DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Company registration number: 6500460 Charity registration number: 1123447
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
(A company limited by share capital)
Annual Report and Financial Statements
for the Year Ended 31 May 2023
Forrester Boyd Chartered Accountants 26 South Saint Mary's Gate Grimsby North East Lincolnshire DN31 1LW
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 6 |
| Statement of Trustees' Responsibilities | 7 |
| Independent Auditors' Report | 8 to 10 |
| Statement of Financial Activities | 11 to 12 |
| Balance Sheet | 13 |
| Statement of Cash Flows | 14 |
| Notes to the Financial Statements | 15 to 25 |
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Reference and Administrative Details
| Charity name | Grimsby Town Foundation |
|---|---|
| Charity Registration Number | 1123447 |
| Company Registration Number | 6500460 |
| Trustees | S Wraith |
| C Grocock | |
| D Cook | |
| M Baker | |
| Registered Office | Blundell Park |
| Cleethorpes | |
| North East Lincolnshire | |
| DN35 7PY | |
| Auditor | Forrester Boyd |
| Chartered Accountants | |
| 26 South Saint Mary's Gate | |
| Grimsby | |
| North East Lincolnshire | |
| DN31 1LW | |
| Bankers | National Westminster Bank Plc |
| 66 Victoria Street | |
| Grimsby | |
| DN31 1GA |
Page 1
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 May 2023.
Trustees
S Wraith C Grocock N Massingham (Resigned 4 October 2023) D Cook M Baker (Appointed 27 September 2022)
Objectives and activities
Objects and aims
The Charity’s objectives (the Objects) are for the benefit of the public generally and in particularly, the inhabitants of North East Lincolnshire and surrounding areas:-
• To promote community participation in healthy recreation by providing facilities for the playing of association football and other sports capable of improving health.
• To provide and assist in providing facilities for sport, recreation or other leisure time occupation of such persons who have need for such facilities by reason of their youth, age, infirmity or disablement, poverty or social and economic circumstances or for the public at large in the interests of social welfare and with the object of improving their conditions of life; and
• To advance the education of children and young people through such means as the trustees think fit in accordance with the law of charity. The charity has the broad aim of providing increased opportunities for children and young people to engage in qualified football coaching and other sporting activities.
The strategies employed to achieve the charity’s objectives are to:
• Provide opportunities to children and young people of all abilities to engage in football/sporting activities;
• Provide a broad range of activities and venues within North East Lincolnshire and surrounding areas to increase opportunities for children and young people to benefit from qualified football coaching and sporting activities;
• Establish effective lines of communication with local schools and, where applicable, governing bodies of schools;
• Establish working relationships with, FA, PFA, Football League, Premier League, Grimsby Town Football Club, Children Services and relevant partners;
• Deliver a quality and professional service provided by FA qualified coaches;
• Establish a comprehensive and effective marketing strategy to promote and highlight the charity’s services within schools.
Page 2
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Trustees' Report
Public benefit
The trustees’ have had due regard to guidance published by the Charities Commission (CC) on public benefit. They believe the below objectives and activities, along with the year’s performance, clearly show how the charity brings benefit to the public.
The trustees' confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Strategic Report
Achievements and performance
Following the relaxation of restrictions caused by the Covid-19 pandemic, the Trust achieved a record year in terms of income in 2022 with the current year showing a reduction in overall income of nearly £450k.
The major cause of the reduction is the end of the NCS programme run by the Foundation. Due to changes in the way the NCS programmes are delivered nationwide, and despite the Trust’s record for delivering projects over the course of its association with NCS, a bid for further funding was unsuccessful.
Despite this the Foundation has continued to have a major impact in the community during the financial year and delivering many high quality initiatives reaching a large number of those in need. The Charity has continued to provide Holiday Activity and Food (HAF) programmes throughout the year, for school aged children in receipt of free school meals to benefit from activities and have a meal, whilst being supervised and motivated by the Charities coaching team.
School provisions have continued and whilst this has not returned back to the numbers seen prior to the pandemic, the Charity is seeing an uptake in new schools in the area.
Recreational sessions have resumed in the community, allowing the Charity to take the power of the GTFC badge back into the community, including introducing new sessions funded through Young People Support Services aimed at reducing crime and engaging young people in recreational activity. These include Saturday sessions and Holiday Courses.
Programmes and initiatives funded through English Football League Trust (EFLT) continue to operate, the biggest source of income continuing to be the University of South Wales Foundation Degree course. The Charity is committed to investing into this over the coming year.
Programmes funded through the Premier League Charitable Fund (PLCF) have continued to operate, namely the Premier League Primary Stars in Primary Schools and Premier League Kicks which is a community provision, using football to engage young people and support them with their social development.
During the year the Foundation was delighted to receive a grant from the National Lottery Heritage Fund and the #RememberWhenGTFC project has used the history and memories of Grimsby Town Football Club to aid those, particular with dementia, to reminisce. After a successful pilot which reached over 3,000 people the project was extended and continues to run and share GTFC memorabilia to a wider audience.
Following the end of the financial year the Trust re-branded as the Grimsby Town Foundation with the new name more aligned with the charitable objectives of the organisation and encompassing the wide range of services and projects undertaken.
Page 3
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Trustees' Report
Key financial performance indicators
| Key financial performance indicators | |||
|---|---|---|---|
| Unit | 2023 | 2022 | |
| Total income | £ | 771,284 | 1,219,186 |
| (Deficit) / Surplus | £ | (44,535) | 229,329 |
| Funds over/(under) policy target | £ | 290,046 | 333,121 |
Plans for future periods
Financial review
The Foundation had a small deficit in the year of £44,536 compared to a surplus of £229,329 in 2022. The core activities of the Foundation have continued to operate, with new funding opportunities explored to try and reach as many people in need of provisions as possible. The deficit reflects the re-investing of the surplus achieved in the prior year with the level of reserves seen as a positive given the uncertainties faced in the current economic environment and to safeguard the future of the Foundation.
Policy on reserves
The trustees' policy is to hold three month’s salaries in reserves. The reserves are needed in the event of lost funding, unexpected costs or reduced income levels. The trustees therefore consider that the ideal level of reserves as at 31 May 2023 would be around £125,000. The actual reserves at 31st May 2023 are £415,890 (restricted £210,949). The policy is only a minimum target to ensure costs are covered, and the Trust is pleased to be exceeding its targets for the current year.
Fundraising
From time to time the Foundation will hold fundraising events aimed at raising funds to meet its core objectives. The main sources of funding however are through grant aid which is sought for specific projects or to improve Foundation facilities.
Fundraising is not carried out by a commercial partner or professional fundraiser. No complaints have been received about fundraising carried out by the Foundation.
The Foundation does not heavily promote fundraising activities and there is no undue pressure placed on any person to give money or other property. The fundraising activities are not formally monitored due to the small scale of activities carried out.
Structure, governance and management
Nature of governing document
Grimsby Town Foundation is a company limited by guarantee governed by its Memorandum and Articles of Association dated 11th February 2008. It is registered as a charity with the Charity Commission. The liability of the members is limited to an amount not exceeding £10. The company commenced trading on 1st May 2008.
i) Governing document
ii) Trustee induction and training
iii) Organisation
Page 4
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Trustees' Report
Recruitment and appointment of trustees
Grimsby Town Foundation is a registered charity (charity number: 1123447) and as such is operated by a board of trustees. The board of trustees meet quarterly and provide strategic guidance and governance. The Trust is continually seeking to develop a broader skills mix of trustees in order to support and advance the current level of service offered.
When considering appointing new trustees, the Board has regard to the requirement for any specialist skills needed in order to support the charities work.
Induction and training of trustees
New trustees are welcomed and encouraged to sit down with the Head of Foundation to better understand the day to day operations and challenges faced by the Foundation. Training and induction will depend on the existing experience of the Trustee, their knowledge of Trustee responsibilities as well as Foundation services and objectives and will be tailored to the individual in a friendly and informal manner.
Arrangements for setting key management personnel remuneration
Key management personnel comprises of the trustees and other officers listed on page 1 of the accounts. Only the Head of Foundation receives remuneration for their work and their salary is set by the board of trustees which is confirmed by the Chair of the Board on an annual basis.
Organisational structure
A CEO and Head of Foundation are appointed by the trustees to manage the day to day operations of the charity. To facilitate effective operations, the CEO and Head of Foundation have delegated authority, within terms of delegation approved by the trustees, for operational matters including finance, employment and general development of the charity. All areas of the charities operations and developments are reported upon by the CEO to the trustees.
The CEO has overall responsibility for the Charity, including governance, quality assurance and financial oversight. The CEO reports directly to the Board of Trustees and will professionalise and modernise the Charity, ensuring competence and compliance is applied throughout the Charity. J Schofield was appointed as the Foundation's first CEO in 2022 however has left her position subsequent to the financial year end. The Foundation Board has decided to re-structure and adopt a proposal to have a common CEO across both the Foundation and Grimsby Town Football Club Ltd. Debbie Cook is fulfilling the joint CEO role at present. The Board also appointed Peter MacLeod in October 2023 as Acting Head of Foundation.
All major risks have been reviewed and systems and procedures have been established to manage these risks and implement strategies to minimise any negative financial effect on the charity.
Relationships with related parties
Grimsby Town FC Ltd
D Cook is a director of both entities
Employment of disabled persons
Grimsby Town Foundation will employ disabled persons when they appear to be suitable for a particular vacancy and every effort is made to ensure that they are given full and fair consideration when such vacancies arise.
During employment Grimsby Town Foundation seeks to work with employees, taking into account their personal circumstances to ensure appropriate training, development and advancement opportunities are available to enable them to reach their full potential.
Page 5
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Trustees' Report
Employee involvement
Grimsby Town Foundation encourages the involvement of its employees through regular management and team meetings and the dissemination of information of particular concern to employees and for receiving their views on important matters of policy.
Disclosure of information to auditor
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
The annual report was approved by the trustees of the charity on 12 January 2024 and signed on its behalf by:
......................................... C Grocock Trustee
Page 6
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Statement of Trustees' Responsibilities
The trustees (who are also the directors of Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust) for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on 12 January 2024 and signed on its behalf by:
......................................... C Grocock Trustee
Page 7
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Independent Auditor's Report to the Members of Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Opinion
We have audited the financial statements of Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust) (the 'charity') for the year ended 31 May 2023, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 May 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern 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 concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 8
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Independent Auditor's Report to the Members of Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Trustees' Report, which includes the Strategic Report and Directors' Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities (set out on page 7), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
-
Discussions held with management, including consideration of known or suspected instances of non-compliance.
-
Challenging assumptions and judgements made within significant accounting estimates and judgements such as depreciation and bad debts.
-
Identification of key laws and regulations central to the associations operations and review of compliance with such laws including a review of the Charities Commission website.
-
Testing of journal entries and potential override of systems.
Page 9
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Independent Auditor's Report to the Members of Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
Neal Watford ACA (Senior Statutory Auditor) For and on behalf of Forrester Boyd, Statutory Auditor
26 South Saint Mary's Gate Grimsby North East Lincolnshire DN31 1LW
12 January 2024
Page 10
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Statement of Financial Activities for the Year Ended 31 May 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies Charitable activities 2 Other income 3 Total Income Expenditure on: Charitable activities 4 Total expenditure Net (expenditure)/income Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 16 |
Unrestricted funds £ 673 236,614 4,800 242,087 (281,386) (281,386) (39,299) 125,693 86,394 118,547 204,941 |
Restricted funds £ - 529,197 - 529,197 (534,434) (534,434) (5,237) (125,693) (130,930) 341,879 210,949 |
Total 2023 £ 673 765,811 4,800 771,284 (815,820) (815,820) (44,536) - (44,536) 460,426 415,890 |
Total 2022 £ 1,108 1,212,108 5,970 |
|---|---|---|---|---|
| 1,219,186 | ||||
| (989,857) | ||||
| (989,857) | ||||
| 229,329 - |
||||
| 229,329 231,097 |
||||
| 460,426 |
The notes on pages 15 to 25 form an integral part of these financial statements. Page 11
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Statement of Financial Activities for the Year Ended 31 May 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies Charitable activities 2 Other income 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net income Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 16 |
Unrestricted funds £ 1,108 196,081 3,515 200,704 (116,433) (116,433) 84,271 (65,559) 18,712 99,835 118,547 |
Restricted funds £ - 1,016,027 2,455 1,018,482 (873,424) (873,424) 145,058 65,559 210,617 131,262 341,879 |
Total 2022 £ 1,108 1,212,108 5,970 |
|---|---|---|---|
| 1,219,186 | |||
| (989,857) | |||
| (989,857) | |||
| 229,329 - |
|||
| 229,329 231,097 |
|||
| 460,426 |
The notes on pages 15 to 25 form an integral part of these financial statements. Page 12
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
(Registration number: 6500460) Balance Sheet as at 31 May 2023
| Note Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand 12 Creditors: Amounts falling due within one year 13 Net current assets Net assets Funds of the charity: Restricted income funds Restricted funds 16 Unrestricted income funds Unrestricted funds 16 Total funds |
2023 £ 19,862 88,446 395,079 483,525 (87,497) 396,028 415,890 210,949 204,941 415,890 |
2022 £ 24,058 62,554 481,964 |
|---|---|---|
| 544,518 (108,150) |
||
| 436,368 | ||
| 460,426 | ||
| 341,879 118,547 |
||
| 460,426 |
The financial statements on pages 11 to 25 were approved by the trustees, and authorised for issue on 12 January 2024 and signed on their behalf by:
......................................... C Grocock Trustee
The notes on pages 15 to 25 form an integral part of these financial statements. Page 13
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Statement of Cash Flows for the Year Ended 31 May 2023
| Note Cash flows from operating activities Net cash (expenditure)/income Adjustments to cash flows from non-cash items Depreciation Profit on disposal of tangible fixed assets Working capital adjustments Increase in debtors 11 Increase in creditors 13 Decrease in deferred income Net cash flows from operating activities Cash flows from investing activities Purchase of tangible fixed assets 10 Sale of tangible fixed assets Net cash flows from investing activities Cash flows from financing activities Repayment of loans and borrowings 13 Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at 1 June Cash and cash equivalents at 31 May |
2023 £ (44,536) 7,583 - (36,953) (25,892) 19,347 - (43,498) (3,387) - (3,387) (40,000) (86,885) 481,964 395,079 |
2022 £ 229,329 9,256 (1,122) |
|---|---|---|
| 237,463 (1,308) 14,870 (65,918) |
||
| 185,107 | ||
| (949) 1,500 |
||
| 551 (10,000) |
||
| 175,658 306,306 |
||
| 481,964 |
The notes on pages 15 to 25 form an integral part of these financial statements. Page 14
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Notes to the Financial Statements for the Year Ended 31 May 2023
1 Accounting policies
General information
Grimsby Town Football in the Community Sports and Education Trust is a company limited by guarantee incorporated in England. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The address of the registered office is given on page 1 of these financial statements. The nature of the charity's operations and principal activities are set out in the trustees' report.
The charity constitutes a public benefit entity as defined by FRS 102.
Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements cover the individual entity and have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)) and the Companies Act 2006.
The financial statements are prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Resources expended have been split proportionally across Restricted and Unrestricted Funds dependent on the level of income received, except in the case of specific costs which are determined to relate more fully to one of the funds.
Further details of each fund are disclosed in note 16.
Going concern
The financial statements have been prepared on a going concern basis.
The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.
Judgements
Key judgements made when applying the charity's accounting policies are largely based around cost allocations. Particularly in the case of support costs allocating amounts between funds has been done using judgement as to the best method for allocating these costs which has been discussed by the trustees and is detailed below.
Income and endowments
All incoming resources are recognised when the Charity has entitlement to the funds, the receipt is probable and the amount can be measured reliably.
Page 15
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Notes to the Financial Statements for the Year Ended 31 May 2023
Grants receivable
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of meeting any performance-related conditions there is not unconditional entitlement to the income and its recognition is deferred and included in creditors as deferred income until the performance-related conditions are met. Where entitlement occurs before income is received, the income is accrued.
Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.
Charitable activities
Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Resources expended have been split proportionally across Restricted and Unrestricted Funds dependent on the level of income received, except in the case of specific costs which are determined to relate more fully to one of the funds.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Other expenditure
In relation to redundancy and termination payments made to previous employees these are recognised once due process has been completed and the amount can be reliably measured or estimated. If payment is uncertain or amounts cannot be measured then costs are not recognised until the aforementioned conditions are met.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, where no reliable estimate can be made support costs are split proportionately based on percentages of total income.
Tangible fixed assets
Assets costing £1,000 or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
| Asset class | Depreciation method and rate |
|---|---|
| Motor vehicles | 20% reducing balance |
| Computer equipment | 33% straight line basis |
Page 16
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Notes to the Financial Statements for the Year Ended 31 May 2023
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Charity will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expenses when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
2 Incoming resources from charitable activities
| Grants receivable Soccer schools and courses Grants receivable Soccer schools and courses |
Unrestricted funds General £ 70,200 166,414 236,614 Unrestricted funds General £ - 196,081 196,081 |
Restricted funds £ 529,197 - 529,197 Restricted funds £ 1,016,027 - 1,016,027 |
Total 2023 £ 599,397 166,414 |
|---|---|---|---|
| 765,811 | |||
| Total 2022 £ 1,016,027 196,081 |
|||
| 1,212,108 |
3 Other income
| Income from Trading Activities | Unrestricted funds General £ 4,800 |
Total 2023 £ 4,800 |
|---|---|---|
Page 17
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Notes to the Financial Statements for the Year Ended 31 May 2023
| Income from Trading Activities Other Government Grants |
Unrestricted funds General £ 3,515 - 3,515 |
Restricted funds £ - 2,455 2,455 |
Total 2022 £ 3,515 2,455 |
|---|---|---|---|
| 5,970 |
4 Expenditure on charitable activities
| Facility hire Employment costs Direct project costs Staff training Establishment costs Repairs and maintenance Office expenses Stationery, postage & advertising Sundry and other costs Auditors remuneration Legal and professional costs Bank charges Depreciation of tangible fixed assets |
Activity undertaken directly £ 8,684 366,756 120,449 1,034 13,776 1,377 13,830 2,176 135 - - - 6,216 534,433 |
Grant funding of activity £ 5,418 172,339 52,146 1,043 8,884 67 6,491 5,038 2,736 - - 3,399 1,367 258,928 |
Activity support costs £ - - - - - - - - - 5,000 17,458 - - 22,458 |
2023 £ 14,102 539,095 172,595 2,077 22,660 1,444 20,321 7,214 2,871 5,000 17,458 3,399 7,583 |
|---|---|---|---|---|
| 815,819 |
Page 18
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Notes to the Financial Statements for the Year Ended 31 May 2023
| Facility hire Employment costs Direct project costs Staff training Establishment costs Repairs and maintenance Office expenses Stationery, postage & advertising Sundry and other costs Auditors remuneration Legal and professional costs Bank charges Depreciation of tangible fixed assets Profit on sale of asset |
Activity undertaken directly £ 15,226 474,815 298,868 13,900 26,344 1,089 12,461 13,453 1,135 - - 3,399 - - 860,690 |
Grant funding of activity £ 3,978 67,597 15,688 6,255 5,018 208 2,374 3,889 216 - - 647 9,256 (1,122) 114,004 |
Activity support costs £ - - - - - - - - - 8,000 7,163 - - - 15,163 |
2022 £ 19,204 542,412 314,556 20,155 31,362 1,297 14,835 17,342 1,351 8,000 7,163 4,046 9,256 (1,122) |
|---|---|---|---|---|
| 989,857 |
5 Analysis of governance and support costs
Support costs allocated to charitable activities
| Basis of allocation Unrestricted Income A Basis of allocation Restricted Income A Unrestricted Income A |
Other support costs £ 19,958 Other support costs £ 12,434 2,729 15,163 |
Total 2023 £ 19,958 |
|---|---|---|
| Total 2022 £ 12,434 2,729 |
||
| 15,163 |
Basis of allocation
| Reference | Method of allocation |
|---|---|
| A | Income Levels |
Page 19
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Notes to the Financial Statements for the Year Ended 31 May 2023
Governance costs
| Audit fees Audit of the financial statements Legal fees Depreciation, amortisation and other similar costs Total for 2023 Total for 2022 |
Unrestricted funds General £ 5,000 17,458 1,367 23,825 6,264 |
Restricted funds £ - - 6,216 6,216 12,737 |
Total funds £ 5,000 17,458 7,583 |
|---|---|---|---|
| 30,041 | |||
| 19,001 |
6 Net incoming/outgoing resources
Net (outgoing)/incoming resources for the year include:
| Auditor's remuneration - audit fees Auditor's remuneration - other non-audit services Profit on disposal of tangible fixed assets Depreciation of fixed assets |
2023 £ 5,000 - - 7,583 |
2022 £ 5,000 3,000 (1,121) 9,256 |
|---|---|---|
7 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year. The total amount of employee benefits received by key management personnel is £215,632 (2022: £151,974).
8 Staff costs
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| No | No | ||||
| Charitable | activities | 20 | 19 |
The average monthly number of persons employed during the year expressed on a headcount basis was 30 (2022: 25).
Page 20
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Notes to the Financial Statements for the Year Ended 31 May 2023
The aggregate payroll costs were as follows:
| Wages and salaries Social security costs Pension costs |
2023 £ 501,238 30,978 6,878 539,094 |
2022 £ 509,219 26,892 6,301 |
|---|---|---|
| 542,412 |
During the year, the charity made redundancy and/or termination payments which totalled £14,863 (2022 - £Nil).
Settlement payments and payments in lieu of notice were made in the year to one employee of the Charity. Payments were made after obtaining relevant legal advice and appropriate consultation with the board of trustees.
No employee received emoluments of more than £60,000 during the year.
9 Taxation
No taxation is payable by the company, since it has charitable status and its activities are exempt from tax.
10 Tangible fixed assets
| Cost At 1 June 2022 Additions Disposals At 31 May 2023 Depreciation At 1 June 2022 Charge for the year Eliminated on disposals At 31 May 2023 Net book value At 31 May 2023 At 31 May 2022 |
Plant and machinery including motor vehicles £ 33,995 - - 33,995 14,157 3,967 - 18,124 15,871 19,838 |
Fixtures, fittings and equipment £ 43,041 3,387 (27,877) 18,551 38,821 3,616 (27,877) 14,560 3,991 4,220 |
Total £ 77,036 3,387 (27,877) |
|---|---|---|---|
| 52,546 | |||
| 52,978 7,583 (27,877) |
|||
| 32,684 | |||
| 19,862 | |||
| 24,058 |
Page 21
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Notes to the Financial Statements for the Year Ended 31 May 2023
11 Debtors
| Trade debtors Prepayments Accrued income Other debtors 12 Cash and cash equivalents Cash at bank 13 Creditors: amounts falling due within one year Bank loans Trade creditors Other taxation and social security Other creditors Accruals |
2023 £ 14,365 8,414 65,667 - 88,446 2023 £ 395,079 2023 £ - 43,213 10,624 1,350 32,310 87,497 |
2022 £ 35,952 2,481 22,911 1,210 |
|---|---|---|
| 62,554 | ||
| 2022 £ 481,964 |
||
| 2022 £ 40,000 27,479 7,468 8,112 25,091 |
||
| 108,150 |
14 Pension and other schemes
Defined contribution pension scheme
The Charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Charity to the scheme and amounted to £6,878 (2021 - £5,194).
The expense has been allocated between funds using the same basis to determine the split of wage costs, namely the identification of individual staff members costs relate to and the work undertaken by staff members.
15 Members' liability
The Charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the Charity in the event of liquidation.
Page 22
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Notes to the Financial Statements for the Year Ended 31 May 2023
| 16 Funds Unrestricted funds General Unrestricted fund Restricted funds NCS Futsal PL Primary Stars PL Kicks EFL Bishop Grosseteste Funding Erasmus Funding HAF Project Other BSB Heritage Project Funding Degree Total restricted funds Total funds |
Balance at 1 June 2022 £ 118,547 139,423 114,685 33,205 15,205 24,590 6,907 - 2,369 - 5,495 - - 341,879 460,426 |
Incoming resources £ 242,087 147,369 121,995 35,000 35,000 - 731 - 82,255 14,780 - 49,700 42,367 529,197 771,284 |
Resources expended £ (281,386) (195,738) (120,859) (50,180) (38,680) - (3,000) (84) (80,102) (7,430) - (13,090) (25,271) (534,434) (815,820) |
Transfers £ 125,693 (91,054) - - - (24,590) (4,638) 84 - - (5,495) - - (125,693) - |
Balance at 31 May 2023 £ 204,941 - 115,821 18,025 11,525 - - - 4,522 7,350 - 36,610 17,096 |
|---|---|---|---|---|---|
| 210,949 | |||||
| 415,890 |
Page 23
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Notes to the Financial Statements for the Year Ended 31 May 2023
| Unrestricted funds General Unrestricted fund Restricted NCS Futsal PL Primary Stars PL Kicks EFL Bishop Grosseteste Funding Erasmus Funding HAF Project Other BSB Heritage Project Funding Total restricted funds Total funds |
Balance at 1 June 2021 £ 99,835 42,523 50,024 10,440 7,462 15,070 5,743 - - - - - 131,262 231,097 |
Incoming resources £ 200,704 435,855 165,342 40,000 20,000 21,674 5,575 60,426 214,455 25,155 10,000 20,000 1,018,482 1,219,186 |
Resources expended £ (116,433) (338,955) (100,681) (17,235) (12,257) (12,154) (4,411) (96,036) (212,086) (46,349) (4,505) (28,755) (873,424) (989,857) |
Transfers £ (65,559) - - - - - - 35,610 - 21,194 - 8,755 65,559 - |
Balance at 31 May 2022 £ 118,547 139,423 114,685 33,205 15,205 24,590 6,907 - 2,369 - 5,495 - |
|---|---|---|---|---|---|
| 341,879 | |||||
| 460,426 |
Unrestricted funds are generated by football coaching services delivered to schools and other community organisations throughout the local area.
17 Analysis of net assets between funds
| Tangible fixed assets Current assets Current liabilities Total net assets Tangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ 19,862 272,576 (87,497) 204,941 Unrestricted funds General £ 24,058 202,639 (108,150) 118,547 |
Restricted funds £ - 210,949 - 210,949 Restricted funds £ - 341,879 - 341,879 |
Total funds at 31 May 2023 £ 19,862 483,525 (87,497) |
|---|---|---|---|
| 415,890 | |||
| Total funds at 31 May 2022 £ 24,058 544,518 (108,150) |
|||
| 460,426 |
Page 24
DocuSign Envelope ID: 01788EB3-DBF0-48AD-B2BD-0366E71CC96A
Grimsby Town Foundation (formerly Grimsby Town Football in the Community Sports and Education Trust)
Notes to the Financial Statements for the Year Ended 31 May 2023
18 Analysis of net funds
| 18 Analysis of net funds | |||
|---|---|---|---|
| Cash at bank and in hand Debt due within one year Net debt |
At 1 June 2022 £ 481,964 (40,000) 441,964 |
Financing cash flows £ (86,885) 40,000 (46,885) |
At 31 May 2023 £ 395,079 - |
| 395,079 |
19 Related party transactions
During the year the charity made the following related party transactions:
Grimsby Town FC Ltd
(D Cook is a director at both entities.)
During the year there were various transactions between the charity and Grimsby Town Football in the Community Sports and Education Trust, which is connected by virtue of the fact that one of the trustees, Debbie Cook holds a directorship within this company. The transactions totalled costs incurred of £58,894 (2022: £61,975) and sales made of £500 (2022: £1,816).
All transactions are considered to be on normal commercial terms.
At the balance sheet date the amount due to Grimsby Town FC Ltd was £16,870 (2022 - £13,120).
Page 25