FOUNDATION WEST HAM UNITED FOUNDATION (A Company Limited by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Charity registration number 1114458 Company registration number 05731045 (England and Wales)
WEST HAM UNITED FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Andrew Mollett (Chair) Marie Gabriel Jeremy Crook Henri Brandman Jackie Ferdinand Jefftey Hayes Chief Executive Joseph Lyons Secretary Andrew Mortt Charity number 1114458 Company number 05731045 Registered office 60a Albatross Close Beckton London E6 5NX Auditor F Winter & Co LLP Statutory Auditors & Chartered Accountants Ramillies House 2 Ramillies Street London W1F7LN Bankers Barclays Bank 1 Churchill Place London E14 5HP
WEST HAM UNITED FOUNDATION CONTENTS Page TTUStees report Staetemenl of Trustees, responsibilities 14 Independent auditorfs report 15-18 Statement of financial activities 19 Balance sheet 20 Stalement of cash flows 21 Notes to the finanoal slatements 22-35
WEST HAM UNITED FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MAY2024 We, the Trustees, are pleased to present the annual Trustees. Report and the consolidated financial ststements of the Charity and ils subsidiary for the year ended 31 May 2024, whith have been prepared to meet the requirements for a director5, report and accounts for Companies Act purposes. These finanrial statements comply with Wesl Ham United Foundation's goveming document, and the Companies Act 2006 and the Slalement of Recommended Practice applicable lo charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019). Objectives and activities The company's memorandum of association defines its objects as being for the benefit of the public generally and, in particular, the inhabitants of London and its surrounding areas.. to promote community participation in healthy recreats'on by prowding facilities for the playing of association football and other sports capable of improving health (facilities in Artide 3 means land. buildings, equipment and organising sporting actiwties). 2. to provide and assist in providing facilits'es for sport. recreation or other leisure lime occupation of such persons who have need for such facilities by reason of their youth, age, infimity or disablement, poverty or social and economic circumslances or for the public at large in the interests of soaal welfare and with the object of improving their conditions of life. 3. to advance the education of children and young people through such means as the Trustees think fit in accordance with the law of charity. Yision As the outreach vehicle of West Ham Unrted Football Club, the Foundation's vision is to hamess the power of football to maximise life chan$ and inspire better future for all. Mission To provide an innovative approach to understanding and meeting the needs of our community,. building partnerships and utilising insight and technology to create an environment where all can thrive - from the heart of east London. The Foundation will work to achieve the following targets= Providing Opportunities Creating Pathways Changing Lives The Foundation wll work to achieve the following strategic objectives= Responding to local need - Engaging our communty to understand local needs and to ensure that our programmes, facilities and reporting structures are designed around them. Uniting our community- Understanding our community, what works and how innovative thinking across our stakeholders is essential to support fitter and healthier lrfestyle choices. Providing an enwronment for all to thrive - Shaping the programmes we run and our ways of working to create effective, efficient and innovative mechanisms that support anyone in need of help for as long as they need it. Strategic Objectives Responding to local need - Engaging our community to understand local needs and to ensure that our prograrnmes, facilities and reporting structures are designed around them. Uniting our community - Understanding our community, what Works and how innovative thinking across our stakeholders is essential to support fitter and healthier lrfestyle choices. Providing an enwronment for all to thrive - Shaping the programmes we run and our ways of working to create effective, efficient and innovative mechanisms that support anyone in need of help for as long as they need it.
WEST HAM UNITED FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT AND STrATEGIC REPORT> (CONTINUED) FOR THE YEAR ENDED 31 MAY2024 The company's constrtution is set out in its artides of assouation published on incorporation and as subsequently modffied. This document defines the tem)s of reference for the board of Trustees and the company's corporate governance procedures. Directors and Trvstees The Trustees. who are also directors for the purposes of company law, who held office during the year and Sin the year end, are as foll0v.. Andrew Mollett (Chair) Marie Gabriel Jeremy Crook Henri Brandman Jackie Ferdinand Jeffrey Hayes The board of Trustees meets periodically and receNes reports from operational staff and determines strategy and policy for the company. The board of Trustees has an ongoing commitment to assess the skill set required at board level and. as the company develops, to ensure that, where necessary. additsonal Trustees are recruited. Relationship with West Ham United Football Club Limited The company delivers all communty sports and tharitable activities on behalf of West Ham United Football Club Limited. However, it operates independentty of the football club and, allhough some of the company's Trustees are also employees of the foolball dub, this is balanced by the presence of independent Trustees on the board and the articles of association confer no ability by the dub to exercise control over the company. The tem)s of the relationship between the company and the football dub are codtfied in a Service Level Agreement. This agreement enshrines the practices already being obseNed in tem)s of the promsion of services by the football dub to the company at no cosl to the company. A separate licence agreement grants the company a right of occupancy, of the Club's wholly owned freehold premises at 60a Albatross Close, WOOlCh Manor Way, London E6 5NX. As indicated in note 18 to the financial ststement the tharrty entered a new enty ftve year lease on 28 May 2024 at an annual rent of £20.000. We have refeed to guidance contained in the Charty Commission and complied with the duty in section 4 of the Charities Act 201110 have due regard to public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Truslees consider how planned activities will contribute to the aims and objectives they have set. Embracing fvlly the spirit of West Ham Untted. the Club and Foundation work Close togelher and the Foundation endeavours to be a for for social good., being a welcoming and safe space for all, inspiring others and addressing a range of issues facing society.
WEST HAM UNITED FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 Achievements and perfornmnce The description under the headings "Achievemenls and perfonan- and "Financial reMev/' meet the company law requirements for the Trustees to present a strategic report. Achievements and perforniance As a community focused football dub, we are committed to utilising our position and the power of our West Ham United badge to educate. motivate and inspire indivtduals and groups across our comrnunity. We continue to act in the best interest and for the benefrt of the communilies we Serve. with the backdrop of a changing societal landscape, tackling long stsnding inequalities and emerging challenges brought on by the pandemic and the current environment. Activity Over the past season, the Football Club's efforts on the prtch have given the Foundation an even bigger plaffomi to share awareness of our work and advocate for key issues challenging communities we engage with. Continuing from the historic 22r23 UEFA Conference League men's first team campaign and the subsequent effervescent parade which filled the streets of Newham. through this season we have been proud to continue to be represented on the matchday kit during the team's Europa League campaign. Placed just below the players, shirt numbers, our emblem signified the unity between the Club and the Foundation and embodied our shared mission to empower and uplfft communities. It stands as a powerful reminder of football's incredible abilty io inspire and drive positive change across those we reach. Beyond the pilch, the Foundation's work has continued to act as a catalyst for change and bring aspiration and hope by driving collaboration. sharing knowledge and experiences, and performing as an enabler for people and communities across East London. Essex and intemationally. This has placed the organisation at the hearl of social inequalities.. overcoming entrenched views- tackling ofien hidden health issues- creating opportunities for personal development and growth.. and ultimatety transfom7ing lives. Strategically, the Foundalion has been supporting a variety of conversations, ranging from health and wellbeing needs with partners through the NHS.. unpicknng and strengthening leaming and employability opportunities with education providers., evaluating and growing footballing pathways across our networks, and much more. As part of this, the Foundation also helped to lead key conversations regarding the high rales of violence affecting young people - joining forces with Senior Circuit Judge Sarah Munro KC for a series of roundtables at the Old Bailey Involving third. private and public sectors. Key to this has been the Foundation's work developing and delivering initiatives focusing on prevention, intervention and partnership working. In addition to initiatives which have continued to be agile and person-centred. the Foundation has been driving plans for the state-of-the-art redevelopment of the Beckton headquarters. In recent years. as the Foundation's services have grown. the headquarters has become restrictive. As such. with the ambition of establishing a Ihriving community hub at the heart of east London, the new facility- set for Spring 2025 opening - will continue to build on impact being delivered. The new facility will allow for increased deltvery of youth activities, health programmes and learning and development schemes whilst fostering soaal cohesion- creating a Community Hub. with the facilities and services lo meet the needs of the local community- and generate more opportunities to change lives in east London and beyond.
WEST HAM UNITED FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY2024 An overview of some cJJrrent services with details from this season's delivery can be found below: Advantage Advantage is a mentoring programme for young people aged 1421 who have been referred to Child and Adolescent Mentsl Health Services (CAMHS) and don't meet threshold or do not want to engage with CAMHS. 11 focuses on supporting young people with key intep4entions and assistance to help them re- establish aspirations and a sense of connection. The Advantage iniliative in North East London is delivered in partnership between West Ham United Foundation {Barking & Dagenham, Newham. Havering. Tower Hamlets), Arsenal in the Community (Hackney), Leyton Orient Trust (Redbridge, Waltham Forest) and East London NHS Foundation Trust and Northeast London NHS Foundation Trust. Referrals into the programme come via: NHS, Mac Panel (Newham), PG referrals (via inlemal programmes and Advantage webstte), Schools Participants receive weeY individual mentoring support from a trained youth worker. who is in tum supported by CAMHS practitioners. Advantage Delivery Slats Total number of young people engaged.. 52 Total number of live cases= 12 WHO-5 Wellbeing Score.. Average Entry Score: 10 (assessed before starting the program) Average Exit Score: 14 (improvement in mental health wellbeing after engagement) Higher Education In collaboration with the Universty of East London we deltver the exciting degree programme, Bsc Sports Coaching and Performan. Our programme aims to support Undergraduate degree students into careers in sport. in a range of disciplines. including coaching, performance analysis, strength and conditioning and sports psychology. Number students (enrolled & gradualed) 93 students enrolled in our course. +20 % more students selecting us as a 'uncondilional firm. choi. NSS scores Improvement in each of the metrics across the most recent National Student Survey: Organisationlmanagement, +18.57° Leaming Resources, +13.37° Assessment and Feedback, +8.310/0 Quality ofTeaching. +13.69.
WEST HAM UNITED FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2024 Inclusive Hammers The Inclusive Hammers project prowdes physical activity sessions for 1&18 yrs with a physical andlor leaming disability living in Newham. Young people will have access to physical activity, infomal adwce & guidance sessions. The project supports young people into focus workshops and identrfying any additional relevant services. Key Stats for 2023-24 Worked in partnership with Ambitson Aspire Achieve over 9 months to run sessions for YPS in Newham. Focused on YPS that were not cJJrrently accessing physical acts'vrty sessions. We also supported students from Newvic College (studying Btec sport) with focus workshops around employability and leadership across the academic year. In addition. we supported with one of their mixed SEND football loumaments hosted al the college. We delivered regular sessions to 30 YP across the season. Premier League Inspires Premier League Inspires uses the power of football to inspire young people to develop the personal skills and positive attitudes needed lo succeed in life. Project provides secondary schools in East London and Essex with an engaging curriculum to support their vulnerable, at risk. and struggling pupils. Project runs Monday-Friday, 9am- 3pm. o is it targeting= Young peopte aged 11-18 at risk of not reaching their full potential Participants and schools engaged with: Engaged a total of 1.331 participants in the programme. This engagement took place across 1..1 mentoring, small group sessions. collapsed curriculum activity, and events. Eath participant engaged in the programme for an average of 15 hours across the academic year. Worked with 11 unique partner schools across East London and Essex. All partner schools signed partnership agreements to continue working together into the 2024125 academic year. PartIpanIS engaged in targeted interventions achieved the following impact= 100Qh of partiapants developed their skills and knowledge 100°A of participants have improved Gonfidence and self esteem 87.50°fi of partieipants have improved mental wellbeing 730/0 of participants have improved interpersonal relationships 62.500A of partiupants have improved physical wellbeing 62.500A of participants demonstrated more positive behaviours 62.50r*A have improved attendance at school anor attainment
WEST HAM UNITED FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY2024 Moore Family Foundatlon MFF works speaficalty wtth young people aged 11-16 outside mainstream education, providing them with unique opportunities to enrith their life experiences and prospects. We prowde participants with the chance to gain additional qualifications to increase their options when they leave school and assign them with a mentor who will create a personal development plan for all participants. We work with low numbers of young people intensively. Project runs throughout the academic year Monday-Friday 9am-3pm at partner schools and at University of East London Tuesday. Wednesday and Thursday 10am-12.'30pm. Partners: In the 2023124 academic year, Moore Famity Foundation expanded to work wtth 3 key partners located in Tower Hamlets, Newham, and Havering. For the first time our primary partner. London East Alternative Prowsion, grew their provision to 3 days a week. This represents a 230A growth from the 2022123 year. Number of young people engaged- 20 young people engaged weekty across the academic year. These young people tske part in a variety of course5 including Sports Leadership, MentoringlPersonal Development. and Business Administration. Qualifications gained by participants= 12 participants completed the Sports Leaders Level 1 Qualffication. 4 participants completed the FA Playmaker qualification. 2 partirApants completed the business administration qualtfication. Moving on Up Moving On Up is a careers development programme supporting young black men. aged 16 to 25 within Newham who are unemployedlunderemployed. The programme indudes bespoke workshops. on&tOthone support. and professional mentoring. The aim of this engagement is to increase parlicipant's employment skills and connect them with prospeclive employer5. The programme works wtth partiopants with the aim to secure employment or career progressions for those involved. Collaborative approach partners indude ELBA. Newham Workplace, Newham College, NLP Sports. New Direction. All participants receive a personal development plan and attend industry insight events. In the final year of Moving on Up delivery, we achieved the following outcomes.. Engaged with 27 young black men in Newham. We have matched all 27 partieipants with West Ham United Foundation mentors. All 27 participants took part in career development workshops, improving their employability skills. 5 of these participants progressed into employment at LLW. 3 Industry Insight events delivered which provided Mou beneficiaries with information around careers in industries that interest them, in a supportive way. Through our partnership with The Prin'S Trust. we were able to offer bespoke employability events including a football themed employabilty scheme at our Community Hub in Beckton. and a Health and Social Care Recruf(ment Roadshow event at West Ham United's London Stadium. 6 Mou beneficiaries were interested in a career in football and sports coaching.. therefore, we supported them to achieve their FA Playmaker and FA Level 1 in Talent Identification.
WEST HAM UNITED FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2024 PCN Mentoring (Primary Care Network) Over the past year. the PCN project has grown in Newham and Baring & Dagenham, with a full time Youth Mentor Young Persons Link Worker) being recruited in both boroughs. PCNS (Primary Care NeOrks}, are the model of integrated healthcare across localities. Communty and NHS services link up to provTrde more holistic care to Ihe community. The Youth Mentors have been working with Young People at risk of viotence affecting young people, as well as supporting those with other vulnerabilrties (induding bullying. mental health concems, school engagemenurisk of exclusion, SEMH needs). The Youth Menlor offers a supportive role to help children and young people engage in an open dialogue, explore aspirations. change mind sets, all whilst not being judged and in a safe space. The project supports those aged between 11-18 years old. Mentoring consists of once-a-week sessions, for up to 60 minules long. for around 3-6 months. Sessions take place at GP Practices. Schools. WHUFMHU sites, and other community organisations. We have continued lo develop our relationship with the Newham Central 1 PCN, attending regular meetings, sending monthly updales and fomiing positsve working relationships wtth the indNidual Practices. In B&D we reached out to established contacts in the borough and two dose Working PCN'S were highlighted. Programme set up has gone well, with staff engaged and high numbers of referrals sent in. Together with the PCN'S, Ihe project can encourage joined up workn'ng to help support those at risk of Violen (both victims and perpelralors). Key priority is developing impact measurement and implementing this. KEY STATS I IMPACT for 2023-24 36 referrals and 18 young people competed support in Newham. Currently 25 active YP for B&D, 35 on the waitlist. 750A of young people engaged in the Servi have reported positive changes of behaviour. Positive differences are reported relatively quickly (6-8 weeks). -Feels good coming here, being here and leaving feels go¢xI. Ifs better than I thought it would be.. "You are someone I can talk to without feeling judged" Prèmier League Kicks Premier League Kicks is a programme which uses the reach and appeal of the Premier League and football to regularly engage children and young peOe of all backgrounds and abilities in football, sport and personal development opportunities. Provision available for 8 to18-year-olds (or those aged 19 to 2&years in structured volunleering) at hub and satellite venues. We had several external probllders run workshops with our young people (Met poli (stop and searchl music & podcastingl cookingl recyGling) Lyca mobile tournament- engaged 71)0+ YPS across 5 Sch¢)ols from: Newham. Waltham Forest, Barknng & Dagenham. Rainham. Redbridge and Tower Hamletsry finals held @ Rush Green training ground
WEST HAM UNITED FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY2024 Impact 2020 participants engaged. 980/0 of our young people feel more confident working in a team, and 76.50A feel better at solving problems. 910/0 of our young people feel more confident about themselves. 980/0 feel more confident working in a team and 840/0 feel more comfortable speaking in front of a group. K01 data has allowed us to gain further insighl into our young people's experiences. 99 /0 young people enjoy coming to sessions, 93.9'A feel welcome, 83.70A feel more comfortable speaking in front of a group, 77.69/0 feel they are better at dealing with stressfvl situations. 91.9°h feel they gel along better with people from different backgrounds. 96'A are playing sports andl or being more acttve. and 58'k feel close to other people. The Training Ground The Training Ground is a football themed Personal & Professional development programme for young people aged 16 to 2&years old from across East London. The programme provides participants wrth core employability skills such as.. CV masterclass. job searching, job application, neorking. interwew skills. communication skills, professional workplace. and employer insight experience. A stTUCtured 10-week programme delivered at the West Ham United Foundation which enwurages and enables personal developmenl and growth Engaged with 69 participants over the season. 45 of the engaged participants are from diverse elhnic communities. 28 participants progressed on to a EET positive pathway. 71°A reported enhand motivation and progress in areas such as employment, training, and education. 100 /0 experienced improvements in their physical and mental wellbeing Over 500/0 increased confidence in their skills Twinning Literacy Project The Twinning Project is a partnership behveen West Ham Untled Foundation and HMP Chelmsford The aim to engage with inmates in footbalkbased programmes to improve their mental and physical health. wellbeing and obtain a qualification in FA Developing Leadership Through Football and Literacy Level 1 which will help improve their life chances and gain employment on release. KEY STATS for 2023-24 44 were engaged on both FA Developing Leadership Through Football Course and Lileracy Level 1 Course 26 SussfUllY completed FA Developing Leadership Through football 25 entered Literacy Level 1 Course
WEST HAM UNITED FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2024 Post 16 Football & Education The Post 16 Foolball & Education programme is a fvicFyear development programme for footballers aged 1&19- years who have completed Year 11 school education. The programme offers parbcipants four weekly training sessions plus a weekly fixture. Alongside football training. participants also study for academic, coaching and fitness qualifications, such as Level 1_3 BTECNCFE sports courses, wtth some students even progressing into higher education, such as University and Scholarships in the US We have continued to see success stories being developed from within Ihe programme. such as students now working for the Foundation and players securing contracts within the football pyramid. The programme has established a player pathway tiered system. meaning each player competes within their current standard. Our top tier level is called the Second Chance Programme and is delivered in partnership wtth the Wesl Ham United Academy. Holiday Activity Fund IHAF) The Holiday Actiwty Fund has continued to be delivered across East London and Essex. The programme is delivered during half term holidays. We provide free sports deltvery for thildren who are eligible for free school meals - age betsveen 7-16 years old. We provide health and nutrition awareness workshops as well as providing key tools such recipe cards and ingredients linked lo sustainable purchasing options. The activities provide a range of opportunities, participants engage within multiple multi-sports activities. leam about healthy living. participate in enrichmenl actiwties. and make new friends. We provide one hot meal as well as nutritious snacks throughout the day. Financial review 202312024 202212023 Income 3.206,262 3,612.603 The group. incoming resources can be analysed as follows: Donations Football Development Community Leaming Trading activities 402,915 737.883 738.100 776.986 550.378 447,469 830,039 896,843 806,501 631,751 The group recorded a net decrease in funds of.. 157,990 76,018 At the year end the group had net assets of= 451.229 609,219
WEST HAM UNITED FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2024 The income generated by trading subsidiary which is responsible for services rendered to partners, clients and candidates requiring sports workshops, general consultancy services, provision of coaching, pitch booking facilities and sporting events. The Trustees are fijlly confident thal the trading actimties will maintain Ihe charity's reserves in the fijture. The board of Tmstees is responsible for drawing up the accounts on a going concem basis and in doing so has considered the period for at least 12 months from the date of signing these accounts. The principal risks to the company's going cOnM status are Iwofold. Firstly, as a relatively small company. it is dependent on a sustainable level of income from its operations. This risk is mitigated in part by the fact that an increasing proportion of its grant funding is for a period in excess of one year and therefore subject to considerable certainty. and in part by the fact that much of the company's expenditure is variable and significant cost savings could quic be achieved in the event of a shortfall in tumover. Secondly, although tt is a separate legal entity from West Ham Untted Football Club Limited, the company is inevilably dependent to some extent on the status and continued operations of the football club. Moreover, to the extenl necessary. the club has also undertaken to provide the company with such finanaal support as it may require continuing trading and to meet rts debts as they fall due for a year of al least e1ve months from the date of these accounts. The board of Trustees is satisfied that West Ham United Football Club Limited is in a position to provide thal financial support rf needed. Consequently, after making enquiries and taking account of the uncertainties described above. the Board of Trustees has a reasonable expectation that the company has adequate resources to continue in operalional existence for the foreseeable fvture. Accordingly, the board of Trustees continue to adopt the going concem basis in preparing the annual report and accounts for the company. It is the policy of Ihe chartty that unrestricted funds vthich have not been designated for a specific use should be maintained at a level equivalent to behveen three and six month's expenditure. The Trustees consider that reserves al this level will ensure that, in the event of a significant drop in funding. they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. Reserves Policy Taking into consideration the guidance prowded by The Charity Commission for detemiining an appropriate reserve level. projections for the appropriate amount of reserves have been calculated on the basis that the reserves in our target range would provide short-term until long-tem solutions can be established and afe essential to ensure Ihe Charity's capability to meet short-lem) obligations. Reserves serve the crucial function of bridging the gap befvieen resource allocation and acquisition, as well as covertng unforeseen declines in income and unexpected increases in other expenditures. The Trusteès consider that the ideal reserve level for the next fve years is between £200.000 - £500,000. As at 31 May 2024 the Group's level of reserves was £451.229 (202212023: £609,219). The net movement in funds of West Ham United Foundation IuF) as at 31 May 2024 was a deficit of £157,990. {31 May 2023.- £76,018 surplus). Following a transfer of £18.750 from general reserve. designated funds increased to £118.750 for long temi maintenance of the Pitch. The Board keeps the level of reserves under regular remew to ensure that it is adequate and appropriate to meet the requirement of the organisation. 10-
WEST HAM UNITED FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STrATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 Rlsk Review The Trustees have undertaken an initial assessment of the major risks to which the cofflpany is exposed, in particular those related to finances and how it operates generally. During the year, we continued to develop strategic groups and consolidated forums to maintain a ntinUouS evalualion of risk factors. These groups convene on a monthly basis. These groups are.. Strategic Groups {+lead) Operations Management (Head of Ops) Business Development (Director of Programmes) Equality Group (Head of Community Development) Project Managers Group (Director of Programmes) Forums .Foundation Forum (chaired by CEO) .Training & Workforce Environmental Sustainability Staff & Wellbeing . Youth Forum The Group's Finan Sub Committee is fully active. however. the entire board carries fiduciary responsibility for the organisation, the finance committee serves as a leadership rde in this area, making sure appropriate intemal control procedures for all ffinancial transactions are documented. The Finance committee will ensure compliance andlor develop other policies that fijrther serve to protect the WHUF and manage its exposure lo risk. Ways in managing this financial risk indude: Having detailed financial planning. policies and processes in place to ensure oversight and ongoing monitoring of the finanaal position with all Heads of Departmenls and Budget Holders. Detailed contract planning and financial risk analysis has been assessed within the Foundations Forum Business Development section. The Trustees meet quartety to monitor the spending. Generally. we look at various ways to streamlinè cosls wilhout impacting on the delivery of the quality of services supplied, ensuring awareness and compliance of regulatory standards that impact the dtfferent activities carried out by the Group. Grants received from Premier League programmes still fonn a material sum of the financial perfomance, the Board recogni5es that its financial perfomiance would be materially affected in the event of West Ham United Football Club Limited being relegated from the Premier League with an associated reduction in the availabilty of funding from central resources. In order to mttigale any loss of income careful planning and, promolional and fundraising events are being instigated. Also, Ihe group prepares budgets three seasons in advance which indude an evaluation of the impact of relegation and associated contingency plans. Financial assets Ihat expose the company to financial risk consist principalty of cash, trade receivables and other receivables. Financial liabilities that expose the company lo finanaal risk consist principally of trade payables and other payables. The financial risks associated with financral instruments are considered minimal. The company is not exposed to any foreign exchange risks. The Company places its cash wilh credttworthy institutions. The company perfonns ongoing uedrt evaluation of ils debtorfs financial condition. The carying amount of cash, trade receivables and other receivables represent Ihe maximum credit risk that Ihe company is exposed to. 11
WEST HAM UNITED FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY2024 Plans for future periods 2024-2025 At the heart of our Foundation's efforts is a deep understanding of the people and communities we reach. We invest time into understanding their needs and aspirations and work collaborattvely, alongside our networks. to support where we can. This multi-layered model has enabled us to sharpen our attention on key areas impacting the individuals. groups and communities we serve. With prevenlion. inteprfention and partnership being crucial to our efforts. we are working hard to tackle some of the most prevalent issues in society today. Times continue to be tough. and people and communiti'es need our help more than ever. Desptte these challenges, we have remained fo¢)Jsed on our mission and objectives throughout. The Foundation conlinues lo be an anchor in the community, and our agile approach allows us to be reactive within this ever-changing landscape. Wilh themes such as food insecurity and youth wolence rife, our initiatives have adapted to be able to support those most vulnerable. As part of this, we are continuing to develop our work with children and families, progress mentortng and assistance for young people and enhance employability pathways.. helping to create positive change and brighter futures. In addition lo programme delivery the Foundation has been driving plans for the stale-of-the-art redevelopment of the Beckton headquarters. In recent years, as the Foundation's ServIS have grown, the headquarters has become restrictive. As such. wilh the ambition of establishing a Ihriving comrnunity hub al the heart of east London, the new facility- set for Spring 2025 opening- will continue to build on impact being delivered. The new facility will allow for increased delivery of youth activities, health programmes and learning and development schemes whilst fostering social cohesion,. creab'ng a Community Hub, with the facilities and services to meet the needs of the local community,. and generate more opportunities to change lives in East London and beyond. Auditor In accordance with the company's articles, a resolution proposing that F Winter & Co LLP be reappointed as auditor of the company will be put at a General Meeting. 12-
WEST HAM UNITED FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY2024 Disclosure of infomiation to auditor In so far as the Trustees are aware at the time of approving our Trustees, annual report.. there is no relevant infomiation, being information needed by the auditor in connection with preparing their report. of which the groups auditor is unaware, and the Trustees, having made enquiries of fellow directors and the group. s auditor that they ought to have individually laken, have each taken all steps that's helshe is obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the audrtor is aware of that information. The Trustees. report. including the directors. report and the strategic report. was approved by the Board of Trustees. Andrew Mollett (Chair) Trustee 7 February 2025 13-
WEST HAM UNITED FOUNDATION STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MA Y 2024 The Trustees, who are also the directors of West Ham United Foundation for the purpose of company law, are responsible for preparing the Trustees, Report and the finanaal statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Apted Accounting Practio). Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charty and of the incoming resources and application of resouros. including the income and exnditure, of the charitable company for thal year. In preparing these financial statements, the Trustees are required to.. - select suitable acojunting policies and then apply them consistently: obseNe the methods and principles in the Charities SORP" make judgements and estimates that are reasonable and prudent,- and ppare the finanual statements on the going concern basis unless it is inappropriate to presume Ihat the charity will continue in operation. The Trustees are responsible for keeping adequate accounting records thal disdose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial slalements comply wilh the Companies 2006. They are also responsible for safeguarding the assets of the charity and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Andrew Mollett (Chair) Trustee 7 February 2025 14-
WEST HAM UNITED FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WEST HAM UNITED FOUNDATION Opinion We have audited the financial statements of Wesl Ham United Foundation (the 'charity') for the year ended 31 May 2024 which comprise the consolidated statement of financtal activities, the consolidated and parent balance sheet, the consolidated statement of cash flows and the notes to the financial statements, induding significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Finanal Reporting Standard 102 The Financial Reporting Standa applicablè in the UK and Republic of Iland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the charitable group and parent's affairs as at 31 May 2024 and of the group's incoming resources and application of resources, induding its income and expenditure, for the year then ended., have been properly prepared in accordance with Unrted lfjngdom Generally ACpIed Accounting Practi. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audtt in accordance wtth Intemational Standards on Audtting (UKI (ISAS {UK)) and applicable law. Our responsibilities under those standards are fvrther descrtbed in the Auditors responsibililios for the audit of the financial staten7enls section of our report. We are independent of the charity in accordan with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we have fuffilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eden we have obtained is sufficient and appropriate to prowde a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have conduded that the Tmstees use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least Iwefve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant sections of this report. Other infonnation The other infonnation comprises the information included in the annual report other than the financial slatements and our auditorfs report Ihereon. The Trustees are responsible for the other infomiation contained within the annual report. Our opinion on the financial stalements does not cover the other infomiation and, except to the extent otherwise explicitly stated in our report. we do not express any fonn of assurance conclusion thereon. Our responsibilty is to read the other informalion and, in doing so. consider whether Ihe other information is materially inconsistent with the financial stslements or our knowledge obtained in the course of the audit, or OtheIse appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied. we condude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the woth undertaken in the course of our audit.. the information given in the Trustees report for the financial year for which the financial statements are prepared, which indudes the directors, report and the strategic report prepared for the purposes of company law, is consistent with the financial statements., and the strategic report and the directors. report induded wrthin the Trustees report have been prepared in accordance with applicable legal requirements. 15-
WEST HAM UNITED FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF WEST HAM UNITED FOUNDATION Matters on which we are required to report by exception In the light of the knowledge and understanding of the tharity and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors, report included within the Trustees report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require us lo report to you if in our opinion- adequate accounting records have not been kept. or retums adequate for our audit have not been received from branches not wsited by us.. or the parent charitable COmpanS financial statements are not in agreement wtth the accounting records and retums., or certain disclosures of Trustees. remuneration specified by law are not made., or we have not received all the infom)ation and explanations we require for our audit. Responsibilities of Trustees As explained more fvlly in the statement of Trustees responsibilities, the Trustees, who are also the directors of the charity for the purpose of company law. are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such intemal control as the Trustees detemiine is neSSary to enable the preparation of financial stalements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern. disclosing. as applicable, matters related to going concern and using the going concem basis of accounting unless the Trustees either intend to liquidate the charitable company or to ase operations, or have no realistic altemative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the finanual statements as a whole are free from material misstatement, whether due to fraud or eOr. and to issue an audttorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordan wtth ISAS (UK) will aayS detect a material misstatement when il exists. Misstatemenls can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to influen the economic decisions of users laken on the basis of these financial statements. Irregularities, including fraud, are InStanS of non-compliance with laws and regulation. We design prOdureS in line with our responsibilities outlined above, to detect material misstatements in respect of irregularities, including fraud. 16-
WEST HAM UNITED FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF WEST HAM UNITED FOUNDATION The extent to which our prOdureS are capable of detecting irregularities. including fraud. is detailed below. Our approach was as follows: We obtsined an understanding of the legal and regulatory frameworks that are applicable to the entity by discussions with management and those charged wtth govemance. experience from previous audtts of the entity and experience of other charitable dients. We assessed the risk of material misstatement in respect of fraud by discussions with management and assessments against accepted risk factors. We corroborated our enquiries through our substantive audit testing. review of cfient procedures and of minutes of Trustee meetings. We determined thal the most significant laws and regulations that relate which have a direct impact on the detemiination of material amounts and disdosures in the financial statements are company law, charitable law, the charitable objectives of the Foundation and accounting slandards. induding FRS 102 and the Charities SORP. The terms and conditions under whith grants and other income, in particular those of the Premier League, are significant because non-complian would have a material effect on the financial statements. Based on the results of our tisk assessment we designed our audit procedure510 identrfy non-compliance with such laws and regulations identtfied above. We considered Ihe risk of fraud through management override, and in response, we incorporated testing of manual journal entries inlo our audit approath. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with laws and regulations. Identified fraud risk factors were disGussed during the audit team briefing and professional scepticism exercised throughout the audit. Because of the inherent limitations of an audit there is a risk thal we will not detect all misstatement5 due to irregularities. including fraud. The more removed the laws and regulations are from the financial transactions. the less likely it is that we would become aware of non-compliance. Material misstalemenls thal arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate COnalment, forgery, omission. misrepresentation and collusion. Audit standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiries of management and inspeclion of regulatory and legal COeSponden. if any. in the absence of identified or suspected non-compliance. 17-
WEST HAM UNITED FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF WEST HAM UNITED FOUNDATION Use of our report This report is made solely to the charilable company's members. as a body, in accordan wrth Chapler 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state lo the chartlable company's members those matters we are required to state lo them in an auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not apt or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit woth, for this report, or for the opinions we have fomied. A fijrther description of our responsibilities is available on the Financial Reporting Council's website at.. https'.IINMv.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. Sunil atel (Senior Statutory Auditorl for and on behalf of F Winter & Co LLP 7 February 2025 Chartered Accountants Statutory Auditor Statutory Auditors & Chartered Accountants Ramillies House 2 Ramillies Street London W1F 7LN 18-
WEST HAM UNITED FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MA Y 2024 Unrestricted Restricted fvnds funds 2024 2024 Total Unrestrlcted Restrlcted funds funds 2023 2023 Total 2024 Notes 2023 Income from: Donations and similar income Income from Charitable Activities Other trading activrties 402,915 402,915 447,469 447,469 710.755 550,378 1.542.214 2.252,969 550.378 628,893 631,751 1,904,490 2,533,383 631,751 Totsl income 1.664.048 1.542.214 3.206.262 1.708,113 1,904,490 3,612,603 nditure on". Expenditure on trading activities 391,608 391,608 356,035 356.035 Charttable activities 1,430.430 1,542.214 2.972,644 1,276,060 1,904,490 3,180,550 Total expenditure 1.822.038 1.542.214 3.364.252 1,632,095 1,904,490 3,536,585 Net (expenditure)lincome for the yearl Net movement in funds (157,990) (157,990) 76,018 76,018 Fund balan$ at 1 June 2023 609.219 609.219 533,201 533,201 Fund balances at 31 May 2024 451.229 451.229 609.219 609,219 The statement of financial activities includes all gains and losses recognised in the year. All incomè and expenditure derive from continuing actiwtses. The statement of financial actiwties also wmplies with the requirement5 for an income and expenditure account under the Companies Acl 2006. 19-
WEST HAM UNITED FOUNDATION CONSOLIDATED AND PARENT COMPANY BALANCE SHEET ASAT31 MAY2024 Group 2024 Charity 2024 Group 2023 Charity 2023 Notes Fixed assets Tangible assets Investments 11 20 15,465 15,465 23,337 23,337 Current assets Debtors Cash at bank and in hand 15.465 15.466 23.337 23,338 12 760.702 222,371 758,122 208.324 999.127 262.004 1,050,942 159.832 Creditor5: amounts falling due within one year 983.073 966.446 1,261.131 1.210.774 14 (547,309) {530.683) (675.249) (624.893) Net (yjrrent assets 435,764 435,763 585,882 585,881 Total assets less current liabilities 451,229 451,229 609,219 609,219 Income funds Unrestricted fijnds Designated funds General unrestricted funds 118,750 332.479 118.750 332.479 100.000 509.219 100,000 509,219 451,229 451.229 609.219 609,219 The company has taken advantage of the exemption under (xjmpany law not to present ils parent company statement of finanaal activities, induding its income and expenditure account. The amount of group deficit for the year dealt with in the company's accounts was £157.990 (2023 - £76.018 surplus) The financial statements were approved and authorized for issue by the board of TTUStees on 7 February 2025 Andrew Mollett (Chair) Trustee Company registrdtion number 05731045 -20-
WEST HAM UNITED FOUNDATION CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MA Y 2024 2024 2023 Notes Cash flow5 fmm operating activities Cash (absorbed by)Igenerated from operations 21 (36,611) 72,519 Investing activities Purchase of tangible fixed assets (3,022) (21.605) Net cash used in investing activitles {3.022) (21.605) Net cash used in financing activities Net {decrease}fincrease in cash and cash equivalents (39,633) 50,914 Cash and cash equivalents at beginning of year 262,004 211,090 Cash and cash equivalents at end of year 222.371 262,004 21
WEST HAM UNITED FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Accounting policies Charity infom)ation West Ham United Foundation is a private company limtted by guarantee (Companies House No. 5731045) and a registered charity (Registered Charty No. 1114458) incorporated in England and Wales. The registered office is 60a Albatross Close. Beckton. London. E6 5NX. The principal activities of the company are described in the Trustees Report. 1.1 Basis of Preparation Accounting convention The financial statements have been prepared in accordance with the the Companies Act 2006, FRS 102 -The Financial Reporting Standard applicable in the UK and Republic of Ireland" {'FRS 102") and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The thartty is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterfing, which is the functional currency of the charity. Monetary amounts in these financial slalements are rounded to the nearest £. The financial stalemenls have been prepared under the historical cost convention.The company is a qualifying entity as defined by FRS102 and has taken advantage of the provisions in FRS 102 whereby a parent is not required to present a cash flow statement for the charity. Endrfl The principal accounling policies adopted are set out below. Basis of Consolidation The consolidated financial statements incorporate the results of West Ham United Foundation and its subsidiary from the date that conlrol commences to the date it ceases. Subsidiary undertaking is consolidaled on a line-by-line basis using the acquisition method of accounting in accordance with Section 9 "Consolidated and Separate Financial Statements" of FRS 102. Details of West Ham United Foundations subsidiary undertaking can be found in Note 20. 1.2 Going concern Al the time of approving the financial statements. the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The Board of Directors of West Ham United Football Club Limited (Club) have confimed the Clubs ongoing inlention of operational and financial support to the Trust for a minimum period of 12 months from the date of approval of these financial statements. and in addition the Club will not seek foredosure of the intercompany loan. Thus the Tnjstees continue to adopt the going concem basis of accounting in preparing the financial slalements. 1.3 Charitsble funds Unrestricted funds are available for use at the disuetion of the Trustees in fvrtherance of their charitable objectives. Designated fvnds are amounls set aside by the Trustees for a spectfic purpose and may be transferred back to unrestricted funds by decision of the Trustees at their discretion Restricted funds are subject to specific conditions by donors as to how they may be used. At the year end, the balances on all restricted funds are Nil. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. -22-
WEST HAM UNITED FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y2024 Accounting policles (Continued) 1.4 Income Income is recognised when the charity is legally entilled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be reived. Donations and similar income includes donations. legacies and the income from all non-charilable incidental fundraising activities. Cash donations are recognised on receipt. Other donations are recognised ono the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation to donations reiVed under Gift Aid or deeds of covenant is recognised al the lime of the donation. Legacies are recognised on receipt or otherwise rf the charity has been notified of an impending dislribution, the amount is known, and receipt is expected. If the amount is not known. the legacy is treated as a contingent assel. The Foundation does not indude donated services and facilities in the Statement of Financial Activities as it is unable to reasonably quantify or measure the value of these services. Donated services are provided by Wesl Ham United FC to the extent that premises and support functions are prowded free of any charges. Details of transactions with West Ham United FC are induded in note 18. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefft to a third paty, it is probable that a transfer of economic beneffts will be required in setdement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each actlvity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activtty. Direct costs attributable to a single activity are allocated directly to that activty. Shared costs which contribute to more than one activity and support cosls which are not attributable to a single activity are apportioned between those activities on a basis consistent Wtth the use of resources. 1.6 Tangible fixed assets Tangible fixed assets are initialty measured at cost and subsequently measured at cost, net of depreciation and any impaimient losses. Depreciation is recognised 50 as lo write off the cost of assets less their residual values over their usefijl lives on the following bases.. Plant & Machinery Computer Software 20°h reducing balan 33.30A staright line basis The gain or Ioss arising on the disposal of an asset is determined as the dtfference belween the sale proceeds and the caryying value of the asset, and is recognised in the statement of financial activities. 1.7 Investsnent in subsidiary undertaking A subsidiary is an entlty controlled by the charity. Control is the power to govem the financial and operating policies of the enlty so as to obtain beneffts from tts ath'vities. Investment in subsidiaries are included at cost. -23-
WEST HAM UNITED FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2024 Accounting policies (Continued) 1.8 Impairnient of fixed assets At each reporting end date. the charity reviews the carrying amounts of tts tangible assets to determine whether there is any indication that those assets have suffered an impaiment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to detemiine the extent of the impairment loss (rf any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments wtth original maturities of three months or less. and bank overdrafts. 1.10 Financial instruments The charily has elected to apply the provisions of Section 11 'Basic Financial Instruments. of FRS 102 to all of its ffinaneial instruments. Financial instruments are recognised in the charrty's balance sheet when the charity becomes party to the contractual provisions of the inslrument. Financial assets and liabilities are offset. with the net amounts Presented in the financtal statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balans. are initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the aangernent constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as re1vable within one year are not amortised. Debtors Trade and other debtors are recognrzed at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discount due. Basic financial liabilities Basic financial liabilities. including credilors and bank loans are initialty recognised at transaction pri unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the presenl value of the future payments discounted al a market rate of interest Financial liabilities classified as payable within one year are nol amortiseij. Debt instruments are subsequently Caled at amortised cost, using the effective interest rale method. Trade creditors are obligations to pay for goods or servIS that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as cuent liabililies if payment is due wtthin one year or less. If not, they are presented as non-curreni liabilities. Trade creditors are recognised initially at transaction price and subsequentty measured at amortised cost using the effective interest method. Creditots and provisions Creditors and provisions are recognized where the charity has a present obligation resulting from a past event that could probably result in the transfer of funds to a third party and the amount due lo settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognized at their settlement amount after allowing for any trade discount due. Derecognition of financial liabilities Financial liabilities are derecognised when the charitls contractual obligations expire or are discharged or cancelled. -24-
WEST HAM UNITED FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 Accounting policies (Continued) 1.11 Taxation The Charity is exempt from tax on income and gains falling within Section 505 of the Taxes Act 1988 or Section 252 of the Taxations of the Chargeable Gains Act 1992 to the extent that these are applied to ils charitable objects. The income of the trading subsidiary is gift aided to the parent charity such that no tax liabilities are due. 1.12 Ernployee benefits The cost of any unused holiday entitlement Is recognised in the period in which the employee's seNices are received. Termination beneffts are recognised immediatety as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide temiination benefits. 1.13 Retirement benefits Payments to defined contribution retirement benefit schemes a tharged as an expense as they fall due. Critical accounting estimates and judgements The principal estimates and judgements relale to the assessment of accrued and deferred income relating lo restricted fund prOjeS as detemiined by the condttions of the grant and the accounting requirements of FRS 102 and the SORP. The allocation of support costs needs to tske account of the restrictions imposed by donors on the ability to recover cost (see Note 8). Donations and similar income Unrestricted Unrestricted funds funds general general 2024 2023 Grants Donations Legacies Fundraising 230.000 28,407 40,000 104,508 234,500 91,329 40,000 81,640 402,915 447,469 -25-
WEST HAM UNITED FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR fHE YEAR ENDED 31 MA Y2024 Incomo from CharftableAcvIo3 Totsl Fo¢ibal Communty L•rnlny 2Q24 2024 2023 2023 2023 2023 Chwitabk a(1¢ n7.883 n8,1C 776,986 2.252.969 030.039 8%.843 806,$01 2,533.383 Anatysis by thd Vnresknthed funds. gmeral Rtslricaed fund$ 203.895 135,329 371.&11 710,755 533,988 602.771 405.455 1.542.214 n7.883 184.476 645. 20.527 876.316 423.89) 382,611 628.893 1,gJ4.490 ,1C#) 776.986 2.252.969 830.039 89S.843 806.501 2.533.383
WEST HAM UNITED FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 Other trading acllvitie3 Unrestricted Unrestri¢ted funds funds general general 2024 2023 Football development Other trading income 510.826 39,552 593.542 38.209 Other trading aclivtties 550,378 631,751 Expenditure on trading activities Unrestrfcted Unrestricted funds funds general general 2024 2023 Tradin costs Football Development Other trading cost 310,608 81,000 356,035 391,608 356,035 -27-
WEST HAM UNrrED FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 IIA Y2024 Charltablo ¥U¥ltle5 Foow Communlty L•amlThJ Dovelopment 2024 2024 Totsl F¢J911 Cornmuntty Loarnlng D8velopmont 2023 2023 Tot•1 2024 2024 2023 2023 chItable expenditure 630.946 547.437 4.976 1.669,359 744.566 607.988 534.5W 1.887.054 Shareef 5UPWt Costs (see 81 Share of govemance t/)9 Isee nete 81 4S3.703 334.836 14.657 14,657 470.715 1,259.314 14.657 43.970 492.436 4,C67 232.193 4.067 556,666 1.281,295 4.7 12.2CQ 1.099.3C6 896.930 978.4 2,972.644 1.241.C69 Analysls by fund Unrestricted fvnds- genw81 Restricted funds 844.248 1,095,233 3.180.550 487.172 612.134 297.175 646.fO3 1.430.4XJ S99,755 ts).325 1.542.214 1.099.3(kS 896.930 476.219 764.850 18,136 826.112 781.705 1.276.060 313.528 1,W,490 976.4 2.972,644 1.241. 844,248 1.095,233 3,180,550
WEST HAM UNITED FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2024 Support costs Support Governance costs costs 2024 Support Governance costs costs 2023 Football Development Community Learning 453,703 334,836 470,775 453.703 334.836 470.775 492,435 232,193 556,666 492,435 232,193 556,666 Audil fees Other fees payable to auditors Legal and professional 8,810 8,810 11,000 11.000 7,910 27.250 7,910 27,250 1,200 1,200 1.259,314 43.970 1.303.284 1,281,294 12.200 Analysed between Charitable activities 1.293,494 1.259,314 43.970 1.303.284 1.281,294 12,2(Ki 1.293,494 Trustees None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. No Trustee (or any person associated with them) reiVed any expenses from the chartty during the year. 10 Employees The average monthly number of employees during the year was". 2024 Number 2023 Number Full time employees Part time employees 47 72 47 61 Total 119 108 Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 1.900,149 235,184 58,151 1,973,279 242,546 60,421 2,193,484 2,276,246 -29-
WEST HAM UNITED FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY2024 10 Employees (Continued) The number of employees whose annual remuneration was more than £60,1)00 is as follows-. 2024 Number 2023 Number £170,001-£180,000 £70,001_£80.000 £60,001_£70.1)00 11 Tangible fixed assets Plant & Machlnery Cost At 1 June 2023 Additions 33,462 3,022 At 31 May 2024 36,483 Depreciation and impaimient At 1 June 2023 Deprecialion charged in the year At 31 May 2024 10,125 10,894 21,018 Carrying amount At 31 May 2024 15,465 At 31 May 2023 23,337 12 Debtors Group 2024 Charity 2024 Group 2023 Charity 2023 Amounts falling due within one year: Trade debtors Wesl Ham United Foundation Enterprises IWHUFE) Other debtors Prepayments and accnjed income 514.352 468,979 447,107 368.647 144,503 8,784 135,856 419,344 1,816 261,135 8,784 237,566 1,816 550,204 760,702 758,122 999,127 1,050,942 -30-
WEST HAM UNITED FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2024 13 Operating lease commitinents At 31 May 2024 the group had operating lease commitments under which the minimum commitments are payable as follow5 i. Within one year £20,000 ii. Within years two and five £80.000 iii. After more than five years £400,000. 14 Creditors: amounts falling due within one year Group 2024 Charity 2024 Group 2023 Notes Charity 2023 Other taxation and soual security Deferred income Trade creditors ATualS 73,523 397,088 23.218 53.480 15 65,342 397,088 21,273 46,980 87,048 253,319 188.759 146,123 62,358 253.319 174,535 134,681 547.309 530,683 675,249 624,893 15 Deferred income 2024 2023 Other deferred inrne 397.088 253,319 2024 2023 Deferred income is induded within: Current liabilities 397,088 253,319 Deferred income at 1 June 2023 Released from previous periods Resources deferred in the year 253,319 (253,319) 397,088 269,938 (269,938) 253,319 Deferred income at 31 May 2024 397,088 253.319 Deferred income represents income which the chartty is qUired to retain to meet the balance of expenditure under the terms of funding agreements. 31
WEST HAM UNITED FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MA Y 2024 16 Funds General Reserve Designated Totsl Funds Restricted Unrestricted Funds Total Funds At 1 June 2022 458.201 75,000 533.201 533,201 Incoming resources 1,708,113 1,708,113 1,904,490 3.612,603 Resources expended (1,632,095) (1,632,095) (1.904,490) (3,536,585) Transfer (25,CH)O) 25.000 At 31 May 2023 509.219 100,000 609.219 609,219 At 1 June 2023 509.219 100,000 609.219 609,219 Incoming resources 1,664,048 1,664.048 1,542.214 3,206.262 ReSoUrS expended (1,822,038) (1,822.038) (1.542,214) (3,364,252) Transfer (18.750) 18,750 At 31 May 2024 332.479 118,750 451.229 451,229 Funds are held for use of the following purposes. General reserve General reserve represents funds available for use at the dISet10n of Board to further the Charity's objectives. Designated funds Designated funds are amounts set aside by the Trustees for specific purposes. During the year the Trustees transferred an additional £18,750 into a separate designated fund for the maintenance and improvement of the pitches rnade available to the Foundation by West Ham United Football Club. Restricted funds Restricted funds indude grants given to the Charity for spectfic purposes to be expended in accordance with the terms of donation or grants. These funds consist of grants and funding in vartous bodies including Premier League. They are to be used for specific projects according to terms and restrictions imposed by the donors and funding bodies. They relate lo a large number of short-term projects the activities which are in line with our objectives. covering areas in Football Development. Leaming and Communty. -32-
WEST HAM UNITED FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2024 17 Anatysis of net assets between funds Generdl Designated Total reserve funds unrestrictsd funds 2024 General Designated Total reserve funds unrestrictsd funds 2023 2024 2024 2023 2023 Fund balances at 31 May 2024 are represented by.. Tangible assets Cuffenl aSset(lIabIlIties) 15.465 317.014 15.465 435.764 118.750 23.337 485,882 23,337 585,882 100.000 332.479 118.750 451,229 509,219 100,000 609,219
WEST HAM UNITED FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {coKfiNUED) FOR THE YEAR ENDED 31 MA Y2024 18 Related party trdnsactions Remuneration of key management personnel The remuneration of key management personnel is as follows. 2024 2023 Aggregate compensation 438.937 477,248 Transactions with related parties Sports equipment, stationery and children's toys were purchased from West Ham United Football Club Limited. Purchase of goods 2024 2023 West Ham United Football Club 63,750 56,271 Other trading income (Note 6) includes salary and other recharges to West Ham United Football Club for the use of staff and hospitality. Recharges 2024 2023 West Ham United Football Club 164,566 38,209 The following amounts were outstanding at the reporting end date-. £177,232 {2023'. £117,356 credit) due from West Ham United Football Club Group. A number of other goods and servrces were supplied to the company by West Ham United Football Club Limitèd on a complimentary basis. as explained in the section headed "Relationship with West Ham United Football Club Limited" in the Trustees, Report, pages 1 to 13 of Ihese financial statements. The Trustees consider that it is impracticable to value these goods and servIs. On 28 May 2024, the charrty entered into an operating lease with West Ham United Football Club for a period of tsventy five years for the occupation of the redeveloped premises at Beckton at a minimum rent of £20,000 per annum. The previous lease allowed rent free occupation. 19 Controlling Party The company is limited by guarantee and therefore does not have any share capital. Any liabilty of ils members is limited to £10 per member
WEST HAM UNITED FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2024 20 Subsidiaries Details of Ihe charity's subsidiaries at 31 May 2024 are as follows-. Name of undertaking Registered office Nature of business Class of % Held shares held Direct Indirect Provision of Sports seiCes Ordinary West Ham United Foundation Enterprises IWHUFE) Limited England and WaS 100.00 Share Capital Held £1 21 Cash generated from operations 2024 2023 (Deficit)Isurpus for the year {157,990) 76,018 Depreciation and impaifment of tangible fixed assets 10.893 6,926 Movements in working capital: Decrease in debtors (Decrease) in creditors Increasel(decrease) in deferred income 238,429 (271,712) 143,769 459,207 (453,013) (16,619) Cash (absorbed by)Igenerated from operations (36,611) 72,519 22 Corresponding amounts In ortain cases. the Tmstees have reanalysed the corresponding amounts in order lo make their disclosures more meaningful. -35-