Company registration number.. 04903645 Charity registration number: 1102239 Watford FC'S Community Sports & Education Trust (A company Ilmlted by guarantee) Annual Report and Financial Statements for the Year Ended 30 June 2024 Azets Audit servIs Limited Ashcombe Court Woolsack Way Godalming Surrey GU71LQ *ADZBCEBU' 281031202S COMPANIES HOUSE A21,
102
Watford FC'S Community Sports &.Education Trust Contents . Reference and Administrative Details Trustees, Report 2to9 Statement of Trustees, Responslbllltles 10 Independent Auditorfs Report 11 to13 Consolidated Ststement of Financial Activities 14to15 Consolidated Balance Sheet 16 Balance Sheet 17 Consolidated Statement of Cash Flows 18 Notes to the Financial Statements 19to36
Watford FC'S Community Sports & Education Trust. Reference and Administrative Details Chairn)an Mr S J Macqueen Secretary Mr P J Wastall Principal Office Vicarage Road Stadium Watford Hertfordshire WD18 OER Company Reglstratlon Number 04903645 Charity Reglstration Number 1102239 Auditor Azets Audit Sepiices Limited Ashcombe Court Woolsack Way Godalmlng Surrey GU71LQ Page 1
. Watford Fc's'coinmunity Sports & Education Trust Trustees. Report This report provides a summary of the Trust's activities covering the period from 1 Sl July 2023 to 30th June 2024. 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 as well as those which we hope to achieve during 2024125. TrustO•8 TrusteeslDirectors at the year ended 30 June 2024, and to date, and dates of appointment if after 30 June 2024. are as follows: Mr. S. J. Macqueen (Chair) Miss M. J. Gabbitass {Vice Chair) ointed TrusteeslDire¢tors at the year ended 30 June 2024. and to date, and dates of appointment if after 30 June 2023, are as follows: Mr. S. J. Macqueen {Chair) Mlss M. J. Gabbltass (Vice Chalr) (Appointed) 19.07.23 19.07.23 19.07.23 19.04.23 19.04.23 Miss H. Battram Mr. K. Dawan Mrs. R. A. Inskipp Mr. P. M. O'8rien Mr. l. K. Taker Trustee resignations from the Board, since the year commencing 1 July 2023 are as follovts:. Miss H. Battram Mr J Davis-smith 16.10.24 04.10.23 The above Trustee resignations are as a result of the completion of their maximum tenure in role. A comprehensive recruitment process was completed and our new Trustees add a further range of diverse knowledge and experience to the Board. Executive Summary The Twst continued to provlde a dlverse range of community projects, activitles. events, and Initiatlves for a broad cross section of the community. It continued to build on its proud track record of delivering important services for local communities and 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 Tnjst is making plans to ensure that il is fit for the future. 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 charity objects detailed in rts governing document and the Charity Commission's general guidance on public benefit. Page 2
.' Watford FC'S Community.Sports & Education Trust Trustees. Report In broad ternis the Trusl's objectives are for the benefft of the public generalty arid in particular (but without limitation) children and young people in Hertfordshire an¢ surrounding areas.. To provide and promote sport, physical activily.. and. leaming opportunities to the communities It serves. To assist in providing facllltles and opportunities for all, sections of the community, In the interests of social welfare and with the objective of making a difference to people's lives. To advance the education'of the public through such means as the Trustees think fit in accordance with the law of charity. To develop and implement new community-based projècts, activities, initiatives, and events which respond to communities, needs and he promote communty cohesion. as the Trustees may from time lo time decide. The Trust has established strong and meaningful partnershlps wlth a range of partners across the public, private and voluntary sectors and works collaboratively when delivering its services. The objectives for. public benefrt primarily come frorn the Trust's kèy priority. areas of work whlch are.. Health &. 'Wellbeing,. Learning & Skills. Social Inclusion and.. Football & . Education.. This is further complemented by us running and managing community'hubs which provide further opportunities, and experiences which have a positive impact on people's lives. The Twsl recognises the importance of monitoring and eva5ualing 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. The 2023. Impact Report was widely circulated to fans, ¢OMmunity partners and funders artd copy of it is.freety. available to thè public by going to the. Trust's Websiie at W¥Y4V.waffordfccselrust.com and upon request. .11 is hoped that the rest of this report demonstrates many aspects.of the public benefit vthich the charity provides. Further details of the Trust's various projects, activities and evènts.delivered durlng thls reporting year are detailed below. HEALTH & WELLBEING Positive Mlnds . Is a'mental health education programriie to support year six. students to increase their knowledge and provide them will skills lo improve and support their wellbeing.'An end of year impact report showcased .thal over 6,500 year six sludents have received posilive minds in person or via online delivery, with 920/0 knowing the importance and benefits of talking about mental health, 910/0 of students Can identify the most useful coping strategy to them and 960/0 of students understand what mental health is because of the programme. Due to the funding.cycle for the programme ending in September 2024 a schools focus group was eslablished in March 2024. From reviewing the prbgramme. a chargeable model was . developed for schools to start in September 2024. A mental health programme to support nlne to 12 years old in a community setting providing physical activity and psychotherapisl support. Alongside those participating in the Empower programme Ihis was the first year of delivering free Empower holiday camps. These ran during Oclober, February and April school half-term holidays, for individuals who have attended past or current Empower sessions. Two graduation celebrations took place In October 2023 and April 2024 with 250 young people attending across both events. Three parent workshops were delivered in partnership with NSPCC". The . Empower programme was also featured in a Comic Relief national report.
. Watford.FC's.Community Sports & Education Trusf Trustees. Report ' Ethp.owor '.Youth Llrik. . Is a'social prescribing'service Nvhich cre'ates connections and:links children and young" people. aged 10. to 24 years old to access sustained activity to improve their physical and. mental. wellbeing. The. '. programme provides support, guidance and advice, signposting young people.to the most appropriate. ' services. In.December 2023 bolh Youth Link and Empower. participants.took.part in, half-.time talk¥ o'ri. '.g'Wafford FC matchday.as part of a mental health awareness MpaIgn. Man Onl A football-based mental wellbeing. programme desi9ned. to'support. men aged 18+ with their. mental health through physical activty and a conversation café. Moveniber football tournament took place with. Iwenty-four teams to raise money for the Watford Man Onl session..The programme received £10,000 'funding from IOM pro.batipn.to run a similgr man.onl programme. In Wattord for individuals.on the, ', probation services.., Shapo Up Is a weight management programme for 18 to 65-year-olds and is delivered by the Tnist across south,, wesl Hertfordshir.e and.the London Borough of Harrow. Shape'up Hertfordshire was successful iri gglning funding through the health inoqualities 'and Local Authprilies funding to deliver tN4eliie-week ' courses in Wafford'..'Three.'Rivers, Sl Albans., Dacoriim,. Hert$me.re and Welwyn .arid.H8ffield'. . Over '.750 iridividuals.across.. Hertfordshire arid.'Harrow receiiied',weight management. support during .'Ihls'.' . reportin9 year.. ' Active Watford and.Threo. Rivers . , This. is'a p.rograrrime which'is'aimed 91 workln9 With ingctivo people in Watford and Three Riv'e,. who. are at.risk fr'om .rdlov8scular disease andlor.mild to moderale'rrienlal health','issues. helping.them . become active. 'Over 400 individuals.. have received a consultation, along with 12. months of ongoing . support.to. b'ecoinè. active. As part of the programme feel good fitness.sessiOns were run thre'è tinle& 8. . week'.t'o support individuals.on their he'alth journey. West Herts Teachlng Hospltal NHS Trust. In part'nership with'the wellbeing team at Wesl, Herts Teaching'Hospital NHS Trust three classe5 were hosted al Vicarage Road Stadium to support NHS slaff to gain physical activity and exercise to support their wellbeing..'135 sessions have been delivered acr.oss the year wilh 40. individuals.attending on a . weekly basis:. . Golden Memorles. ,Supports those living'with'denientia and their carers through weekly reminlscencé, physical activity'and.. .' Music therapy'sessions,. Across.th'e.'.12.month's 10 excursions look place providing opportunities for.. . . beneficiaries. lo.go out into the community and enjoy a. range of activities such as'lhe.cinema, gar.den.. .'centre and a tour.of Wembley Stadiuin.'A dementia action.week.event was.organised at Watford.FC's'. . stadium with over'100 people.attending. The Twst Completed a dementia friendly. accredilation and ran.. . . a match day evening event to celebrate with participants. using the sensory room to watch the match '
Watford FC'S Community Sports & Education Trust Trustees. Report Extra Tlm• Is a programme vthich runs on a weekly basis for older adults and Is hosted at communlty venues and the Watford FC stadium. It provides physical exercise, social engagement and themed workshops. Over 100 people on a weekly basis attend four different sessions in Watford and Harrow. Falls Provention This is a relatively new service provided by the Trust, commissioned by Public Health Harrow over a Ielve-monlh period. The Trust provides strength and balance sessions to support older adults to help reduce the number of falls and to improve social engagement. Hornets Tog•th•r Is a new project aimed at supporters and Is supported by the Premler Leegue Fans Fund. It helps to strengthen connections between the club, their fans, and local communities. The fund supports a range of fan-focused and fan-led projects, helping to foster a sense ol belonging through meaningful engagement. This includes schemes for under-represented groups, to further develop an inclusive and welcoming matchday experience for everyone. LEARNING & SKILLS Pr•mler League Insplr•$ Is a curriculum-based project aimed at young people who are al rlsk of not fulfilling their potential. From September 2023. the project Was delivered on 8 weekly basis in 20 secondary schools and 280 young people benefitled from the programme. These young people completed different areas ofwork including personal development, mental wellbeing and social action projects. We also welcomed over 200 young people to targeted events, taster sessions and mentoring opportunities. SOCIAL INCLUSION Premler League Klcks This programme achieved it$ 121h 'Exemplary' réport In s•ven years in 2023124 from the Premier League Charitable Fund programme assessors. Thls was a result ol engaglng over 1900 hard-to-reach young people aged eight to 18 years old across Watford, Harrow. St Albans, and Hillingdon {including 469 females, 24 different ethnicities, and 141 with a disability). and supporting them into achieving positive outcome. Over 200 young people completed nationally recognised qualifications. over 600 took part in a competition or workshop, 93 gave back to their local community through social action projects and 38 received 10-hours of 1-2-1 mentoring! The Kicks sessions delivered over 40 hours of weekly provision including football, youth clubs. basketball, dance and Mini-Kicks. The Trust's social inclusion provision has also extended into the delivery of Changemakers and Crown Street funding, aimed at young people to address their mental healih & wellbeing issues. Holiday Football Camps Were provided for young people aged between six to 12 years of age in Wafford, Harpenden and Hemel Hempstead. Camps took place across all school holiday periods (except Christmas) recording a total of 3,479 visits for local children and young people. during the year. Page 5
.Watford.FC's Community Sports & Education.T.rust Trustees. Report ' FOOTBALL & EDUCA TION Matchday Actlvltles . Some 12 matchday packages were delivered to 733 young people arid th'eir farnilies.before men's . first-team home league matches. These young people took part in a 90-minute training session at Wesffield Academy in Watlord. before making their way to Vic8rage' Road to take in an EFL ' Championship match: , In addrtion to the standard.Matchday Packages,.'T.rairi Like a Pro was delivered in the indoor. dome at.. . the training ground. where 250 children were able to experience the Watford FC Iraining ground and enjoy a session in the indoor training dome before wat'ching Watlord v. Southampton at liicarage '. Road. A rain-soaked May Bank Holiday Monday also saw us deliver'Play Like a Pro. on the pitch at. . Vicarage Road, where 318 children experienced the thrill of 90 mjnutes of foolball aclivilies gnd a tour of the home Dressing Room. Player Pathway Programmes . Our boys. and girls, programme saw us work with almost 800 male arid female grassroots footballers from seven to 16 years of age. Projects which make up these Pfogrammes include.. FA Wildcats. Skills Centres, Player Development Centres. an Advanced Player Qevelop.ment Cenlre,, FA Girls, Emerging Talent Cenlre, FA Para.Talent Hub, and running two Girls, leams in the Junior Premier League Warriors league. Primary Schools Coachlng Programmes The Trusf-deliverèd breakfast clubs, in<(Irriculum,coaching. lunchtinie and after school clubs in primary schools in Hertfordshire arid Harrow. Delivering nearly 200 hours per week during the academic year. We also continued,to deliver our bNO funded programmes.. 'Premier League Primary Stars, across 70 classes, whilst also supporting school staff to improve their teaching of PE. Our delivery was assessed as 'Good'. by the Premier League Charitable Fund for the period of this return, . We have also continued to provide the EFL Trust's 'Move & Leam -,Joy of Moving, to'over 2.500 students in 42 schools. Football & Education Schemes Three schemes. were provtded combining football.and academic studies were for boys between 16 and 18 years of age. in partnership with schools and colleges in Hertfordshire and Harr.Ow. Some 92. .students accessed educational. and football opportunities in the 2023124 academic year..Plans continue for our firsl female A-Level programme in Hertfordshire. comrnencing in Sept.25. Foundation Degro• . June 2024 saw the graduation of. our third cohort of Foundation Degree studenls {FdA..Football . Development and.Coaching) in partnership with Middlesex University. Plans for a hew.BS'c (Hons) . Foolball Coaching & Perfonnance commenced in this period with the view to validation in 2024 and a commencement of the new course in Sept 2025. Watford FC Women The Trust maintained operational deliv.ery of the Women's first teams and developmént squads during ' this period. The 2023124 season saw a return to the Barclays Women's Championship and enabled access to significant additional FA funding to support the teams during the season. .Unfortunately, the
Watford F.C's Community Sports & Education Trust Trustees. Report first team finished bottom of the table and returned to the FA Women's National League for the 2024125 season. COMMUNITY FACILITIES (run and managed by the Trust) Cedars Youth & Community Centre The centre is now 12 years old and constantly gets good reviews for its appearance and feel by users. The weekly footfall has grown to 1,500 with a range of user groups frequenting the centre for education needs, provision of spaces for a disability group and a mental health and wellbeing charity. Football, youth clubs, holiday camps and dance provision helps with a significant percentage of the weekly footfall being young people between Ihe ages of five to 18 years. Trust health programmes including Shape Up and Falls Prevention are now run at the Cent too. Funding of nearly £20,000 enabled the Trust to refurbish the offices and social space as well as new equipment lo be purchased. Meriden Communlty Centre The centre remains a hub of community services within the Meriden estate, including the provision of a weekly foodbank for local people, toddler groups. together with older people groups during the daytime. Of an evening, the use tums towards sports, youth clubs, education & learning. with a music charity also running their services on the first floor. The weekly footfall for this centre is 1.100. Equallty, Dlvorslty & Inclusion As part of our Equality, Diversity & Inclusion Strategy (2022 - 2025) an EDI Learning and Awareness calendar for 2023124 was developed in conjunction wilh the club. Working closely with a range of local, regional and national community partners a broad range of events, training and awareness raising opportunities were provided, examples include a menopause weblnar. dementia friendly awareness training, Herts Pride, Show Racism the Red Card. understanding the multi-faith experience, holocaust survivor visit and toxic masculinity, sexism and online misogyny, Prevent and mental health awareness training. The second Taylor Trek event took place in October wilh over 200 people participating. Once again Sponsorship came from Mercer & Hole with Wenzels the bakers providing lunch for those taking part. The evenl generated over £16,000 in income. Buslness Partnerships Once again it was a difficult year to try and attract new sponsors. M.K. Ginder & Sons continued as a long-lerm partner of the Trust, as did Steven Eagell Toyota who once again provided a sponsored van for a further year. Work has continued in this area with positive progress being made and we look forward to workin9 alongside additional commercial partners in the forthcoming season. Fundralslng Several fundraising events took place during the year, which included our Gala Dinner in March and our first ever Stadium Sleep Out. Over 300 people slept in the open air al the stadium raising nearly £70,000 which was splrt amongst the Trust and its partner homelessness charilies. Volunteering Our team of over 40 volunteers continued to provide excellent support across the Twst's range of activities, toumaments and events throughout the year. Page 7
Watford FC'S Community Sports & Education Trust Trustees. Report Environmental Sustsinabillty We were pleased to be able to appoint an Environmentsl Sustainability Officer for the Trust in '. September 2023. This led to the Trust's first environmental sustainabilty action plan being developed ' In conjunction with each department and the Iwo ¢ommunity hubs, Biodiversity specific action plans are in place'al both centre and staff are exploring opportunities lo embed erivironmenlal sustainability into programmes and events. The Officer has worked Vlllth colleagues to develop a revised Environmental.Sustainability Policy and staff workecl with club colleagues on initiatives to support the 'Green.Football Weekend,. Funding was secured to coniiert lo LED lighting at Meriden Community Centre. Rovlow 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 Ihe Trust's key.objectives. The senior leadership team also reviewed projects, activities, and events to ensure the delivery was in line wilh 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 2024125. Develop a Fundraising & Income Generation Strategy and an Implementation Plan to increase unrestricted funding, thereby supporting.the sustainability of the Trust. Develop a new People Strategy incorporating recommendations from our Investors in People feedback report. Continue lo develop a new theory ol change model and a'monitorlng and evaluatlon framework so, that,we can measure our impact and performance against the outcoiries set In the new strategy. Produce and distribute an annual impact report demonstrating the positive Impact the Twst has. in local communities. Run our gnnual Gala Dinnpr and Community Awards event. Run our'Taylor Trek, communty fundraising event. Develop a recruitment and retention strategy to increa8e the Trust's capacity to dalivar •xisting and new seNices. Explore opportunities whlch the apprenliceship levy presents both in terms of upskilling staff, as well as taking on apprentices in the future. Secure funding for a'number of health and wellbeing projects which are at risk of ending due to. current funding streams coming to an end. .Undertake a systems and IT review.
Watford FC'S Communlty Sports & Education Trust Trustees. Report Reserves Pollcy The Trust has Put in placa It8 'Re8eNes pollcy, to help plan and m8n8ge It8 re80urcÉ8 approprtately to enSLSre that the level set matches its ongoing requlrements and to inform rdevant slakeholders. It Is the policy of the Trusl lo increase the level of free reserves generated to provide SLrfficient funds to cover belween three and slxrymonths operating costs. wllhoul which tha chartty could not funGlion and continue to dellv8r its d8y-l04ay operatlon8. In addillon. we hold free reseNes lo maintain Our communiiy hubs. including sustainabilty and Infrastnjcture Improvements wher6 ¢deniified. This level has bean agreed on the basis Ihat the re$erveB amount wlll provide the Trust with adequate financial stability and the m8an$ for It to rneet Its chaTll8ble obj'ects. Thls policy will be monftored and reported on during the month end r8view8 and Board meellngs, lo eslablish whether any change5 to Ihls policy are deemed neeAGsary and to ensure that the reserves are adequale lo fulfil our conllnuing obligation8. The Board acknowledge that the level of free resepies changes durlng the year and can be a good Indlcator of the undertylng financial health ol the charily; this can also be an indicator of potentlal problem8. The level of res8Nes wlll al80 be monrtored throughout Ihe year as part of the normal monltoring and budgetary reporting process. Achlev•ments & Perfomianco The followlng were 8130 hlghlighls durlng the year. In addltlon to the achlevem8nls already detailed in th1$ report. Launched the Trusl'8 new flve.y8ar Strategy tltled 'Tactlcally Speaklng, at Vlcar8ge Road Stadium in J8nuary 2024. Interactive dwJital version of slrategy produced plus animated explalner video on our website. Produced and ¢lrculaled a hard copy and Interactive digltal verslon of our Impa¢1 Raport for 2023. Completed the Investors in People assessment process and gained accreditatlon. Fully introduced an onllne recru5tment system (Team Tailor) to make our recruitment proces8 more offlent and effecllve. Implemented a new reporting slructure whlch included establlshlng thre8 new 8ub-committeg8. Also set up Managers Group, which alongside a variety of focus groups ensures that all colleagues h8ve a voice and can shape change and improvements withln the Trust. Recrulted both a Funding OffKer and a Communlty Partnership5 Executlve to help wilh the sustalnability of existing prolects and to try and increase unrestrf¢ted fundlng. Two staff days held (winter and summer) brlnging together colleagues from across the charity to collaborate, celebrate and plan for Ihe future. Toy Drlve Inltlatlve (Club & Trust) supporting disadvantaged fa The annual report was approved by the truslees ofth8 charity on .................... by: ili•s at Chrlstme8. and slgned on its behalf Mr P J Waslall - Company Secretary Page 9
Watford Fc's Community Sports & Educatlon Trust statement of Trustees, Responslbllltles The truste8s (who are also the directors of Wafford FC'S Community Sports & Education Trust for the purpose8 ofcixnpany law) are responsible for preparing the trustees, report and Ihe financial slatem8nts in accordance wtth the United Kingdom Accounting Standards (United Kingdom Generalty Accepted Accounting Pracllce) and applicable law and regulatlons. Company law requires the Irustees lo prepare financral statements for each financlal year. Under company law the trustee5 musl not approve Ihe financial slatem8nts unless th6y are s81isfied that they glve a true and fair view of the Btate of affalr8 of the charitable company and of its incoming reurCeS and application of resources. includlng its income and 8xpenditur8, for that period. In preparing these financi81 statements, the Iruslees are requlred to.. Select sultable accountSng policies and apply tham con818tentty; observe th8 melhods and principles in the Charities SORP., make judgement8 and esllmates that 8re reaTrabIa and prudent., state whether applicable UK Accounting Slandards have been followed, subject to any material departuras dlsclosed and explained in the financial statements., and prepare the financial statements on Ihe going concern ba515 unless St is Inappropriat8 to presume Ihal th8 charitable compeny will continue in buslnes6. The trustees are responsible for keeplng adequate accountlng records that are sufficlent10 show and explain the charitable ¢ompany's tr8nsactlon6 and dl$clos& with rea8on8ble accuracy at any lim8 the fln8ncial posltion ol the chaiitsble company and enable them to ensure thal the flnancial ststements comply wlth the Companie8 Act 2006. They are also rnsponslble for 8afeou8rding the assets of the charltable company and hence for laklng reasonable 8tep8 for Ihe preventlon and delection ot fraud and other irregularities. Publlc Ben8flt Slatement The Trustee5 confim that they have cornplled with Iheir duty to have due regard to th8 guldance on publlc b8nellt publi8hed by the Charity Commission In exerclsing Ihelr powers of dulles. The public benefft of the Chartty's adivltles are outlined under 'OI'ectives for public benelil, abova. Appr i?/s/zJ" by the tru8toes of the charity .,.,,..........,.. . and sSgned on Its behalf by.. MrPJWasl Company Secretary Page 10
Watford FC'S Community Sports & Education Trust Independent Auditor's Report to the Members of Watford FC'S Community Sports & Education Trust Oplnlon We have audited the financlal statements of Wattord Fc's Community Sports a Educatlon Twst (the 'charltable parent company.) and its subsidiaries (the 'group') for the year en(Jed 30 June 2024. which compnse the Consolidated Statement of Financial Activrties. Consolidated Balance Sheet, BalanrE Sheet, Consolldaled Statement of Cash Fbws and Notes lo the Financial Slalements, induding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards. cfjmprising Chanlies SORP - FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (Uniled Kingdom Generally Accepted Accounting Praclice). In our opinion Ihe financial $t81ements'. glve a true and lair view of the slat8 of the group's and parent charity's affairs as al 30 June 2024 and of118 Incoming resources and application of resources. including ils incA)me and expenditure. for the year then ended: have been propedy prepared in accordance with United Kingdom Generally Accepted Attounting Practlc8,' and have been prepared in acmrdance wilh the requirnents of the Companies Act 2006. Bo818 for oplnlon We conducted our audit In accordan with Intemallonal Standards on Audltlng (UK) (ISAS (UK)) and applicabl8 law. Our responsibilities under those Standards are further described in the Auditor's responsibilrties for the audit of the flnancial slalemenls secilon ol our report. We are Independenl of Ihe group In accordance with the elhic81 requirements tho1 are felevanl to oui audit of the financial statements in the UK, including Ihg FRC'S Elhi¢al Standard, and we have fulfilled our other ethical responsibilities in accord8nce with these requirements. We believe thal Ihe audit evidence we have obtsined is sufficienl and appropriale to provide a basis for our opinion. Conclusl¢)ns rolallng to golng concem We have nothing lo report in respect of the following mallers in relation to which the ISAS (UK) require us lo report lo you where.. the Iruslees use ol the going eoncem basls ol 8ccounlln9 In the preparation of the financial stalemenls is not appropriate.. or the Iruslees have not dlsclosed In the financlal statements any Identified m8lerl81 uncertainties that may cA8t significant doubl about the group's ability lo ¢onb'nue to adopt the going Concern basis of accounting for a period of al least e1ve month5 from the date when the financial slatements are authorised for issue. Othor Infonnatlon The trustees are responsible for the other infornalion. The other information comprises the infonnalion included in the annual report, other than the financial statements and our auditor's report Ihereon. Our opinion on the financlal slalemenls does not rx*ver the olher infomalion and, except lo Ihe exlent otheise explicilly slated In our report, we do nol express any fom of assurance conclusion Ihereon. In connedion th our audit of the finanoal statements, our responsibility is to read Ihe olher infomation and, In dolng so, consider whether the other information is malerially inconsislenl with the financial statements or our knowledge obtained in Ihe audit or otherwise appears lo be materially misslaled. If we idenlfy such material inconsistencies or apparent material misstatements, we are required to delefmine whether Ihere is a material misslatemenl in the financial statements or a material misslalemenl of the other information. If, based on the work we have performed. we conclude that there is a material misslatemenl of this other infomalion, we are required to reporl that facl. We have nothing lo report In thls regard. Page 11
Watford FC'S Community Sports &'Education Trust Independent Auditorfs Report to the Members of Warford Fc's Community Sports & Education Trust Op5nlon on other matters prescrlbed by the Companles Acl 2006 In our opinion, based on the Work undertaken in the course of the audit.. the infomialion given in the Trustees, Report, which includ8s the directors, mport and th8 stral8gic report prepared for the purposes of company law, for the financial year for which Ihefinancial Statements are prepared is o)nsislent wllh the financial slalements.. and the strategic report and the directors, report in¢luded wrthin the Tru51ees' Report have been prepared in accordance with applicable legal requlrernents. Matters on whlch we are requlred to report by excepllon In the Ight of our knowledge and understanding of the group and the parent charitable company and ils environment obtained in Ihe course of the audit. we have not identified material misstalemenls in the and Ihe Trustees, Report. We have nolhlng lo report in respect of Ihe followng matters where the Companies Ad 2006 requires us to report lo you if. in our opinlon.. 8dequale accountin9 records have not been kept by the parent charitable company. or relums adequate for our audil have not been received from branches not visited by us,. or the parent charitable company financial stalemenis are not in agreement wilh.the a¢¢ounting recx)rds and relums., or certain dlsclosures of trustees remuneration speclfled bylaw are not made,. or we have not received all the informallon and explanallons we requlfe for our audll. Rospon8lbllllle8 of truste•s As explained more fully in the Slalement of Trustees, Responsibilities {set oul on page 18), the trustees, who are also the directors of the eharitable company for the purposes of company law. are responsible for the preparation of the financlal slalemenls and for being satisfied that Ihey give a true and fair view, and for such inlemal conlrol as the trustées determine is necèssary lo enable the preparalion of financial sl8lements Ihal are free from materlal mlsslalemenl, whether due lo fraud or error. In preparing the financial slatemenls, the trustees are responsibl8 for ass8ssiftg the group's and the parent charitable company's ability to continue as a going concern. disdosing. as applicable. matters relaled lo going concem and using the going concem basis of accounting unless the Iruslees either intend lo liquidate the group or the parent charilable company or to cease operations, or have no realislic alternative but to do so. Audltor'• r•spon8lbllltl•• for th• audll of tho fin•n¢l•l il•l?moni• Our objeclives are lo obtain reasonable assurance about whether the financial slal8menls as a whole are frèe from material misstatement, whether due to fraud or érror. and to issue an audilorfs Teport ihat includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee Ihal an audit conducted in accordance with ISAS (UK) will always detect a material misstatemenl when il exists. Misslatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expecled to influence the economic decisions of users taken on the basis of these financial slalements. A further description of our responsibilitiès for the audit of the financial statéments is located on the Financial Reportiry Council's website al b.1r¢.0r9.ukl3udltorsre9PonSIb1lrflIes. Thls descriplton fomis part of our audilols report. Page 12
. Watford Fc's Community Sports & Education Trust Independent Auditor's Report to the Members of Watford FC'S Community Sports & Education Trust Extent to whlch tho audlt was considèrnd capable of dotscting irregularltles, Including Iraud Irregularilie$', including fraud. are instances of non•compliance wllh laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website. to detect material misslalemenls in respect of irregularities, including fraud. In response lo the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included.. Enquiry of management and those charged with governance around actual and potential litigation and ¢laims as well as actual. suspected and alleged fraud., Reviewing minutes of meetings of those charged with governance., Assessing the extent of compliance with the laws and regulalions considered to have a direct material effect on the financial statements or the operations of the enlity through enquiry and inspection.. Reviewing finanaal stalemenl disdosures and testing to supporting documenlalion lo assess compliance wlth applicable laws and regulations., Performing audit work over th8 risk ol managemenl bias and OVerre of ¢x)nlrols, indudlng tesllng of joumal entries and olher adjustmenls for 8ppropri8leness, evalualing the business ralionale of significant transactions outsidè the nom)al coutsé of business and revlewlng accounllng estimates for Indicators of polentl81 bias. Because of the inherent limitstions of an audit, there is a risk that we will not detect all irregularities, including Ihose leading to a material misslalemenl in the financial slalemenls or non-compliance wilh regulation. Thls risk increases th& more that mplianCe with a law or regulation is removed from the events and Iransactions reflected in the financial slalement5, as we will b8 less likely lo become aware of instances of non-compliance. The risk of not detecling 8 materi81 misstalemenl resulling from fraud is higher Ihan for one resulling Irom error, as fraud may involve colluslon, forgery, Inlenllonal omissions, mlsrepresenlallons. or the overrlde of Inlemal control. We obtain and update our underslanding of the entty, its 8clivilles. ils cnnlrol environment, and likely future developments, Including in relation lo the legal and regulatory framework applicable and how the enlily is complying with that framework. Based on Ihls understanding. we idenlfy and assess the risks of material misstatement of the financial slalemenls, whether due lo fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence Ihal is sufficient and appropriate lo provide a basis for Quf opinion. This includes considerallon of th8 risk of acts by Ihe entity Ihal wer8 rxjntrary lo applicable laws and regulations, Including Iroud. UM ol our report This report is made solely to the charitable parent MpanY'S Iruslees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit wnrk has been undertaken so th81 we might sl8le lo ihe group's Iruslees those mattets we are required to state to them in an auditorfs report and for no other purpose. To the fullest exlenl pemitted by law, we do not accept or assume responsibility to anyone other than the charilable parent mpany and Its Iruslees as a body, for our audit work, for this reporl, or for the opinions we have formed. David Lawrence Bsc (Hons) FCA (Senior St?tutory Auditor) For and on behalf of etS Audil SeNices Limited, Statulory Audllor Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ 25 March 2025 Page 13
.. Watford Fc's Community Sports & Education Trust Consolidated Statement of Financial Activities for the Year Ended 30 June 2024 (Including Consolidated Income and Expenditure Account) Unrestricted funds Restricted funds Total 2024 Note Incom• and Endowmonts from: Donations and legacies Charitable activities Other trading activities Investment income 99,023 1,919.881 40,747 125,399 4,900 1,571,785 103,923 3,491.666 40,747 125,399 Total income 2 185,050 1578 685 3 761735 Expendllure on: Raising funds Charitable activities (64,214) 2 443,935 (64,214) 4.290.098 1.846 163 Total expenditure 2 508 149 1846 163 4 354 312 Net (expenditureyincome Transfers belween funds (323,099) 240 066 (269.478> 240 066 (592.577) N81 movement in funds (83.033) (509.544) (592.577) Reconclliatlon of funds Total funds brought fOard 2 343,780 4 977 545 7 321325 Total funds carried forward 20 2 260.747 4 468 001 6 728 748 Page 14
Watford Fc's Community Sports & Education Trust Consolidated Statement of Financial Activlties for the Year Endèd 30 June 2024 (Including Consolidated Income and Expenditure Account) Unrestricted funds Restricted funds Total 2023 Note Income and Endowmonis from: Donalions and legacies Charitable activities Other trading activities Investment income 111,917 1.443,828 32,348 58.461 44,000 2,046,964 155,917 3,490,792 32.348 58,461 Total income 1,646,554 2,090.964 3 737,518 Exp•nditur• on: Raising funds Charitable activities (46,974) 1765 565 (46,974) 3 650 791 1885 226 Total expenditure 1812 539 1885 226 3 697 765 Net (expendilureyincome Transfers between funds {165,985) 205.738 483 660 39,753 Net movement in funds 317,675 (277,9221 39,753 Reconclliation of funds Total funds brought forward 2 026,105 5,255 467 7 281572 Total funds carried lonNard 20 2 343,780 4 977.545 7 321325 Page 15
Watford Fc's Community Sports & Educatlon Trust (R8gl8tratlon number: 04903646) Consolldated Balance Sheet as at 30 June 2024 2024 2023 Noto Fjxod a8S0ts Tanglble assets Invo$tmenl8 13 14 4,042,810 4,240,983 318 981 4 559 944 4 361771 Curront assets Deblorn Ca6h al bank and In hand 15 16 393.019 2 542 820 2,936,839 521237 194,416 3 043 773 3,238,189 Credltorn: Amount6 falllng du• wlthln ono yo•r N•t currnit a88•t8 17 2 414 614 Totsl a88gts1888 curr•nt Ilab11111•8 8 775 780 7 337 275 Provl8lons 8 728 748 7 ¥21325 Fund8 of tho group: Restrlcted Income funds 4.468,001 4,877.545 Unrastskted Income fundg Unre8tikled Income furKI8 2 280 747 Total 20 6 728 748 7 321326 Tho flna l etalements on p8ge8 14 to 36 wara approved by lh8 tru8lee8 and authorf8ed for ts8ue on LJ-. and 8lgn8d on Ihoir beholf by; Mr S J Nlwueen Chglrman and Tru81ee Page 18
Watford Fc's Communlty Sports & Educatlon Trust (Règlstratlon number: 04903646) Balance Shoet as at 30 Juno 2024 2024 2023 Note Flxfjd 4$6ets Tanglble a839ts Inve8lment• 13 14 4,111,821 318963 4.430 784 4,288,819 318 983 4 587 762 Current agsotg Debtors Ca8h at bank and In. hand 16 18 691,199 2 244 832 2.938,031 320 371 734,951 2 736 794 3.470,746 Credllorn: Amounts lalllng du• wlthln ono year Nèt eurr•nt a•••i8 17 419 001 2 616660 3 051743 Not as60t6 Fund¥ of thg Charlly: Rostrlcl•d Inwm• fund8 7 048 444 7 639 528 4,537,357 6.048,895 Unroslrlct•d Incom• funds Unrestrkted In¢omo fund8 2 $09 087 2 692 831 Total fund• 20 7 639 526 Thel cl l olalomgnto on pag65 22 to 44 approved by th8 truBtO•8 and authorl•¢d for188uo on ArKI 8igned on thelr b8half by: 4r S J Nfjacqueen Chalrman end Tw8tee Page 17
Watford Ftrs Community Sports & Education Trust Consolidated Statsment of Cash Flows for the Year Ended 30 June 2024 2024 2023 Note Cash flows from operating activities Net cash income ' (511.527) 21.535 Adjustments to cash flows from non•cash items Depreciation Investment income 13 198,173 125 399 (438,7531 196.093 158.987 Worklng capltal adjustments Decreasel{incre8se) in debtors (Decrease)Ilncrease in creditors 15 17 (198.603) 9,885 19,629 Net cash flow5 from operatlng activities 187 599 Cash flows from Investlng actlvitles Interest receivable and similar income Purchase of tangible fixed assets Disposal of tangible fixed assets 125,399 58,641 (134,7741 13 Net cash flows from investing activities 125 399 Net increase in cash and cash equivalents (500,953) 3 043 773 118,692 Cash and cash equivalenls at 1 July 2023 2 925 081 Cash and cash equivalenls at 30 June 2024 2 542 820 3 043 773 All of the cash flovts are derived from continuing operations during the above two periods. Page 18
Watford Fc's Community Sports & Education Trust Notes to the Financial Statements for the Year Ended 30 June 2024. 1 G•n¢ral informallon 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, Wafford. Hertfordshire WD18 OER. The nature of the charity's operations is set out in the Report of the Trustees. 2 Accountlng pollcl•s Statement of compllance 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 appllcable to charities preparing their accounts In accordance with the Fin8ncial Reporting Slandard applicable in the UK and Republic of Ireland {FRS 1021 (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 preparatlon Warford Fc's Communiiy Sports & Education Trust meets the definition of a public benefit entlty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Ba818 of consolldatlon The consolidated accounts incorporate the results ol Watlord FC'S Community Sports & Education Trust and rts subsidiary undertakings on a line by line basis. The consolidated entity is referred to as 'the group.. A subsidiary is an entity controlled by Ihe charity. Control is achieved where the charity has the power to govern the financial and operating pollcies of an entity $0 as to obtain benefits from Its activitl8S. The results of subsidiarles acquired or disposed of during the ye8r are Included in the statement of financial activities from the effective date of acquisition or up to Ihe 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<ompany Iransactions, balances and unrealised gains on transactions belween the company and its subsidiaries. which are related parties, are eliminated in full. 1n1raroUp losses are also eliminated but may indicate an impairment Ihat requires recognition in the consolidated financial statements. Golng concern The trustees consider that there are no material uncertainties about the group's ability to continue as a going concern nor any 5ignificanl areas of uncertainty that affect the carrying value of assets held by the group. Page 19
Watford FC'S Community Sports & Education Trust Notes to the Financial Statements for the Year Ended 30 June 2024. Income and endowrnents 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 tems of the monies have not yet been met. Donatlons •nd legacles 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 r•ceivabl• Grant income Is claSsifd depending on the terms of the donation and where income relates to a period, specffied 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. Expendlturo Liabilities are recognised as expenditure as soon as there is 8 legal or constructive obligats'on 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 Ihe category. Where costs cannot be directly attributed lo 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. organisationel adminlstration and propety costs. Certain expenditure is direclly aitribulable to specific activities and has been included within those categories. Where Costs cannot be directly attributed lo particular headings they have been allocaled to activities on a basis consistent with the use of resources, Staff salaries are apportioned betsveen Cost GategorSes based on the estimate of time spent. Summary of dlsclosure exemptlons Section 408{4) exemption from the requirement to present the parent company Profit & Loss account (i.e. Statement of Financial Activities) for the period has been taken. Page 20
Wafford FC'S Community Sports & Education Trust Notes to the Financial Statements for the Year Ended 30 June 2024 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 categorie5 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 CogniSed in respect of all timing differences belween capital allowances and depreciation reported in the consolidated financial statements. Unrelieved tax losses and other deferred tax assels are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilits'es or other future taxable profits. Deferred tax is measured using the tax r818s and laws that have been enacted or substantlvely enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Tanglble flxed assets All classes of tangible fixed assets ere recorded at cost, less any subsequent accurnulated depreciation and subsequent accumulated impairment losses. Depreclatlon and amortlsallon Depreciation is provided on tangible fixed assets so as to wrlte off the cost or valuation, less any estimated residual value. over their expected useful economic life as follows.. Asset class Furniture & equipment Community Centre Motor vehlcles Astroturf pitch Depreciation method and rate 100/0 Straight line 20/0 Straight line 250/0 reducing balance belween 40/0 and 100/0 Straight line Flxed asset Investments Fixed asset investmenls are staled at Ihelr historic cost value at the year end. Any pemi8nent 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 perfomied in the ordinary course of business. Trade debtors are recognised initially at Ihe transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impaiment. 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 21
Watford FC'S Community Sports & Education Trust .Notes to the Financial Statements f.or-the Year Ended 30 June 2024 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. atlhe end ofthe reporting period. to defer settlementoflhe creditor for at leasl be1ve months after the reporting date. If there is an unconditional right to defer settlement for at least 1ve months after the reporting date, they are presented as non<urrent liabilities. Trade creditors are recognised initially at the Iransaciion price and subsequenuy measured at amortised cost using the effective interest method. Fund structur• Unreslricted income funds are general funds that are available for use at the trustees. discrelion In furtherance of the objectives of the charity. Restricted income funds are those donated lor use In a particular area or for specific purposes, the use of which is restricted lo that area or purF)ose. Pensions and other posl retirement obligations Contributions payable by the charitable Company to an individual's personal pension scheme are charged lo the Statement of Financial Activities in the period to which they relate. Flnanclal Instrumonts The trust only has financial assets and financiel liabilities of a kind that qualify as basic financial instruments. 8asic 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 Incomo from donatlons and legaclos 2024 2023 Donations and legacies Grants. including capital grants 103,923 155,917 103 923 155 917 Page 22
.Watford'FC's Community Sports & Education Trust Notes to the.Financial Statements for the Year Ended 30 June 2024 4 Incom• from charltable activities Unrestricted Restricted Total funds funds 2024 Total 2023 Courses Meriden Community Centre Cedars Community Cenlre Watford Women 529,968 1.142.795 1.672,763 2.093.310 121.788 79,587 201,375 226.928 361,184 349,403 710,587 779.797 906 941 906 941 390.757 1.919.881 1.571,785 3.491,666 3.490.792 5 Income from othér trading actlvltl•s 2024 2023 Membership and match day income 32.348 6 Investment Income 2024 2023 Interesl receivable on bank deposits Interesl receivable on loans to related partles 96,773 28,626 125,399 39,466 18.995 58.461 7 Costs of raising funds: Commerclal trading operations 2024 2023 Publicity and merchandise Lotteries and competitions 64,214 46.974 46,974 Page 23
..Warford FC'S Community Sports & Education Trust Notes to the Financial Statements for the Year Ended 30 June 2024 8 Expendituro on charitable activiti•8 Total 2024 Total 2023 Dlrect costs Support costs Courses Cedars Community Centre Meriden Community Centre Wafford Women 1,613,525 240,965 227,606 897,198 2 979 294 1,168.755 2.782,280 67,166 308,131 64,398 292.004 2.584.592 334.441 343,253 1,310,804 4,290.098 3.650,791 9 Analy31s of Support costs Watford Women Total 2024 Total 2023 Courses Cedar8 Merld•n Auditorfs remuneration Professional fees Wages Social securlty Pensions Premises costs Telephone. postage. general advertising and stationery Computer expenses Motor vehicle costs and travel expenses Hospitslity Repairs, renewals and cleaning Bank charges Irrecoverable VAT Deferred tax 15.750 48,865 776.395 78.805 25,376 1,412 1S,750 14,850 51,940 45.032 797,789 776,354 78,80S 67.661 25,376 20.023 56,929 57.047 3.075 20,076 1,298 29,803 25.714 26,642 1.075 9,334 9,101 45,077 1,125 69.218 5.295 29.947 6,484 6,670 36,617 6,642 34,221 14.947 158 4,886 15.795 106,273 31,050 1,168,755 7,795 28,235 40.916 16.535 106.273 44,451 10,646 87.993 18.530 10 485 1310 804 1,229,208 740 67.166 10 Net Incomelexpendlture Net inc0melexpend1tu for the year include- 2024 2023 Audit fees Deprecialion of fixed assets 15.750 14.850 196,093 Page 24
Watford FC'S Community Sports & Education Trust Notes to the Financial Statements for the Year Ended 30 June 2024 11 Staff costs The aggregate payroll costs were as follows: 2024 2023 Wages and salaries Social security costs Pension costs 2,558,634 169,359 65,608 2.793.599 2,112,046 151.437 57.619 2 321,102 The monthly average number of persons {including senior management team) employed by the group durlng the year expressed as full time equivalents was as follows.. 2024 No 2023 No Coachlng staff Administration Cedars community centre Meriden community centre Wafford Women 67 45 126 127 The number of employees whose emoluments fell within Ihe followlng bands was.. 2024 2023 No £70,001- £80,000 £80,001- £90,000 12 Taxatlon The charity Is a registered charity and Is therefore exempt from taxation. Page 25
Warford Fc's Communlty Sports & Education TNst Noto$ to th• Flnan¢lal Stot•m¢nts for th¢ Y•ar Ended 30 June 2024 13 T•n9lbl• ffM•d ••••t• Gmup C•d•rs Ctynmyn C•nlr• Merld•n Communthy Contr• Furnltur• ond •quSpm•nt Motorv•hl¢lo1 M•rld•n A•tro¢urf A$tro¢urf Totsl Al 1 Juty 2023 3,898.023 252,818 471,552 5a.520 1.152.108 323,488 e.1a8,489 DIsp0981s At 30 Jun• 2024 Z52818 471 SSZ 1 152 108 323 468 6 156 489 DoprncIAllon At l July 2D23 Charge for th• yeir Ellmlnplk¢n In resp9¢101 dl$po$•l• 820,519 67.614 87,271 17,141 433,248 10,792 56,048 618 368.054 J8.$92 149.738 24,040 1,914,878 198.803 At 30 Junè 2024 908 133 179829 2 113879 N•¢ book valu• At 30 Jun• 2024 2 989 890 143639 4042810 At 30 Jun• 2023 173730 4 241613 Pag• 26
Watford FC's.Community Sports & Education Trust Notes'to the Financial Statements for the Year Ended 30 June 2024 Charity Cedars Meriden Communlty Furnitur• and Communlty Centre •quipment Centre Total Cost At 1 July 2023 Additions Disposals 4,267,611 121.232 1.152,108 5,540,951 At 30 June 2024 4,267,611 121232 1152 108 5 540 951 O•proclatlon At 1 July 2023 Charge for the year 821,150 87.614 82,928 368.054 1,272,132 156,998 At 30 June 2024 93,720 426,646 1,429 130 Net book value At 30 June 2024 3 358 847 725,462 4 111821 At 30 June 2023 3 446 461 784,054 4 268 819 14 Flxed asset investments Group 2024 2023 Loans 318.961 318.961 318 961 318 961 Charlty 2024 2023 Shares in group undertakings Loans 318,961 318 963 318,961 318963 On the 1 September 2024, the investrnent in Watford FC Women was transferred lo The Watford Associatlon Football Club Limited. Page 27
Watford FC'S Community Sports & Education Trust Notes to the Financial Statements for the Year Ended 30 June 2024 Shares in group undertakings and participating interests Subsidiary undertaklngs Total Cost At 1 July 2023 At 30 June 2024 Net book value At 30 June 2024 At 30 June 2023 Delails of undertaking$ Details of the Investments in which the charity holds 200/0 or more of the nominal value of any class of share capital are as follows: Country of incorporation Proportlon of votlng rlghts Prlnclpal and shares held activlty Undertaking Holding 2024 2023 Subsldlary und•rtaklng• The hiring of community centre facilities Watford Trust Trading Llmited England and Wales Ordlnary 100•/0 Watford FC Women Limited Running Watford FC Women England and Wales Ordinary Watford Trust Trading Limited (wfT) - Company Number: 06692917 During the year. wrr charged the charity £18,000 (2023: £18.000) for astroturf pitch usage. £612 {2023.. £828) for motor vehicle usage, £Nil (2023- £1,224) for equipment usage and £18,000 (2023: £18,000) for astroturf prtch maintenance. Included in debtors is a balance of £423,547 (2023: £548,547) due from the subsidiary. 2024 Aggregate capital and reserves Profitl{Loss) for the year 40,619 1.250 Page 28
Watford FC'S Community Sports & Education Trust Notes to the Financial statements.for the Year Ended 30'June 2024 Warford FC Women Limited - Company Number: 08549712 Included in debtors is a balan of £Nil (2023: £Nil). 2024 Aggregate capital and reserves 15 Debtors Group Charity 2024 2023 2024 2023 Trade debtors Due from group undertakings Due frorn participating interest Prepayments Other Debtors 188,004 131.393 80.713 423,547 14.073 171,258 101.271 571.076 14,073 171,258 62.604 419 194,416 62.604 393,019 691,199 16 Cash and cash equlvalent8 Group , Charity 2024 2023 2024 2023 Cash on hand Cash at bank 336 3,043 437 3,043 773 160 2,244,672 2.244,832 336 2,735,458 2 735 794 2 542 660 2 542 820 17 Cr•ditor8: amounts falllng du• wlthln one year Group Charlly 2024 2023 2024 2023 Trade creditors Other tsxalion and social securlty Owed to related parties Other creditors 151.344 66,994 66,440 63,556 43,874 46,719 58,988 52,498 302.899 521.237 330,863 460 859 229.778 320.371 307,515 419 001 Oaferred Income 2024 Deferred income at 1 July 2023 Resources deferred in the period Amounts released from previous periods 165,941 85.513 165,941 Deferred income at year end 85.513 Arisen as a result of income depending on future conditions becoming probable that they will be mel. Page 29
Watford FC'S Community Sports & Education Trust. Notes to the Financial Statements for the Year Ended 30 June 2024 18 Provisions Group 2024 Deferred tax liabilities 19 Charity status The charity is limited by guardntee, incorporated in England & Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £Nil lowards the assets of the charity in Ihe event of liquidation, 20 Funds Group Balance at Incomlng 1 July 2023 r•sourc•s Resources Balance at •xpend•d Transf•rs 30 Jun• 2024 Unrestricted funds General General Fund Designated reserves Total unr•strict•d fund$ 1,843,780 2,185,050 (2,508,149) 240,066 1,760,747 2,343,780 2,185,050 2,508.149 240,066 2,260,747 Roslricted funds Social Inclusion Health & Wellbeing Learning & Skllls Football & Sports Development My Place Cedars Community Centre Meriden Community Centre Tolal restricted funds 157,871 335,778 194,028 218,788 1,985,987 805,980 1,279,107 4.977.545 251,260 497.961 125,270 527,951 (239,403} (152,716) (624.147) (96.248) (179,129) (410.598) (66,684) (69.566) (234,170) 127.071 172,025 31,392 1846,157 17,012 209.592 43.921 269,457 1,916.421 793.537 1.218,061 4.468,001 94,656 79,587 1576.685 Total funds 7.321.325 3.761.735 4,354.306 6.728,748 Page 30
Watford FC'S Community Sports'&. Education Trust Notes to the Financial Statements for. the Year Ended 30 June 2024 Group {prior year> Balanc• at Incomlng 1 July 2022 resources R•sourc•s Balanc• al expended Transfers 30 June 2023 Unrestricted funds General General Fund Designated reserves Total unrestricted funds 2,026,105 1,646,554 (1.812,539) (16,340) 500,000 1,843,780 500,000 2 343 780 2 026,105 1646 554 1812 539 Reslrlcted funds Social Inclusion Health & Wellbeing Learning & Skills Football & Sports Development My Place Cedars Community Centre Merlden Communlty Centre Total rostrlcted funds 132,779 415,598 275,658 170.099 2.055,553 857,360 1348 414 5 255 467 313,972 561,003 389,317 520.415 {260,899) (27,981) {593.796) (47,027> (211,079) (259,868) {400.598) (71,128) (69.566) (186.054) (70,694) 8.962 483 660 157,871 335,778 194,028 218.788 1,985.987 805,980 1279 107 4 977 545 205.368 100 889 2 090 964 1885 226 Total fund8 7 281571 3 737 518 3 697 765 7 321325 Page 31
Watford FC'S Community Sports'& Education Trust Notes to the Financial Statements for the Year Ended 30 June 2024 Charity Balance at Incomlng Resources Balance at 1 July 2023 resources expended Transfers 30 June 2024 Unrestricted funds General General Fund Designated reserves Total unrostricted funds 2.092,631 500,000 2.592.631 1,276,550 {1,600.160) 240,066 2.009,087 500,000 240 066 2 509 087 1.276 550 1600 160 Restrlcted funds Social Inclusion Health & Wellbeing Learning & Skills Football & Sports Development My Place Cedars Community Centre Meriden Community Centre 158,452 335,778 194,028 218,788 2.054.754 805,988 1279 107 251,260 497.961 125.270 527.951 (239,403) (1S2,716) (624.1471 (96.248) (179,129) (410.598) (66.684) (69.566) (234,170) 172025 17,593 209,592 43,921 269,457 1,985,188 793,545 1,218.061 94,856 127,071 Total rnstrictod funds 5 046 895 1576 685 1846157 240 066 4 537,357 Total funds 7.639.526 2 853 234 3 446 317 Page 32
". Watford FC's.Community Sports & Education Trust Notes to the Financial Statements for the Year Ended 30 June 2024 Charity {prlor y•ar) Balance at Incomlng R•8ource8 Balance at 1 July 2022 resources expended Transfers 30 June 2023 Unrestricted funds General General Fund Designated reserves Total unr•strlct•d funds 2,254,405 1,326,674 {1,472,108) (16.340) 2.092.631 500.000 500 000 483,660 2 592 631 2,254 405 1,326,674 1472 108 Restrlcted funds Social Inclusion Health & Wellbeing Leaming & Skills Football & Sports Development My Place Cedars Community Centre Meriden Community Centre 133.360 415.598 275.658 170,099 2,124,320 857.368 1348,414 313,972 561,003 389,317 520,415 (260.899) (27.981) (593.796) (47,027) (211,079) (259,868) (400.598) (71.128) (69,5661 (186.054) 163 234 158,452 335.778 194,028 218,788 2,054.754 805.988 1.279 107 205,368 100 889 (70,694) Total restrlcted funds 5,324,817 2 090.964 1.885 228 483,660 5.046,895 Total funds 7,579.221 3 417.638 3,357 334 7.639 526 Page 33
.Watford FC'S Community Sports & Education Trust Notes to the Financial Statements for the Year Ended 30 June 2024 The specific purposes for which the funds are to be applied are as follows: Designated funds- The Senior Leadership Team have identified significant areas of investment in the Trust as we look to deliver our new strategy launching in 2024. Lessons learnt from the pandemic have highlighted a need to embrace the everchanglng digital world and there are several system improvements that would like lo make. We also wish to continue key services where current funding has ended to enable the delivery of core services to our wider community. There is also a desire to invest in capital works and equipment within our business and al our community facilities to enhance functionality and improve environmental sustainability. Transfers from Restricted Funds during the year ended 30 June 2024 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) 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 youlh 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. Our flagship communty programme, PL Kicks is funded by the Premler League Charitable Fund. (li) Healthy Living-The Trust runs a number of Health and Wellbeing projects that cover a variety of areas including supporting those living wilh demenlia, weight loss and active lrfestyle encouragement, children's mental health awareness and education, wellbeing workshops, recreational and social activities for older adults and social prescribing seDiices for young people. Core funders Include the Premier League Charitable Fund, Local Authoritie$, C¢mi¢ Relief and grant giving Trusts. (iii) Learning & Skills - Projects include a life skills and personal development programmes for 16 and 17 year olds along with a curriculum based programme lo inspire chiklren and young people to develop skills and positive attitudes to succeed in life. Core funders include Reed in Partnership, EFL Trust and the Premier League Charitable Fund, (iv) Football & Sports Development- Projects provide 16-19 year olds with the opportunity to combine football coaching and matches with a BTEC qualification wtthin a college or school environmenl. In addition, students are able to gain coaching qualifications which enhance their CVS and general employment prospects wrth some students going on to work for the Trust. Funding comes directly from the schools or colleges the Trust is partnered with. (v) MyPlace - Relates to Cedars Youth & Community Cenlre in Harrow which the Trust runs and manages via a long lerm lease with Harrow Council. Page 34
Watford Fc's Communlty Sports & Education Trust.: Notes to the Financial Statements for the Year Ended 30 June 2024 (vii) Cedars Community Centre - Funding came from a range of sources and the centre continues to support a number of projects and activities wrth its variety of facilities and courses. Recent improvements have been made to both the centre and the astroturf facilty wrth both usage and environmental sustainabilrty in mind. {viii> Meriden Community Centre - Funding comes from Watford Borough Council who support the costs associated with the Trust running and managing the centre. There is also capital funding which relates to refurbishment of the centre and associated facilities. 21 Analysis of not assets between funds Group Unrostrlctod funds Restricted Total funds at funds 30 June 2024 General Tangible fixed assets Fixed asset investments Current assets 324,713 318.961 1617.061 3.717,472 4,042.185 318,961 2 367,590 750,529 Total net assets 2 260 735 4 468 001 6 728 736 Charlty Unrestrlcted funds Re8trl¢ted Total funds at funds 30 June 2024 General Tangible fixed assets Fixed asset Investments Current assets 24,761 318,963 2 165.363 4,087,060 4,111.821 318,963 2 615,660 450.297 Tolal net assets 2 509 087 4 537 357 7 046 444 Page 35
Watford FC'S Community Sports & Education Trust . Notes to the Financial Statements for the.year Ended 30 June 2024 22 Related party transactlons Charity During the year the charity made the following related paty 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 £Nil {2023: £Nil) for goods and services and £46,021 (2023.. £977) 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 £200,000 (2023: £100,000) more than one year is £119,000 (2023: £219.000). The loan bears Interest al 20/0 above Barclays Bank base rale and is secured by a legal charge over WAFC'S freehold stadium. The directors of the company vtho are also directors of WAFC declared an interest in the transaction and were not involved in the decision lo grant the loan. Durlng the year the Interest receivable from WAFC amounted lo £28,62612023. £18,995>. 23 Trustees. remuneratlon and exponses No trustees, nor any persons connected with them, have received any remuneration from the group during the year. No trustees have received any relmbursed expenses or any other benefits from the charity during the year. Page 36