Docusign Envelop8 ID.. ECB850DA-777D497W63-A92AE6A9E35D Company registration number.. 6500460 Charity registration number.. 1123447 Grimsby Town Foundation (A company limited by share capital) Annual Report and Financial Statements for the Year Ended 31 May 2024 Forrester Boyd Chartered Accountants 26 South Saint Mary's Gate Grimsby North East Lincolnshire DN31 1LW
Docusign Envelop8 ID.. ECB850DA-777D497W63-A92AE6A9E35D Grimsby Town Foundation Contents Reference and Administrative Details Trustees, Report 2to6 Independent Examinerfs Report Statement of Financial Activities 8t09 Balance Sheet 10 Statement of Cash Flows Notes to the Financial Statements 12to23
Docusign Envelop8 ID.. ECB850DA-777D497W63-A92AE6A9E35D Grimsby Town Foundation Reference and Administrative Details Charity name Grimsby Town Foundation Charlty Reglstratlon Number 1123447 Company Registration Number 6500460 Trustees S Wraith C Grocock M Baker J Stockwo(Kl A Matson P Bancroft Registered Office Blundell Park Cleethorpes North East Lincolnshire DN35 7PY Independent Examiner Forrester Boyd Chartered Accountants 26 South Saint Marls Gate Grimsby North East Lincolnshire DN31 1LW Bankers National Westminster Bank Pl 66 Victoria Street Grimsby DN311GA Page 1
Docusign Envelop8 ID.. ECB850DA-777D497W63-A92AE6A9E35D Grimsby Town Foundation Trustees. Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 May 2024. Trustees S Wraith C Grocock D Cook (Resigned 9 February 2024) M Baker J Stockwood {Appointed 15 February 2024) A Matson (Appointed 5 July 2024} P Bancroft (Appointed 25 October 2024) Objectives and activities Objects and aims The Chariws objectives (the Objects) are for the benefit of the public generally and in particulady, 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, povety 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 footballlsporting activities- Provide a broad range of activities and venues within North East Lincolnshire and suOund1ng 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, goveming bodies of schools. Establish working relationships with. FA, PFA, Football League, Premier League, Grimsby Town Football Club, Children SeNices and relevant partners- Deliver a quality and professional Servi provided by FA qualified coaches- Establish a comprehensive and effective marketing strategy to promote and highlight the charity's seNices within schools. Page 2
Docusign Envelop8 ID.. ECB850DA-777D497W63-A92AE6A9E35D Grimsby Town Foundation Trustees. Report Public benefit The trustees, have had due regard to guidance published by the Charities Commission ICC) on public benefit. They believe the below objectives and activities, along with the yearfs performan, 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 lo the public benefit guidance published by the Charity Commission for England and Wales. Strategic Report Achlevements and performance The Foundation's school provision continues to perform well and remains one of the Charitys primary income streams. We are expanding into several new schools and developing a targeted strategy to maximise our impact. Our community-based recreational sessions are ongoing. reinforcing the presence of the GTFC badge within local communities. New sessions have been introduced, funded by Young People Support Services and the Police & Crime Commissioner, aimed at reducing crime and engaging young people in positive activities. These include Saturday sessions and Holiday Courses. The Foundation continues to deliver the Holiday Activity and Food IHAF) programme, providing school-aged free school meals with enriching activities and a nutritious meal. Led by our dedicated coaching team, this initiative has also allowed many young GTFC fans lo experience attending a home fixture at Blundell Park. The BTEC programme, in partnership with Franklin College, continues to grow. wth the exciting addition of a girls, programme launching post year-end in September 2024. Discussions are also ongoing with the College regarding the development of additional facilities to support this expansion. Programmes funded through the English Football League in the CommunitylEFLitC) remain a key focus, with the University of South Wales Foundation Degree course being our largest source of income. Student numbers are steadily increasing each year, and we are committed to further developing this programme. Our work wilh the Premier League Charitsble Fund (PLCF) continues through initiatives such as Premier League Primary Stars in primary schools and Premier League Kicks, which uses football as a tool to engage young people and support their. A new programme, The Fans Fund, has also been introduced, focusing on mental health and Ihe positive role foolball can play in this area. Additionally, the Charity has been actively involved in the Heritage Fund project, developing a website, exhibitions, and a collection of GTFC memorabilia. This initiative ensures the rich history of GTFC is presetved and accessible for future generations. Key financial performance indicators Unit 2024 511,571 {125,085) 180,333 2023 771,284 (44,536} 281,116 Total income {Deficitl I Surplus Funds overl{under) policy target Plans for future periods Financial review The Foundation had a deficit in the year of £125,085 compared to a deficit of £44,536 in 2023. 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. Page 3
Docusign Envelop8 ID.. ECB850DA-777D497W63-A92AE6A9E35D Grimsby Town Foundation Trustees. Report Policy on reserves The trustees, policy is to hold three monlh'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 2024 would be around £110,000. The actual reserves at 31st May 2024 are £290,805 (restricled £174,064). 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 soughl for specific projects or to improve Foundation facilities. Fundraising is not carried out by a commercial partner or professional fundraiser. No complaints have been reiVed 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 govemed by its Memorandum and Articles of Association dated 11 th February 2008. 11 is registered as a charity with the Charity Commission. The liability of the members is limited to an amount not exedIng £10. The company commenced trading on 1st May 2008. i) Governing document ii) Trustee induction and training iii) Organisation ReGruitment 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 wth 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. Page 4
Docusign Envelop8 ID.. ECB850DA-777D497W63-A92AE6A9E35D Grimsby Town Foundation Trustees. Report Organisational structure A Director of Community is appointed by the trustees to manage Ihe day to day operations of the charity. To facilitate effective operations. the Director of Community has delegated authority, within temis of delegation approved by Ihe trustees, for operational matters including finance, employTnent and general development of the charity. All areas of the charities operations and developments are reported upon by the Director of Community to the trustees. The Director of Community has overall responsibility for the Charity, including g0veman. quality assurance and financial oversight. The Director of Community reports direcdy to the Board of Trustees and will professionalise and modemise the Charity, ensuring competence and compliance is applied throughout the Charity. The position of Director of Community went through some temporary appointments during the financial year whilst a permanent Director was recruited. The Board appointed Peter MacLeod in October 2023 as Acting Head of Foundation and subsequent to that when Peter MacLeod stepped down, one of the Trustees Mike Baker, an experienced charity CEO, fulfilled the role of Director of Community on a temporary basis for the remainder of the financial year. ultimately. a new Director of Community, Mike Thompson was recruited after the end of the financial year. On a day to day basis the Director of Community works closely with the CEO of The Grimsby Town Football Club Limited, Polly Bancroft. Polly is also a Trustee of the 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. Employment, Health, and Envimnmental Policies It is the companvs policy that there should be no discrimination against any person on the grounds of race, sex, religion or othetwise. In accordance with the companys equal opportunity policy, people with disability are given the same consideration as others when they apply for a job. Depending on their skills and abilities, they enjoy the same career prospects and scope for realising their potential as other employees. If an existing employee becomes disabled, reasonable steps are taken to retain them in employTnent. Within the bounds of commercial confidentialty, staff are kept reasonably infomied of matters that affect the progress of the company and are of interest to them as employees. The company maintains its own health and safety environmental policies (x)vering its activities. Adherence lo these policies is monitored on a regular basis. The Board of Directors regularly review social and environmental performance and have created an ESG dashboard which will be used to review our social and environment impact and perfomiance on a quarterly basis. This includes committing to.. . Govemance ii. Community iii. Employees iv. Customers Environment 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 fijll 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 advanment opportunities are available to enable them to reach their full potential. Page 5
Docusign Envelop8 ID.. ECB850DA-777D497W63-A92AE6A9E35D Grimsby Town Foundation 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 concem 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 confimi that there is no relevant infomiation 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 26 February 2025 and signed on its behalf by: C Grocock Trustee Page 6
Docusign Envelop8 ID.. ECB850DA-777D497W63-A92AE6A9E35D Grimsby Town Foundation Independent Examiner's Report to the trustees of Grimsby Town Foundation {'the Compan) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2024. Responsibilities and basis of report As the charity's truslees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordan with the requirements of the Companies Act 2006 {'the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act.). In carrwng out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement Since the Companls gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of Ihe 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of ICAEW, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of Grimsby Town Foundation as required by section 386 of the 2006 Act. or 2. the accounts do not accord with those records" or 3. the accounts do not comply with the accounting requirements of section 396 of Ihe 2006 Act other than any requirement that the accounts give a Yrue and fair view which is not a matter considered as part of an independent examination., or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. DoGUsvJrd by.. "'SSGSTFBSFE8U482'"""'"" """ Neal Warford ACA ICAEW 26 South Saint Marrfs Gate Grimsby North East Lincolnshire DN31 1LW 26 February 2025 Page 7
Docusign Envelop8 ID.. ECB850DA-777D497W63-A92AE6A9E35D Grimsby Town Foundation Statement of Financial Activities for the Year Ended 31 May 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies Charitsble activities Other income 250 241,799 6,328 250 504,993 6.328 673 765,811 4.800 263,194 Total Income 248,377 263,194 511,571 771,284 Expenditure on: Raising funds Charitable activities (2.341) 334,236 (2.341) 634,315 300,079 815,820 Total expenditure (336,577) {300,079) {636,656) {815,820) Net expenditure Transfers between funds (88,200) (36,885) {125,085) (44,536) Net movement in funds (88.200) {36.885) {125.085) (44,536} Reconclllation of funds Total funds brought forward Total funds carried forward 204,941 210,949 415,890 460,426 17 116.741 174.064 290,805 415,890 The notes on pages 12 to 23 fomi an integral part of these financial statements. Page 8
Docusign Envelop8 ID.. ECB850DA-777D497W63-A92AE6A9E35D Grimsby Town Foundation Statement of Financial Activities for the Year Ended 31 May 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2023 Note Income and Endowments from: Donations and legacies Charitsble activities Other income 673 236,614 4.800 673 765,811 4.800 529,197 Total inGome 242,087 529,197 771,284 Expenditure on: Charitable activities (281,386) (534,434) {815,8201 Total expenditure 281,386 534.434 815,820 Net expenditure Transfers beeen funds (39,299) 125.693 15,237) 125.693 {44,536) Net movement in funds 86,394 (130,930) {44,536} Reconciliation of funds Total funds brought fomard 118,547 341,879 460.426 Total funds Garried forward 17 204.941 210,949 415.890 The notes on pages 12 to 23 fomi an integral part of these financial statements. Page 9
Docusign Envelop8 ID.. ECB850DA-777D497W63-A92AE6A9E35D Grimsby Town Foundation (Registration number: 6500460) Balance Sheet as at 31 May 2024 2024 2023 Note Fixed assets Tangible assets 7,793 19.862 Current assets Debtors Cash at bank and in hand 12 13 70,075 249,751 88.446 395,079 319,826 483,525 Creditors: Amounts falling due within one year 14 36,814 87,497 Net current assets 283,012 396,028 Net assets 290,805 415.890 Funds of the charity: Restricted income funds Restricted funds 17 174,064 210,949 Unrestricted income funds Unrestricted funds 17 116,741 204,941 Total funds 290,805 415,890 These financial statements have been prepared in accordance with the special provisions relating to companies subject to Ihe small companies regime within Part 15 of the Companies Act 2006. For the financial year ending 31 May 2024 the charity was entitled to exemption from audtt under section 477 of the Companies Act 2006 relating to small companies. Diredors, responsibilities.. The members have not required the charity to obtain an audit of its accounts for the year in question in accordan with section 476; and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The financial statements on pages 8 to 23 were approved by the trustees, and authorised for issue on 26 February 2025 and signed on their behalf by.. Do¢USWJn tyy". C Grocock Trustee The notes on pages 12 to 23 fomi an integral part of these financial statements. Page 10
Docusign Envelop8 ID.. ECB850DA-777D497W63-A92AE6A9E35D Grimsby Town Foundation Statement of Cash Flows for the Year Ended 31 May 2024 2024 2023 Note Cash flows from operating activities Net cash expenditure (125,085) (44,536} Adjustments to cash flows from non<ash items Depreciation Profit on disposal of tangible fixed assets 5,421 7,741 7,583 (127,405) {36,953) Working capital adjustments Decreasellincreasel in debtors {Decrease)lincrease in creditors Increase in deferred income 12 14 18,371 (51,4231 739 {25,892) 19,347 Net cash flows from operating activities (159.718) {43,498} Cash flows from investing activities Purchase of tangible fixed assets Sale of tsngible fixed assets 13.610) 18,000 (3,387} Net cash flows from investing activities 14,390 (3,387) Cash flows from flnanclng actlvltles Repayment of loans and borrowings 14 {40,000} Net decrease in cash and cash equivalents (145.328) 395,079 {86,885} 481,964 Cash and cash equivalents at 1 June Cash and cash equivalents at 31 May 249,751 395.079 The notes on pages 12 to 23 fomi an integral part of these financial statements. Page11
Docusign Envelop8 ID.. ECB850DA-777D497W63-A92AE6A9E35D Grimsby Town Foundation Notes to the Financial Statements for the Year Ended 31 May 2024 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 charitys 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 1021 (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 furtheran 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 reived. 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 concem basis. The trustees assess whether the use of going concem is appropriate i.e. whether there are any material uncertainties related lo 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 applwng the charitys accounting policies are largely based around cost allocations. Particularly in the case of support costs allocating amounts beleen 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 12
Docusign Envelop8 ID.. ECB850DA-777D497W63-A92AE6A9E35D Grimsby Town Foundation Notes to the Financial Statements for the Year Ended 31 May 2024 Grants receivable Grants are included in the Ststement of Financial Activities on a re1vable 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. Deferred income Deferred income represents amounts reiVed for future periods and is released lo incoming reSoUrS in the period for which, it has been received. Such income is only deferred when= The donor specifies that the grant or donation must only be used in future accounting periods., or The donor has imposed conditions which must be met before the charity has unconditional entitlement. Charitable activities Income from charitable activities indudes income recognised as eamed (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 detemiined to relate more fully to one of the funds. Raising funds These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. 11 includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary to support them. Other expenditure In relation to redundancy and tem)ination 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. Page 13
Docusign Envelop8 ID.. ECB850DA-777D497W63-A92AE6A9E35D Grimsby Town Foundation Notes to the Financial Statements for the Year Ended 31 May 2024 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 Motor vehicles Computer equipment Depreciation method and rate 20/0 reducing balance 330/0 slraight line basis 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 impaimient 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 temis of the receivables. Trade credltors Trade creditors are obligations to pay for gix)ds or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities rf the Charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least e1ve months after the reporting date. If there is an unconditional right to defer settlement for al 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 relaling lo employee service in the cuent and prior periods. Contributions to defined contribution plans are recognised as employee benefit expenses when they are due. If contribution payTnents exceed the contribution due for service. the excess is recognised as a prepayment. 2 Donations and legacies Unrestricted funds General Total 2024 Total 2023 Donations and legacies., Donations from companies. trusts and similar proceeds 250 250 673 250 250 673 Page 14
Docusign Envelop8 ID.. ECB850DA-777D497W63-A92AE6A9E35D Grimsby Town Foundation Notes to the Financial Statements for the Year Ended 31 May 2024 3 Incoming resources from charitable activities Unrestricted funds General Restricted funds Total 2024 Grants receivable SOcr schools and courses Other Income 98,424 143,375 257,415 355,839 143,375 5,779 5,779 241,799 263,194 504,993 Unrestricted funds General Restricted funds Total 2023 Grants receivable Soccer schools and courses 70.200 166,414 529.197 599.397 166,414 236.614 529,197 765,811 4 Other income Unrestricted funds General Total 2024 Income from Trading Activities 6,328 6.328 Unrestricted funds General Total 2023 Income from Trading Activities 4,800 4.800 Page 15
Docusign Envelop8 ID.. ECB850DA-777D497W63-A92AE6A9E35D Grimsby Town Foundation Notes to the Financial Statements for the Year Ended 31 May 2024 5 Expenditure on charitable activities Activity undertaken directly Grant funding of activity Activity support costs 2024 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 Staff expenses 6.208 213,699 60.918 20.659 228,190 4,697 580 6,369 1,042 1,358 13,506 200 26,867 441,889 65.615 580 18.908 1,382 4,050 15,361 200 3,000 47,115 2,137 5,421 (7,741) 9,531 12.539 340 2,692 1.855 3,000 47,115 2,137 1.680 3.741 (7.741) 5,828 3,703 300,079 284,121 50,115 634,315 Page 16
Docusign Envelop8 ID.. ECB850DA-777D497W63-A92AE6A9E35D Grimsby Town Foundation Notes to the Financial Statements for the Year Ended 31 May 2024 Activity undertaken directly Grant funding of activity Activity support costs 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 8,684 366.756 120,449 1.034 13,776 1,377 13,830 2.176 135 5,418 172.339 52,146 1.043 8,884 67 6,491 5,038 2,736 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 5,000 17,458 3,399 1,367 6.216 534,433 258,928 22,458 815,819 6 Analysis of governance and support costs Support costs allocated to charitable activities Other support costs Total 2024 Basis of allocation Unrestricted Income 50,115 50,115 Other support costs Total 2023 Basis of allocation Unrestricted Income 22.458 22.458 Basis of allocation Reference Method of allocation All allocated to unrestricted funds Page 17
Docusign Envelop8 ID.. ECB850DA-777D497W63-A92AE6A9E35D Grimsby Town Foundation Notes to the Financial Statements for the Year Ended 31 May 2024 Governance costs Unrestricted funds General Restricted funds Total funds Audit fees Audit of the financial statements Legal fees Depreciation, amortisation and other similar costs Loss on sale of tangible fixed assets held for charitys own use 3,000 47,115 1.680 3,000 47,115 5.421 7,741 3,741 7,741 Total for 2024 51.795 14,000) 47,795 Total for 2023 23.825 6,216 30.041 7 Net incomingloutgoing resources Net outgoing resources for the year indude= 2024 2023 Auditorfs remuneration - audit fees Profit on disposal of tangible fixed assets Depreciation of fixed assets 3,000 17,741) 5,421 5,000 7,583 8 Trustees remuneration and expenses During the year the charity made the following transactions with trustees= M Baker Amounts totalling £27,288 (2023. £Nil) were paid to M Baker during the year. These payments related to professional ServIS provided to Grimsby Town Foundation. At the balanGe sheet date, the amount due to M Baker was £8.160 (2023: £Nil}. Apart from the above, no other trustees nor any persons connected with them, have received any remuneration from the charity during the year. Apart from the above, no trustees have received any other benefits from the charity during the year. The total amount of employee benefits received by key management personnel is £174,175 (2023.. £215,632}. 9 Staff costs The monthly average number of persons (including senior management I leadership team) employed by the charity during the year expressed as full time equivalents was as follows= 2024 No 2023 No Charitable activities 17 20 The average monthly number of persons employed during the year expressed on a headcount basis was 23 (2023: 301. Page 18
Docusign Envelop8 ID.. ECB850DA-777D497W63-A92AE6A9E35D Grimsby Town Foundation Notes to the Financial Statements for the Year Ended 31 May 2024 The aggregate payroll costs were as follows.. 2024 2023 Wages and salaries Social security costs Pension costs 409,299 25,814 6,776 501,238 30,978 6,878 441,889 539,094 During the year, the charity made redundancy andlor termination payTnents which totalled £23,054 (2023 £14,863). Settlement payments and payments in lieu of notice were made in the year to three employees of the Charity. Payments were made after obtsining relevant legal advice and appropriate consultation with the board of trustees. No employee reiVed emoluments of more than £60,000 during the year. 10 Taxation No tsxation is payable by the company, since it has charitable status and its activities are exempt from tax. 11 Tangible fixed assets Plant and machinery including motor vehicles Fixtures. fittings and equipment Total Cost At 1 June 2023 Additions Disposals 33,995 18,551 3.610 52,546 3,610 (18,995 (18,995) At 31 May 2024 15,000 22.161 37,161 Depreciation At 1 June 2023 Charge for the year Eliminated on disposals 18,124 2,570 18,736) 14.559 2,851 32,683 5,421 (8,7361 At 31 May 2024 11,958 17,410 29,368 Net book value At 31 May 2024 3.042 4.751 7,793 At 31 May 2023 15,871 3,992 19,863 Page 19
Docusign Envelop8 ID.. ECB850DA-777D497W63-A92AE6A9E35D Grimsby Town Foundation Notes to the Financial Statements for the Year Ended 31 May 2024 12 Debtors 2024 2023 Trade debtors Prepayments Accrued income 37,900 7,011 25,164 14,365 8.414 65,667 70,075 88.446 13 Cash and cash equivalents 2024 2023 Cash at bank 249,751 395,079 14 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other taxation and social security Other creditors Accruals Deferred income 16,029 3,748 6,458 9,840 739 43,213 10,624 1.350 32,310 36,814 87.497 15 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 £6.776 {2023 - £6.878). The expense has been allocated between funds using the same basis to deterrnine the split of wage costs, namely the identification of individual staff members costs relate to and the work undertaken by staff members. 16 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 20
Docusign Envelop8 ID.. ECB850DA-777D497W63-A92AE6A9E35D Grimsby Town Foundation Notes to the Financial Statements for the Year Ended 31 May 2024 17 Funds Balance at 1 June 2023 Incoming resources Resources expended Balance at 31 May 2024 Transfers Unrestricted funds General Unrestricted fund 204,941 248.377 (336,577) 116,741 Restricted funds Futsal PL Primary Stars PL Kicks HAF Project Other Heritage Project Funding Degree PL Fans Funds Wami Space 115,821 18,025 11,525 4,522 7,350 36,610 17,096 117,214 35,000 35.000 30.080 (117,655) (40,414) (36.384) (32,423) (7.350) (31.530) (32.823) 115,380 12,611 10,141 2,179 5.080 16.173 12,500 31.900 12,500 1.500 (1.500) Total restricted funds 210,949 263,194 300,079 174,064 Total funds 415,890 511,571 (636,656) 290,805 Page 21
Docusign Envelop8 ID.. ECB850DA-777D497W63-A92AE6A9E35D Grimsby Town Foundation Notes to the Financial Statements for the Year Ended 31 May 2024 Balance at 1 June 2022 Incoming resources Resources expended Balance at 31 May 2023 Transfers Unrestricted funds General Unrestricted fund 118,547 242.087 (281,386) 125,693 204,941 Restricted NCS Futsal PL Primary Stars PL Kicks EFL Bishop Grosseteste Funding Erasmus Funding HAF Project Other BSB Heritage Pr()ject Funding Degree 139,423 114,685 33,205 15,205 24,590 147.369 121,995 35.000 35,000 (195.738) {120,859) (50.180) (38,680) (91,054) 115,821 18,025 11,525 (24,590) 6,907 731 (3,000) 184) (80.102) (7.430) 14,638) 84 2.369 82.255 14,780 4.522 7,350 5,495 15.495) 49,700 42.367 (13,090) 25.271 36,610 17,096 Total restricted funds 341,879 529,197 534,434 125,693 210,949 Total funds 460,426 771.284 (815.820) 415,890 Unrestricted funds are generated by football coaching services delivered to schools and other community organisations throughout the local area. 18 Analysls of net assets between funds Unrestricted funds General Total funds at 31 May 2024 Restrlcted funds Tangible fixed assets Current assets Current liabilities 7,793 145,762 (36,814) 116,741 7,793 319,826 {36,814) 290,805 174,064 Total net assets 174,064 Unrestricted funds General Total funds at 31 May 2023 Restricted funds Tangible fixed assets Current assets Current liabilities 19,862 272.576 (87,497) 19,862 483.525 {87,497) 210,949 Total net assets 204.941 210,949 415,890 Page 22
Docusign Envelop8 ID.. ECB850DA-777D497W63-A92AE6A9E35D Grimsby Town Foundation Notes to the Financial Statements for the Year Ended 31 May 2024 19 Analysis of net funds At 1 June 2023 Financing cash flows At 31 May 2024 Cash at bank and in hand 395.079 {145.328) 249.751 Net debt 395,079 145,328 249,751 20 Related party transactions During the year the charity made the following related paty transactions: Grimsby Town FC Ltd (J Stockwood is a director at both entities.) During the year there were various transactions belween the charity and Grimsby Town Football Club, which is connected by virtue of the fact that one of the trustees, J Stockwood holds a directorship within this company. The transactions totalled costs inCued of £62,709 {2023: £58,894) and sales made of £316 (2023.. £500). I transactions are considered to be on nomial commercial terms. At the balan sheet date the amount due to Grimsby Town FC Ltd was £5,870 (2023 - £16,870). M Baker (M Baker is a trustee of Grimsby Town Foundation.) During the year there were various transactions beleen the charity and M Baker, a Trustee of Grimsby Town Foundation. The transactions totalled costs incurred of £27,288 (2023.. £Nil). I transactions are considered to be on nomial commercial temis. At the balan sheet date the amount due to M Baker was £8,160 (2023- £Nil). Page 23