvare System (EZ Flty) and Onne recrUJiThnt plalform (ream Taii¢rfJ. The annual report W88 wrobwd by tnthes ofthe tharity on>.2:•3>*nd Bbjned on its bahaw Mr P J vaSta11 Coff¥wny Secretary P•J# 9
Watlord FC'S Communlty Sports & Educatlon Trust statement of Trustees. Responslbllitles The trustees {who are also the dyectorn cl Waiford Fc's Communily Spcrfts & EducatJn Trust for ihe purposes ofcompany law) a SpOnsIblef0rpreparij the Iru51ees' report and the f[Statemen1$ in aordanCe with the United Kingdom Ac¢OUnti Stsndwds Iunited K¥)gdom Generalty AcrÈpted Ac¢ounling Pra(ol atMI appIab law and Tegulations. Company law requires the Intstees lo prepare financial statements for each fina137 year. Undèr company law th8 Iruslees mu8t not approve the fina4a1 stalements Un they are sati5rd th8t they ghe a true and faw VRW of the state of affairs of the charitable ¢panY aFvJ of ils irthmlng resource nd 8pplicalion of resourc8s. including its i{ne and expendrture. for that p8noJ. In preparing these nanaal statemenls. thg truste95 are requwed lo: select suitabk accoffiling poIleS and appty them consistenuy; obsèNÈ the melhc*Js and princples in Ihtr Charitie5 SORP." makejudgernents and estimales thal are reasonablè aryj pnthnt". slate whether applKable UK AccoLM)tirKJ Slandards have been followed. subjecl lo arby matOTial departures disdosed and expfaired in the financial statewEnts.' and prepare the linan¢ial statements on concem basi5 unbss it is inappropriale lo pwume Ihat the charrfable will c(hnUe Fn business. Thè Irusléés are responstjle keepIr adequat6 acclnting roc¢rds that arg sufficienl Its Sh4¥ and explain the charitable companys transactn$ an¢J dts¢k>se wilh rea50nabb2 UTcY al any lime lh• financial position of the charttabk company and enabl2 them lo ensure that the financial statemènts comply with the CompaniBS Act 20C6. They are also responsbbè for safeguarding the assets of the haritabte crynp¥ny and hence for laking rortab steps for tha pr6vsntK)n ant1 detection ol fraud and other fftgularlies. Publlc 8en•frt Statem•nt The Trustees confimi that tw hatyE ¢omplied with thèw dtty to have due regwd to the gvidance on pvbllc benefit published by the Charty Ct)rtNniss•)n in exwci%ing Iheir prye of dvlies. The publ benefit of Iho Charity'$ activ5 are oullined under'Oi¥'edives f¢y publbc benerrt. above. Appro¥ad by the •Ar P J Wastall Company S8Crntary PaJg 10
Warford Fc's Communty Sports & EdurAtlon Trust Independent Auditorfs Report to the Members of Watford FC'S Community Sports & Education Trust Oplnlon We have audrted the finan¢ial stAtements of watro Fc's C(mmunty Sptyts & TnBt lthe 'tharit&)le paleni company'l rts subsith"ars {the 'grryJp'l lof the year en(d 30 June 2023, %hich ccmprise the Consolhlated Staternent of Financial Atlivilies. Con$dated Balance She•t. Balan Sheet. Consolidated Statement of Cash and Notes to Financial Statemenls. irtIling a summary ol swnificant accLJuntin9 policjes. The financial reF¥)rtiThJ fram0 that hos been applied In Iheir PreparaOn is United Kiryqdorn AOUnting Stsndard5. comprising Chanties SORP - FRS 102 'The Finanaal Reportiry Standard applicable in the UK and Republic of Irdand ansJ apkl¢able law (Untsd Kryjom Gwwalty Attepied Acuntrng Practsl. In our epinion the finanaal statements". give a and tsir view ol the state of the group's and pwent chwtys affairs as at 30 Jum 2023 and of in¢omin9 resources anil applic8tson of resources. irKkJdir9 rt5 IrKI and expernliture. forlhe yearthen ended". have be8n property pr•par•d in accoryjanwth Unrt•d "rd0M GeneraltyAttepted AcctiNg PraKtice,' and hava btèn prepared in accordanca the requiremènts of thè Cefflparmès Act 2Cth. Ba$[8 for oplnlon We ¢onducted our atyyrt in a¢Wrdcè wlh Intetil1 Slandards on Audrfi'TrJ IUK) IISAS (UK)) and apF'eae Iw4. Our responsibli rts undef Ihose slaTrJafds fvrther described In the Auditor's responsiblitie$ fgr Ihe aLNJil ol the financi81 statements section of our reporL are independent of the group in accordancè with the tthieal requirements that are relevant lo our authl ol the finanaal 5tsternents in the UK. induding the FRC'S Ethical Standard, and we have fulfiled our other ethtal rrtponsits"lth"es In aoran(8 1h Ihese requirements. IAÈ belie¥e that the audrt edee we have oblarod Is sulkient and appropnate to wovide a bas lor wr wnKsn. Con¢luslons r•lating to 90Sn9 ¢on¢em We have nothing io report in respecl of th• matt•ts Ai r•labon tOTAthith th• ISAS IUIQ wuirn us to report to you Whe.. Ihe trustees use of the 9tyrJ COnM basi8 ol in the prepaTatiw ofthe finantsal statements r6 not appropriate." or the trustees havts not disdowj in financial ststements any Yenbfi&J material un¢ertaintses that may cast signthcant doubt aknjt Ihe grcrtjp's abltylotontinueto adoptthe grn9 corttm basis of arujurffftg for a period ol at18ast m(x)ths fr( the Llate vhn Il financial statements aT• authoriseil for is$. Otr Informatlon The trustee5 are reSpOlbIe IDr the tsthèi inlowmation. othèr inlNmJn comFxtses Ihe inlonnation indudwj in Ihe annual reporf. other than Ihe fina31 stalements and our awJr(0rf5 report thereon. Ouropinion on the financ4al statements dcs not cover the olher inl¢)rnation and. except to extent olhemse expliryty stated in our report. we do not exwess any fomi ofa$Surare condusion lhe. In eonnection with our audrt ol Ihe finanoal 5tattrnents. our respo1"ty is to read the other informath.oft and. in doing so. con51der whether the other inlormation is Matsri1Y inconsistent wrth thè financial statements or our knOwdge obtained in Ihe audit ¢r 011)ewse aFvars to t maierialty misstated. Ir we ¥Jentify such matenal inconsistenrie5 or apparent rnalerial mStaternents. V*E are required to ¢Jeternine whether thère a rnaterial missta¢ernent in the financ1 statements or a rnatsrial msststement ofthe other inforn&'on. If. based on the work havè rfoled. we ConcJ that there 15 a matèrial misslatement ol this other informab"on, w• ale required tg rewrt that fart have nothing to rew)rt in this re9ard. Page 11
Wattord Fc's Community Sports & Education Trust Independent Auditorfs Report to the Members of Watford Fc's Community Sports & Education Tt Oplnlon on other matters pre3cts0d by the Cornpanl•s Aet 2ty)6 In our ¢)pInn. based on the WO undertaken in the course of the aLhdit. the informatth gw•n in the Twu$ltes' Rewl. whth ie$ Ihe directors. report and Ihe Straleg report prepafed frjrthe purposes of company law. lorthe finanualy•arforwhK the financaal statements are prepared 15 consistent wth the financial staternents," and the strale9ic repul and Ihe directors. repNt induded witwn the Tnle•s, Report have been wepared in accordance wth aFpliutye qUIreme1. Mattgr¥ on whl¢h •r¢ rwulred to r¢port by •Mc•ptlon In the IKJhi o1ourknedge aThJ urwJerstsndiNJ oflhe group and Ihe pantChantsbk company rts enmronment obtained irn the course of the audc have hyenb.fied material mi5Statemenls in ts and Ihe Tru5tee5' Report. We have ngthiThJ to report in re5Fect oftt fdkfing mallèrs wlwe th& Companw Act 2(6 rwjuires us to report to you if. in our opinion.. adequate accounl.ng record5 have not been kept by the parent ctsritstje company. w retum$ •Jpquate for our audit ha not been recwved from braths not by us.. or the parent charitabk conyny financial Sts1nts ar• ag(8wnent wth the ac¢ountir8 records and retums". or certain disdO5u oftrustees reMurati( speryfd by are mado". or we hav• not receNed all infomwb.on and explanat$ requi for our at. RPOnSIbIlItIeS of trustegs As explained rn0 Ity in fv Slatement of Trustees, Respwsts"litie5 (set fArt on page 181. the trustees, w> are also the d1ClorS of the charitsble company frir the purposes of 0panY law. are responsible Yor the preparation ofthè finanual statents and for b"ny satisfied that they give a and fair ¥. aTrJ for such internal contr as trustees detemine is necessary io enable the K¥eparabon offinancol statements that are free from material rnisstaternent. whelher due to fraj or trrTOr. In preparing tht financial statements, thè tnstsÈs a respmbkn for assessyg ihe group's and the pant Charitab companl5 atrx'lity to continue a5 a wng ¢oneem. disdosirvJ. as app1Kab. mattets lated to 9tyng concern and ugng the going 0Cern basis ofacwJntiThJ unk5s the trust8és èthw intènd to Iyuidatè the group or the parent chantable CnpanY or lo cease operations. or have no realistic ahemab"v8 but to do 50. ALKJTrtor'8 responsilItIeS for the audit of the financlal stat•m•nts Our ¢)biectives are to oblain reasonable assurance about whelher ts financ statents as a whole free frorn material mi551atement. YthethBr due lo fraud or error. and to issue an audrto¢s report thal indleS ovr oimnion. Reasonable assurafice is a hlqh vel tsf assurance. but is not a guarantee that an ay1t conducted in accordan wrth ISAS (UK) 11 alay$ dètèct a Malen misstatement wthen rt exksts. ML8Statements can arise from fraud or error and a ccldered material rf. indwidualty or in aggr•gat. Ih•y coukj reasonabty be &xcted to Influence the econorni¢ de¢is)ns of user5 taken on the basis ofthese finaal staternents. A fvjriher deScrip.0n of our reSptsi.11tYas for the aLlit of the fina37 ststem•nts is Itted on thè Frnancial Reportin9 CounrAls website at www.frc.or9.uklau(litofsrespJrtsitrflthe5. Thi5 description fonns part of our audftofs report. Page 12
Watford FC'S Community Sports & Education Trust Independent Auditorfs Report to the Members of Watford FC'S Community Sports & Education Trust Ext•nt to tHhl¢h th• •udllwas ¢onsld•v•d c•pble ol d•t•¢llng trre9uknrfls. inchjdkng fr•ud Ifgulari$. in¢klr9 fraJ. are instsrKes of n-nla with Iw3 aTrJ rFgulatths. dE5yn procedures in line wth our ¥)nSibIleS. rrtASne(l above and on Ihe Financial Rwbn9 Cryrrif5 websiie, to detect material misstatements in respect ol irreguknbes. induding tra. In resp5¢ to the nsk of iwre9ulairbes a1 no1(firceryIh I rngulabons. fvaJ, d•signed procedures whtth in¢14th.. Enquiry 0fmanageml those th¥ged ith ar0d aclual aThd r#)tsnlial litraabon and daims as well as actual. susptcred ajeged fraud.. Rewewr9 rninut95 ofmeetin95 oflhose thaiged wth gobErnanc¢: AssessirvJ ts extenl of ComF41an wrth the lavs and regulations ?er8d to have a dir¥¢t matsn.al •ffeci on the financial 5taternents or the Iwakns of thè tity through erquiry arKI insFection.' Rewewirg finanoal 5tstementdisckisU ond te5bry to supwbn9 d0mentaln to aseess wnplianc with applicable LM arKI regulabons", Perltsmiing audit work over the risk of management bj.as and ov•nh1• of conlrds, indudin9 tesb.ng Dfjoum enkn.es and other Jjustrnents tDf èM)i¢)priateness, evalualirrfJ trblLsir ratKJnale of significanttrawctth)ns lde the norrnal course of busirp$5 and re¥1¥ accountiThJ ests"mates for indilOr5 of potential bias. Because of th? inherent I¢t8. of an audit IWe a rBk thalE I11 not (ktect all iThe9ularili¢s. induthng Ihose leadin9toa material misstat•m•nt in th•ffinanCI ststernents orrn¢tpIlancewth re9ulatKJn. This rtsk in¢rease5 the more that comF4iance wth a law or ulaOn is rwnoved from the e¥ts and transactions fie¢ted in financial statements, as w• VAII btr less l.kety to be¢orne •Arn of irtstances of nOn-Mpl1an. The risk of not detectirrfj a Material misstatement resulb"rvJ from frawl is hher than for resulb'ry trcrfr error. as fraud rnay involve collusion. lorgery, intenb'onal 1$$$. mw8presentations. orts ovefftae ol tntwn81 ry>ntrol. We obtain and upjate Ouf understanding of the enbty. rts ackntw. its ntrol en¥?ronment, and likely firtLKè developnents. induding in relationtothe legal and re9ory fraNthtykapF4i¢able and howthe enbty is ¢omptyiThJ wrth that franewoth. 8asd on this ur•Jetsianding. we and assess the risks of material misststement of th• finaal statements, whether due to fraj or error. deswJn and perfom 8JIt procedures responsive to those risks. and obtain aud't •¥thn Ihat suffioent aFpfopTiate to provxle a basis for our opin. This irtlthyes consideration ofthe risk ol acts by ts entity Ihatwwe Con to aFF4Kable Laws and regulab"tsThs, includiThJ fraud. U8e olour report Thi5 r•port is made sol•ly to Ihe Charrtab paw¢t c(Knparfs trusttès. as a boty. in actorilance with Chapter 3 of Part 16 of Ihè Compan9 Act 2(. Ouf audrt has beèn undertaken so that we Might state lo ihe grp.$ truslees those matt•rs V• are required to state to them in an art0S r•wt and kn no other purpose. To the ftjl1IeXtnIpe1rnftted by law. d0 Thjtacctplorassume respon5itrf"ltyto anyone othertrn the chantable parent ¢cmpwry and its In¢tee¥ as a body, forour awjitwork, Ipr thi5 reFrt orfur own10 ho lormed. oowd Lawrtnc• Bsc (Hon51 FCA (Seniy Stsiuty Awjitorl For and on behalf ofAzèts AlIt Semw rntsd. Statutory ALthty Ash* Cowt Woolsadc Way Godalming Sufrey GU71LQ . 25 March 2024 Page 13
Watford Fc's Comrnunty Sports & Educatlon Trust Consolidated Statement of Flnanclal Actlvltles ft)r the Year Ended 30 June 2023 {Includlng Consolidated Income and Expendlturn Account) Unrostri¢ted Rtstrkt fund$ funds Total 2023 Income and Endot4¥mÈnts from: DonalKins and legacies charitab actNIIi•$ Olhef trading aclN*ies Investment inccme 111.917 1,443.828 155,917 3.490,792 32.348 58.461 Tolal Income 3737518 Expendlture OD: Raising furKts Ch8Ti18ble aclNities (46,974) (46,974) 3 650 791 Total expendituro Nel lexpendilure)finccthe Transfers between funds 1812 539 1885 226 3 697 765 (165.985) 205.738 483.680 39.753 Net rrVement in funds 317.675 1277.922) 39,753 Reconclllallon of funds Totsl fund$ brought foThv8rd 2026 105 5255 467 7281572 Total funds carrie(J fc¥ward 2.343 780 4 977 545 7 321325 PwJo 14
Watford Fc's Community Sports & Edu¢atlon Trust Consolldated Statement of Financlal Actlvftios for tho Year Ended 30 June 2023 (Includlng Consolidated Income and Expendlture Account) Unr¢strl¢ted Restrfeted funds nds Total 2022 Income and Endowments from: Donations and l&gac Charitable aclrvrties other trading activithes Inveslment income 323.799 1.456.658 41.919 11.783 40,CKKJ 2.3C,£S2 363.799 3.757.320 41,919 Tolal incorr 4.174 821 Expèndliure on: Raising funds Chwitable actNities {38.682) 1567 876 138,682) 3 435 957 Total expenditure 3474 639 N¢t (expendilureyincon Transfers betrfftn furth 227.e01 472,561 700,182 Net movement In fLdS 312.326 387.856 700.1W2 R•conclltatlon of fund# Totsl funds brought foNtsrd Totsl fund8 carri fop•Ard 1713779 6 581390 20 2026 105 5 255 467 7 281 572 PwJe 15
Watlord FC'S Communlty Sports & Education Trust (Registration number: 04903645) Consolidated Balance Sheet a5 at 30 June 2023 2023 2022 Note Flxed assets Tangtjle assets Investments 13 14 4,240.983 318.961 4.308,308 4 627.289 Current assets DeblLYS Cash al bank a¢ in hand 15 16 194.416 3 043 773 3.238.189 204.301 2 5.081 3.129.382 Cr6dltors: Arnounts falllng due wlthln on yoar Nel cUrrt assels 17 2 777 331 2688154 Total assots l•$$ ¢urr•Mt liobililFes 7 337 275 7 315423 Provisions Nt a$$¢ts 7 281.573 Funds ofthe group: Reslricted Income funds 4.977,545 5.255,467 Unrestricted income funds Unr8strKted income funds To1 funds 7 321325 7 281.572 The finencial statements on pages 14 10 36 were aFvoN*d by the tntsttès ar#1 auilwised for N8sue on . and signed on thelr bew by". Miss M J Gabbila¥s ee Ch8imwi and Trustee Page 16
Watford Fc's Community Sports"& Educatlon Trust (Reglstratlon number: 04903645) Balance Sheet as at 30 June 2023 2D23 2022 Flxèd assets Tangible assets Invoslments 13 14 4288,819 318.963 4,379.247 4 698 210 cUentsSets Dgbtors Cash al nk hand 15 16 734.951 844.278 2.528,823 3.373.099 3.470,745 Cr•dltors.' Amounts fallkng du• wllhln on* y•ar 17 419 001 Net currènt Sets 2,881012 Nèt asseis Funds ofthe Charity: R•strl¢¢¢d In¢om• funds 5.046,895 5.324,817 Unrestrlcted Income lunds UnreStted in(xthe funds 2 592 631 2.254.405 T4)tal funds 20 7.639.526 The fiTranC slalem8nls p4es 22 10 44 wwe by the trustees thOrIS for issue on and signed on their b8haff by.. Miss PA J Gabbitass Vice Ch3lrman and Tru8tee Page 17
Watford Fc's Communlty Sports & Educatlon Trust Corwolidated Statement of Cash Flows for the Year Ended 30 June 2023 2023 2022 Cash flow8 Irom op•rntlng activities Nel cash incne 21.53S 698,882 AdJustments to ush nows from n¢)nsh It•ms Deprechlon InStMent in¢¢) 13 196.093 243,520 158.987 930,619 Working ¢aptt#l adjustments Decreas9llincrease) in debtors {Decreaseifincrease it) uedrtor5 Nel ¢ash flx$ from operalry actTrAies 15 17 9,88S 140,828 C•$h flows Investlng aetSvltles InteJEsI receivaAe arKI similar inrm Purchase of lan9Q)le fixed a5sels Disposal of tawble fixed assets N&t ¢a5h Itcws from inv¢slry activrties 58,641 {134,7741 11.783 13 69 809 Nel increase in cash and cash equNabn 118.692 1.003.619 C8$h and cash equfvalents at 1 Juty 2022 Cash and cash equwalenis at 30 June 2023 2 925 081 1,921462 3 043 773 All of the cash fkms are d7j from contWWWW CP9ralK)ns ¢ksring the able two pBrfod$. Page 18
Watlord FC'S Communlty Sports & Educatlon Trust Notes to the Financial Statements for the Year Endod 30 June 2023 l General lThformatlon Watford Fc's Ccbwnunity SFxJts & Education TNSI 1$ a coryipany Smited ty pu8r8nlee. hcorporaled in England Wales. registered offe ts VK3rage Road Stadium, Watford, Hortfordshi WD18 OER. The nature of1 chariws ww81iorts is set in the RepL¥t of the Truslees. 2 Accountlng poNcies Statement of cornpliance The financial statements of the Charitab eompany have been prepared in accordance with the Charities SORP (FRS 1021 AccounliThJ and Roporti4 by Charis.' StolnI of Recommended Practice w>plic8ble to charilt3 prep8ring axounts in a¢cc¥¢8nC8 with the Financial Reporting Slandard applicable in the UK and Repub of IrelaN1 (FRS 102} leffective 1 Janu8ry 2015),, Financial Reporting Slandard 102 The Financid Rèportlng Sl8ndard Prab in the UKand Rewblic of Ireland, and the c7panIa8 Ad 2(N)6. Basls ot prnparatlon Walford FC'S Communily sls & Education Twst meths the definOn of a public benefit &ntily under FRS 102. Assgts and Ikiblths are initially rECOgnL at hislorKal cost or tran5a¢tK)n vakne Urt$ ctheTwise staknl in the r•levant acnI9 l1¢Y notes. Basls of consolldatlon Theconsdidaied 4ccounts InrpOratoth8 reSu$01W8lfc Fc's cnMvnty Sports & EdutAtitinTru$t and its SLthidwy uThJertakings on a k'ne by kne basis. The ojns0ted entity is referred to 88 '1he group.. A subsidiary 1$ an entity conlrdw by t charty. CC101 is achVe where the chaiily has the power 10 9overn the financi and operab.ng pdi¢i&s irf an entlty $0 as to Obta beneffts from its actNiiies. The resums ol subsidiaries acquired or disposed of during the year are in Ihe $tal8menl of financial from th¢ ¢ffedive date of acquisition or up to the eflectNe date of t11sp0s, as approprtale. necessary, are mJetothefinanck?Istatements of sub3¥11a tobring their accountlng [ClaS into ling wlh those used by the group. Inter-ccmpany transaciions. balÈnees and unrealised 981ns on trar1)ns boWn the comY end its subslarIos, whh are related parNes. are elrninsted in fijll. Intraroup losse5 e al80 eliryMn8led bul indxtè an vnpaThnt that rwuwes recognlton in the consolidated fmancaal statemtsnts. Going Mn¢•m The trustees consider that there a no materi81 urrtainl the group's abdty to coTrtiTrue as a goirMJ conrn any 3vJnthanl weas of UnCertty that the carryirg vabje of assels hold ty Ihe gro. We have paid partxlar attention to IW effeds on the bUsiS ol the current CovRI-19 outbreak ond thedirector¥ rwnain confident that suffi¢nl funding 1$ in plar* and U)at Ihe ¢onyany has adgqual• resourcos lo enable the lo ¢tinue as a going co[£ for the fmeable future. Paue 19
Watlord FC'S Community Sports & Educatlon Trust Notes to the Flnanclal Statements for the Year Ended 30 June 2023 Income and endowments All income is reccgntsed once the Ch has entittemenl lo income. it is probable that the income will be received and the arTnI of the irwrne receivab can be measured reliably. Deferred income ari5e8 Whe lund5 have been recefyd t#rt tom oltho have rK)t yet been met. Donations and18gacl•s Tickets and other items donaled for rp58le by the chaviiy are inCludj as when Ihey are 801d. Oonoted servl¢es are wrbised in the fmarKial slatemenls where theTe 15 an Jentifrable cost to the dongr. Grants recefvablo Grant incorne is dassif depending the1ém of the donalK)n and where irtne rnlatOBIo 8 period. specified by the donor or SFthwr. rt i5 reco9nised the of thai per. Lolleryandlnves(Trwitlncome Lotiery IncomB and Inve8lrMnt incom&. wAwth consisls ofkw inteml arè aeu)ted foT on receNabkn ba8iB. ExndItUrn LK4)ilit3 are rett4nised 8$ expendilure as 900n as there is 8 lepgl or constrLtetiv& obliyattin committing the charity to Ihal eXndItrg, prcthble that a transfèr of 8wnoml¢ benefits will te tequired in seltknent thè 8Yrtwnl of the oblbJalion can be Thured reliabty. Eypenditure is accounted for on an ruaL% basis and has been dassifd undgr headin99 that aggre98te al Cost leIed lo the caleg(xy. Where costs cannol be direclty attthrted lo particularhe8diNJs havè b8en allcKated to aclmties on a basis con$istntwith th• resouffes. Support ¢osts Supwt Costs uJmpri$e the rRanwent of the tharlIS assets. OTganBat)nal administrBtTh propety costs. Ceth"n expendiiure is di attrjutab to $pe¢ific liwti8s atNJ has ten included within those categories. Whera costs wnot be dwedly altribLrted lo Partra( headings they have been alocod lo a¢lNrties r)n a b* cotent wilh the use of resouTce5. staff salartes are apported between cost calogoriès bosed on the eslimate oflime spent. Summary ol disclosur¢ ¢xgmplions Section 408{41 exemption Irc the fequirement to present the parenl c¥)nwany Profit & Loss i.e. Statement of FirnCIal Actviili&l for has be tagn. Pw20
Watford Fc's Comrnunty Sports & Educatlon Tntst Notes to the Financial Statements for the Year Ended 30 June 2023 Taxation The 15 Cls1dered to PaBS the 195ts set txrt w) Par8gtaph 1 6 of the Finance Act 2010 therefore il meets th8 définiticffi of 8 chtsts company UK corwai•)n tax purposes. Accordingty. Ihe ¢harity is potentialty exempi frrrfn taxation in fe5pect of irK>Jrr or captt8198¥)s recelved within calegoTiaS covered by Ch8Pter 3 Part 11 oflhe C(Xp)n TaxAct 2010 or Section 256 oftheTaxalir of Chargeabl¢ GaTh Act 1992, to the •xt8nt that suth irtLNn• (¥ gavis arg applied exc$tlY to charitabte Purposes. Delelled lax b rewis8d resP8cI of all drfleren¢e8 between ca1 allcwances and deprecialKm pOrted in the finantiaE slaierrnts. Unrelieved t8x losse5 and otherdefeTred t•xas5ets ate (traDISed when it Ès prrtjable thal they will be againsl the revwsal ol defeffed tax labiliti88 or tknr future taxable PTofts. Oeferred tax is measLrred using the tax r&te5 and laws that hav8 been erMcl&l or substantivety en8ded by Ihe reporting date aNI that are éxpected to appty to the revgrsal of Imning drf19ren¢e. ranplble Ilxed assets All Glasses oflangibl¢fixed as$¥ts aro I9rded alcos( any subsequentacwmulated depTeGiation and subsequent aecumulatal impainnt lossK. preclatlon and amortlsatlon Depreciatbn Is provided on tangible fixed assets so as lo w8 off th8 Cost or vatuatk)n..18ss any 8Stimatsd residual value. over their expeded uselul ettLnIC Ilfe as frAk$.. Asset class Fumiturè & equnent Communiiy Centre Mtstor vehKle5 Aslrolurf pitch DprEcialion m•thod and ratff . 10% strdighl lkne 2% sts8ight Pine 25% r&JucirHJ balance betsveen 4% and 10% str¥lght Ilne Flxod asset Investments Fixed aet investments are stated aItheFrhistoC0St fdlL 8ttheyeaTerKI. Any permanèrtdiminution in the Yak ol fixed asset Invgslmnts is provkled ts in the finawal staterrNs. Trnd• d¢btors Trade ¢Jeblor6 are amounts due frcffn Custo fc¥ muchanthse or $ervw porfomwj In th8 ordinary cou9 of business. Trada debtrKs are recognised Initialty at Iran5acltoti pric. They are $ubsequgntly Tn•¥surl at amortised cost using Ihe ¢ffgdv46 interesl methcJ. 5S prowwn for iTnpaTnenL A provision for the impairmenl of trade debtOTS is estabtshed there i5 objedi.ve eyence that Charity w511 not be able lo llect all aKUnts due acctyding tothe orvJinal tomis of the ceNableS. Page 21
Watford FC'S Community Sports & Educatlon TnASt Notes to the Financlal Statements for the Year Ended 30 June 2023 Cash and cash •quival•nts Cash 8nd c8$h equivalents ccfnpri5e cash on haNI and cal ¢kpc6its. and other short4ern highty liquld investments that are Te&Jily Converttie lo a knchvn amDunl of cash and are subiect to an insi9nifunl k ofchangfj in Y8e. Trade ¢redltors Trade credllors are oblkjalls to pay for goods or seNcEs Ihat have been acquired In the ordinary course of bUnesS from supphÈrn. Ar£ounts PaYae are cl855ffied as current liabilit rf Ihe charrty does not have an uncondit6onal right. at the end of the reporting period. todelerselllementofthecredilor for at least tWee months after the Teporfing date. If lhe is • url110nl right lo defer selllpjnent for al least twefve months aftar the reportirvj date. thty arè presled as non-cuffenl liabilities. Trade Cre(lit0 we ree4nised initityatthetra1ckn and subsequendy measured atamortised cosl vslng the effective interesl ThhLI. Fund s¢ru¢tu Unréstrkted Income funds we general funds that are wdilable foT use al the Injstew. dts¢retion In furthorance of tha obl11v5 of the charity. Restricted inccmè fund$ are tho50 dortbtsd for LW in ¥ pathular aw or for sFrtI purposes. Ihe use 01v4hh restrtcted to Ihal area or purprffje. Penglons and other post retirement obllgatk+n$ con1r1tIonS payable by the chariiable company to an indrrf¥Jual's perscrfjal pen8ion scheme are charged to the Slalement ofFinaraIAdlvitS In the perf1 to lch tlw re#e. Flnanclal Inslrum8nts The trust 0Y has finanrAal assets and finCk81 Ilabililies of a kd that qualrfy as bas financLg1 inslrumenls. 8a8ic financia InstWffnls are inrfk?lty reccMJnised at transsn value and subsequerrt measured at their selllemenl value with the ex¢ept)n of bank bans whth are subseqUtty ysU10d at amoitis¢d ¢ost uslng eff¥dr rY*thod. 3 Incom• In)m donatM>ns and legades 2023 2022 DonalKJns and Grants. iUdI1¥a caw grants 155.917 354.799 155917 363 799 Page 22
Watford Fc's Community Sports & Educatlon Trust Notes to the Financlal Statements for tho Year Ended 30 June 2023 4 In¢omefr(¥n ¢haritabh aclivitie5 Unrestrfcted Restrfcted funds funds Tolal 2023 Total 2022 CotK8es MaiKlen conunllY Centre Cedars CorY¥nunty Centre Women 589.466 1.504.075 2,019.530 2,303,125 126.039 100.889 226,928 199,797 337.797 442.LKa) 779.797 715,199 390 757 539 199 1443 828 2.046 W 3 490 792 3 757 320 Inme fmm other trading acll¥lll•s 2023 2022 Membersttip 8nd match day inc 41919 32 348 41,919 6 Investm•nt Income 21123 20Z2 Interest rè¢vable on bank depos8 IereSt re¢eNable on lo$ lo rdated part 39.466 18,995 5.442 7 Costs of rnlsln9 fund6: Commorcial tradln9 operalions 2023 2022 Publcty and merthandise Lotteries and ¢0MpetthbS 46,974 38.682 P4e 23
Watford Fc's Communlty Sports & Educallon Trust Notes to the Flnancial Ststements for the Year Ended 30 June 2023 Expenditurv on charitable actlvltfes Total 2023 Total 2022 Dlrttt ¢osts Supwt costs Courses Cedars Communty Centre Merxlen Community CenlrB Watlryd Wunen 1.602.520 265.149 217.199 982,072 2,S84.592 69.292 334.441 126.054 343.253 2,121,560 457.593 318.906 539 198 57 2 421583 1229 208 3 650 791 9 Analysls of support eosts Watlord Women Totsl 2023 Total 2022 Couptses Codars IAgrklen Audilofs remunerat* Pfofe&svJnal fees Wages Sc¢ial se¢uriiy Perksions Premises rosts TèlÉphre, pOSte. general advertising and stali0ry Corryuler expenses Motor vehKle costs and travel expenses Hospilallty Repairs. renewa5 and cleaniny Bank charges Irrecowable VAT DefeThed tax 12,450 43.718 703.192 67,661 20.023 2.40D 1,314 47.526 14.850 14.170 45.032 9.785 776,354 536,833 67,661 68.071 20.023 20.160 57,047 50.893 1S.747 29.117 12.106 57,112 5295 69,218 5,295 43,769 12,383 34.221 14.842 34.221 14,947 29.643 1,736 105 12.217 25.826 44.451 10,646 87.993 44,514 10,096 87,993 550 82,426 S1.7W 1229 208 922 251 10 N•t incom&l•xperKlftur• Net incexpendre lor the year IncrJe.. 2023 2022 Audil fee8 D8prBciation of fixed assèts 14.850 14.170 Page 24
Wath)rd FG'S Community Sports & Education Trnst Notes lo the Financial Statements for the Year Ended 30 June 2023 11 Staff costs The aggrggate paymll costs ye as fc41M.' 2023 Wages and salaries Social security costs Ponston Costs 2,112.046 151.437 57.619 2.321 102 1.950.754 132.399 46.359 2129 512 The monthty averwje nurrthr ol persons {ldIng 5enK¥ marTragernent tsaml empl¢)yed by th8 gTOUP durng the year eed as fijll tyr 4uNaknls a5 folkws". 2023 2022 No Coaching staff Administration Cedars communlly centre Mefiden ¢ommunity c8nlre 127 nnber01 ernpbyees Who enK4vments fel tmthin the folkwng bands was.. 2023 2022 £60,001- £70,OfrJ £70,001 - £80.OTrJ 12 Tt10Th The charity is a wistswd CW and ts thorefore exeiTPt from ta. PJe 25
Wlord Ftrs CommWlY & EduBthn Tnwi Nol•s to IN) FlrwW Sl•Thntyforth•Yg¥Endod a(+J 202J Cmt AI 1 J2022 4n.92B 1.1611•0 32J.W 4207.001 131.714 51.224 30Jun•202J 1564B9 D#pre¢tIon At l Jdy2021 Choryfmts Ya4.1 .91S 14.3 421MI 11161 ffj•.3S2 24.016 A30Jm2D23 19 4JJ N•tbpokv4t AIJOJW 2ts23 171730 4 241 413 ALgOJw 2ftd 2416 197Tr8 4>J•3
Watford Fc's Communlty Sports & Educatlon Tt Notes to the Financial Statements fr>r the Year Ended 30 June 2023 Charfty kriden Communlty Centre Community Furnire and Centre equSpment Total Cosl Al 1 July 2022 AddilTh)s Disposals 4.216.387 51.224 126.60 1,152.108 5.495.103 51.224 At 30 June 2023 4267611 1 152 108 5540 951 Dèprnclatlon Al 1 July 2022 Chwge for the y 734.169 71.985 309.702 58.352 1.115,856 At 30 June 2023 82.928 368.054 1272 132 Net book val At30 June2023 784 054 4.268,819 At 30 June 2022 842.fi 4 379 247 14 FI aw4¢t Inveskngnts Group 2023 2022 Loan6 31B 961 318 961 Charlty 2022 Shares in group undartakthgs Loans P@ 27
. Watford FC'S Community Sports & Educatlon Trust Notes to the Financial Statements for the Year Ended 30 Juno 2023 Shares In group und•rtaklnys athd prtl¢lpalln9 interests Subsidlary urjdertaklngs Total Cost Al 1 July 2022 AI 30 June 2023 Net book value AI 30 June 2023 AI 30 June 2022 Detalls of und?rtaklngs Delails ol Iho invesknents in whth the thaiity h)kls 20% or rre of the nominal value of any csS of shar• rawtal ore as folbw$: Country of Intorpotstlon Pmportlon of vollng rlghts Prlnclpal and sharns hèld actlvlty Und¥rtaklng Hokling 2023 2022 Sub51diary und•rtakings The hiring of communily centre facililtes Watlcyd Trusi TraSing Limite(I ErvJland 8nd Wates OTdww 11Xry• Watlord FC Woman Limited Running tttyd FC EryknrKI and IAtsbes Ontirwy 100% Warford Trust Tradlng Llmited (WTf)- Company Mumber.. 06692917 DuringthÈ yèar. wfT thaTged th8 chxnty £18.Crf)012022.' £18.0(X)) for astrotvrf pitch u98, £828 2022: £1.1041 foi motor vehlcle usage. £1.224 (2022 - E35.0281 foT equipment usage and £18.OCQ12022 - £18,CM)01 for astrolurf rrontenance. Indudwj in debtoTr is a balaxfj of £548.54712022.' £623.5471 due from the subs*&ary. 2023 AggTegale caphal and re8erve8 ProfitllLoss) forthe Page 28
Watford FC'S Community Sports & EduOn Trust Notes to the Flnanclal Statements for Ihe Year Ended 30 June 2023 Walfonl FC Women Limit (YWI- Comp)y Number. 08549712 Iluded in deblorJ Is 8 balance of£-12022 - £3.866). 2023 40,731 15 t)gbtors Group Charlty 2022 2023 2022 Trade debto Lljg from group undertakin9S Due from participating interest Prepayments Olher Debtcrfs 131.393 100,551 101,271 571.076 98.961 6BO,163 2.819 11)0.931 62,604 65,152 419 844 276 18 C*$h and cash oqulvalents Gmup Charlty 2023 2D22 2023 2022 Cash on hand Cash at bank 980 2.527.843 2 528.823 3 rA3 437 3.043.773 2 924 101 2 735458 2 735,794 17 Crodttofs.. amounts falllng within ¢)n• year Group Ch•iity 2023 2023 2022 Trade ¢rndito Other tsx9l and scKial security Owed lo rdaled parttes Other creditors 78,149 75,774 48,328 67,923 63.5 52.498 305.714 Deferrod Incorne 2023 Deferred intsjme at 1 Juty 21r22 Resources defeThed in tha wk)d Amounts rele&sed from )S 235.881 165.941 Deferred inccffie at year end 165 941 isen 4 a resun of Inn9 depending firturo ¢ldit bwThng wthble that IW will be met. P898 29
Watford Fc's Communlty Spotts & Educatlon Trust Notes to the Financlal Statements for the Year Ended 30 June 2023 18 Provls•ons Group 2023 Sht term twnwvj differe 19 Charlty status The charily is limited by guwanlee. iwxyrated in England & Wales, and consequently dS not hava sharè c8pi14. Ea¢h of tho IN51e85 15 liable lo crjnlributo an wnount rKrt &eding £Nil towards the assets of the th?rty in the of IiquKJation. 20 Funth Group 8alanc• al Incomlng 1 July 2022 resources Resources Balance at •xp•nded Translerg 30 June 2023 Unr¢strfct¢d funds Genwal General Fund Deslgn8led reserws Total unrestri¢led fund$ 2.kn.105 1.646.554 11.812,539) 116.340) 1.843,780 2026 105 1812 539 483.6eA) 2 343 780 Rtrstrleted funds SocTral Inclugc Health & Wdlbein9 L88ming & SkilLs Football & Sports D6vèlopmnt My Place Cedars Ctynmunlty Cerbtrn Meriden Community Centre Total restrkted funds 132.779 415.598 275,658 170.099 2.055.553 313.9T2 561.003 389.317 520.415 1260.899) (27.9811 {593,7961 (47,027) (211.0791 {259.8681 (4(M).5981 171,1281 (69,566} (186.0541 (70.6941 6.962 157.871 335.778 194,028 218,788 1.985,987 805.980 1279 107 205.368 1348.414 5255467 1885 226 Total funds 7 281571 3737518 7 321325
Watford FC'5 Comrnunlty Sports & Education Trust Notes to the Financial Statements for the Year Ended 30 June 2023 Group (prlor yoar) Balace at In¢omlng R•50urces Balanca at 1 Juty 2trL1 r¢sources ¢xpended Translers 30 June 2022 Unrestrict•d lunds General Genpral Fund 1.713.T19 1.834.159 I1,8C,5 B4,725 2.026,105 R•¥trt¢t•d funds Soclal Inchjs Health & Wellbging Learning & Skills F¢X)tb811 & Sports Devèbpmwrt My Pl8¢e Cedars Community Centre Meriden Communty Cenlre 115.632 291,759 16,034 78.336 2.141.3 805.536 1418 371 352.853 824.017 4*.524 .873 1285.644} 1824.634) 1229.651) (316.374) 186,350) I1.921) 164.50 (50.062) (75.584) (7.250) (52,736) 132,n9 415,598 275.658 170,099 2.055.553 857,360 1.348419 134.234 78,511 Totsl tricted funds 4.867 611 2.340 660 84.725 Total fund$ 6581390 4 174819 3 474 639 7 281571 Pw31
Watlord FC'S Communlty Sports & Edu&itlon Trust Notes to the Flnanclal Statements for the Year Ended 30 June 2023 Charfty B•l•n¢e at In¢omlng Resources Balan¢è at l July 2022 resourceg expended Transfers 30 June 2023 unrtrICted fund# General General Fvnd l)esignated reserves Total uTrrestrlcted funds 2.254.405 1,326,674 11,472.108) 116.340) 2.092.631 2 254 405 1326 674 1472 108 483 660 2.592 631 R•$trfcl¢d funds Indusion Health a Wellberng Learning & Sknlls Foolball & sp¢ Developmenl My Pl8¢e Cedars Corrynunty C8rtre Meriden Cornrnunity Cenlre Total restrictad funds 133.360. P60,8991 P7.981) 415.598 (S93.7) (47.02n 275,65B (211,0791 1259.8681 170.099 1400.5981 (71.128) 2,124,320 169.566) 857.368 205.368 1186.0541 313,ST2 561.0)3 389.317 520.415 158,452 335.778 194,028 218.788 2,054,754 805.988 1279 107 (70.694) 5324817 2090964 Total fvnds 7.579.221 3417638 7 639 526
Watford Fc's Communlty Sports & Educatlon Trust Notes to the Flnaneial Statennts for the Year Ended 30 June 2023 Charity {prioryear} Balanc• at In¢omlThg Resour¢88 Balance at 1 Juty 2021 rnsour¢•s •xpended Tran$f•rs 30 Junè 2022 Unvestricted lunds Ggn•r41 Ggneral Fund 1.947,3* 1.320,574 I1.098,2) 84.725 2.254,405 Restrl¢ted funds Social IlusIon Heath & Wellbeing Learning & SkiNs Football & Sports Devel¢¥¥1 My Place Cedars Community &ntre MèrKlen Communrty Cenlre Totsl rnstrlcted fund¥ 116,213 291.7 16.034 78,336 2,210,670 805.544 134.234 1418 371 352,8S3 824,017 4.525 460.873 (285.6441 {624.6341 {229,651) (316.374) (86.0) (160,921) ISO,C62) (75,584) (T.2501 {52,736} 133,360 415.598 275.658 170,099 2.124,32D 857.368 1348 413 78.511 4 936 7 2 340 661 5 324 818 Totsl fvnds 6 884 363 3.1235 7 579 221 Poge 33
Watford FC'S Community Sports & Education Trust Notes to the Financial StatBmenis for the Year Ended 30 June 2023 The purn for which the furKls aR to be appJigJ are as folknvs: Desgnaled fvnd8- ThB sen Leaderslmp Team have R1erf s•Jnfftanl areas of inveslmenl In the Trust as loc to delNer Ouf r strategy launching in 2024. Lessons lewnt from the pare have hIghIhted a need to embrac6 everchanping dwit81 1bj and Ihwe 8re sÈverÈl system improvements that Mtyjld like to make. We al80 wish lo continue key services where curreni fundiig has gnd8d to enal? the delrvery Df core services to ¢ui wk1eT communty. There 15 also a desire to invest in capital vths and eqUipnI Wbthin (r bU$eSS arvj al ourtsvo coThwnunty facililEB lo enhance lunctnalrtY and Improve enbryronmental SustnlIty. Transfers from ReStrted Fun(18 during the year ended 30 June 2023 we in respect of compted proie¢t$ or represent costs thèt had en irurred from unreslricted funds. No sums are tsable to be ropard in fespecl of these amnIS. {il Socgal Indusion- Proi8d8 are run to opwfunities and experiences for disadv8nt8ged and hard to eng8ge yg people. This is done Ihn)ugh offeriro a r8n98 ol spr)rts ba$ed.yovth dwersionwy actmlies. The cljjectNes ofthe proi8cls are to tedu¢e anti-so¢ial behl0r. youth crwne. enharKe ClMUnty ¢oPswJn, erwur89¢ gwj ¢ittywMhip arKI proVe volunleering and employynenl opportunities for young people. Our flagship communty pfowme. PL is funded by th8 Premier League Charitable Fund. {iil Healthy LIng- The Trust runs o nvmber of Hèalth al Wubeing wopcts thal cobwa variety of are88 including suppthting thtsse Imng wlh demen118. weight loss and &tive lrfeslyle encouragnI. children's manlal heaNh awareness an¢J educalion. lIbeing vnrksh¢Jps. ratsonal and sodal actmts'es for older adtslts and social prescribing servKes fLY young pecple. Core fvnders indude Ihe Prenuer League Charilablè F, LalAUthOr8s, Comlc Relef and grant giving Trusts. <iii) Lèamlng & Ski1s- proj indLKle a lrfe sklls and pers1 dement t*ogrammes 16 8nd 17 year dds #Joffj wth a curricuM b36ed programme lo inspire chihjren and young pgople lo dèvelop ski115 and po8ilwe attill to succeed in lrfe. c( funders bi¢tyJde Ree(J in Partnership. EFL Trusl and the Premier Leag Chwit8ble Fund. (N) Football & Sports DevekJpmenl- Proieds pro4ryde 1&19 yw ojds wilh the opportunty lo ¢omblne football CChIng and matches with a BTEC quaIrftwJn within a cdlege or s¢hool ennent In addition. students aTe able to gain coachiNJ qualfficotws enhancè IheFr CVS and general emptymenl PTOSP8cls Mth some students going to TAfJTk for the TruBI. Fundi comes direGtIy from the s¢hools or c(Aleges the Trust is partnered Mfjth. (vl MyPkn- Relates to Cedars YoLAh & C11Y CentrB in the Trus1 and manages via a long lem with Hwrow Counc Page 34
Watford FC'S Community Sports & Educatlon Trust Notes lo the Financial Statements for the Year Ended 30 Juno 2023 {viil Cedars Communrty Centre- Funding came fr¢)m a range of sources and the centra ntIn to $upport a number of pmiecs &tivities vrith its variety of llItieS and courses. Re¢Ènt improvements have been made to tclh cèntre and the astroturf faC6Y th both usage and enmmnmentsf sustainability in ffnd. (viii) Meriden Comrjnity Centre- Funrfing ttjmes from Walford Borough COU11 who support Ihe 0)$16 associed with rha Tnjsl ftmnlng and managing tlre cenlie. There is also capit81 lunding which relates lo refvthishmenl dlho cenlr8 and a$Xiated facAlies. 21 Analysis of n•t assets bètwwn funds Group funds Restrfcied Total funds at funds 30 June 2023 Tavjibb red assets Fixed asset investments Current assets 380,055 318.1 3.860.928 4.240.983 318,1 1 116.617 Total nel assels 2 343 780 7 321325 Charlty Unrestricted funds R•strlGted Total funds at fvnds 30 Junè 2033 Genoral Tangible fixod assets Frxod assot Tnvestments Current assets 24,650 318.*3 2249018 4244.169 4,268,819 318,963 2941316 Total net assets 7 639 526 . Page 35
Watford Fc's Cornmunity Sports & Education Trust Notes to tho Financial Statements for the Year Ended 30 June 2023 22 Related party transacllon5 Charity DLFring the year the charity ffAde the lofning telaled party tr&tKInS.. The Watford Assoclatlon Football Club Llmlt•d The charitable company w asyxiated. by vlluo of a directr. ¥ilh The Walford AsslatI)n Football Club Limited IWAFC). Durin9 Ihè yw WAFC charged Ihe wnpwy £- 12022: £43243) for gocJs and services £977 12022.. £12.241) for retharg•d eMpen5es. On 29 June 2LX)5 the ¢(ThpY loaned £668.961 to 1I4AFC whth was due ropayml on 29 June 2010. Loan repayment ext8nsions We grantJ by the Trustees in svbsequenl years. On 14 April 2016. thère was 8 further extensp)n wknereby £150.000 w8s due for repayment. The balance due in less than one year is £100.WO12022.' £50.000) n¥)re than ona year is £219.(W (2022.. £269.(1. The loan bears interest at 2% atYe BarcFays Bank ls6 rate and is seGwed by a lègal eharge over WAFC'S freelK4d stadium. The direct of thè compary wkj are algo directOTS ol WAFC deCTed an interest In the ts8nwtion and were not in¥olv8d in decision to grant the kmn. During the year the terest revab fic¥n WAFC wnounted to £18.995 {2022.. £6.341). 23 Trustees. remuneratfon and oxpfrns No Iruslees. nor any peTrcffls COMecknS with tm. have any Trmuwobon from the group during the year. No Iwstees have rec8iV8d any r8imbwsgd oxpenses any other benefts Irom the charity dwing the year. Page 36