Docusign Envelope ID.. EAE63921.Do914856-BO6BAA30BFF7A6l SpoRr& EDUCATION TRUST MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST (A company limited by guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2024 Charity number: 1123762 Company number: 06496491 Mercer Hole
Oocusiyn Envelope ID: EAE63921-IN)914856-8069-BAA30BFF7A61 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 CONTENTS Reference and Administralive Detalls Page 1 Report of the Trust8es Page 2 Independent Auditor's Report Page 10 Statement of Financial Activities Page 13 Balance Sheet Page 14 Statement of Cashflows Pag8 15 Notes lo the Financial Stalemenls Page 16
DocLbsign Envelope ID.. EAE63921-00914856-B069-BAA30BFF7A61 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 REFERENCE AND ADMINISTRATIVE DETAILS Constltutlon Milton Keynes Dons Football Club Sport & Education TTUSt {'MK Dons Sport and Education Trusf,°MK Dons SEr. 'the SET. "the Charity") is a company limited by guarantee and a registered charity governed by its memorandum and articles of association. Charity number: 1123762 Company number.. 06496491 Dlrectors and Trustees The Directors of the Charitable Company {"the Charity'} are its Trustees for the purpose of charity law and throughout this report are collectively referred lo as the Trustees. The Truslees serving during the year and since the year were as follows: R Gawley M Sheridan S Crooks L Gear M D Lloyd S Muzammil {Appoinled 30th Seplember 20241 L Monlague (Appointed 30 September 20241 S Ashmead (Appointed 5 February 2024 and resigned 20 March 202511 J R Cove {Resigned 25 February 2025) P J Wirikelman {Re5igned 9th Augusl 20241 M Priestley {Resigned 7th July 20241 B McBride {Resigned 71h July 20241 A Rolfe (Appointed 1 Sl July 2023 and resigned 71h July 20241 J Lancaster (Resigned 7 July 20231 Secretary R Gawley Key Management Personnel Chief Executive Head of Operations Head of Operations Head of Football and Performance Head of Community Football Head of Community Engagement Financial Controller M Smith H Bladen (Appointed May 20241 C Moran (Resigned May 20241 J Dewick (Return to head of Girls Foolball February 2024> D Walsh (Appointed June 2024) K Day (Resigned June 20241 B Shepherd Registered Offlce Stadium MK Stadium Way West Milton Keynes MK1 1ST Prlnclpal Office Stadium MK Stadium Way Wesl Milton Keynes MK1 1ST Auditors Bank Mercer & Hole LLP Chartered Accountants The Pinnacle 170 Midsummer Boulevard Milton Keynes MK9 1BP Barclays Bank PLC Leicester LE87 28B Sanlander Bridle Road Bootle L30 4GB
Docusign Envelope ID.. EAE63921-D0914856-8069-BAA30BFF7A81 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 REPORT OF THE TRUSTEES Introduction This has been another year of challenge, growth and achievement for the SET. The challenge has come with the pressures that families within our communSties face with the rise in the cost of living. The team search for new and innovalive ways lo support our communities whilst also having lo balanc9 the finan¢ial demands of the organisatlon. We belleve access to sport and community activity and their benefits is a right and not a prlvilege, yet opportunltles lo play sports and be act've are unequal and so we will continue to try and address that through schemes such as Kickz and Ihe operation of our community and sports centres at Woughton. Brooklands. Fairfields and subsequent to year-end. Tattenhoe. Growing the organisation is important lo meet the demand we experience and our facilities are an important part ot enabling us to meet the needs of our participants in their own. local communities. Where we do not have fa¢ililies. we continue to work with other partners such as Town and Parish Councils to help work with communities throughout Milton Keynes. The work deliVed by the SET'S staff and volunteers continues to produce good outcomes for 811 as well as achievements for individuals. For example the increasing number5 of SET players progressing lo the Academy and the girls and women's pathway continuing to develop players through into the 1GI Team. The team continue to be successful in attracting extra investment into the organis8tion and Milton Keynes. which is no mean achievement in the currentfinan¢ial ¢llmate. Our work in education and community work is an important part of improving equalty and we are proud of how parti'cipants improve their life chanc8s by engaging in projects such a5 our Degree programme. This report is all about the wonderlul work that the SET undertakes throughout the year but it would be improper for me not to mention the momentous change in Ihe Football Club recently. After establishing the Football Club in Milton Keynes 20 years ago. Pele Winkelman has now passed the Club into new ownershlp and following this. Pete has also resigned as a Trustee of the SET. Pete was a found8r trustee of the Charity and we are grateful for how the SET remained ¢entral to the Club's approach to the communty throughout his tenure as owner and his active partlcipatSon as a Trustee. Thank you. Pete from all the participants. stsff and Board members of the SET for your support and effort across those 20 fantastic years. The new owner. Fahad Al Ghanim has great ambition for the Club and we know that the SET is also cenlral to his approach. We look forward with excitement as to how the coming years develop. Welcome. Fahadl Finally, we extend our gratitude to all SET staff, volunteers, and trustees for their tIlesS dedication and adaptability. While we are proud of our achievements and grateful to our partners and funders, we know there is much more to do. W& aT& committed to ensuring every part of our community can access our seNices. We hope that you will join us in that mlS5ion as we now go through a process of reviewing and developing our vision for the next five years.
Docusign Envelope ID- EAE63921-D0914856-B069-BAA30BFF7A61 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 REPORT OF THE TRUSTEES MK Dons Sports and Edu¢allon Trust Overview This year has been a challenging year financially, with the real impact of the cost of living affecting family's willingness and ability lo pay for programm85. The SET has seen a decline in numbers for holiday programmes and Player Development Cenlres have been particularly affecled by this. More requests have been made for monthly payment options rather than annual payments both for facilities and for activities and more parents are asking for financial help to rnaintaln their Child's attendance on our sessions. This situation has been compounded with eXperIend staff bein9 enticed to 90 lo higher paying employers outside of Ihe industry. Current5y the SET are paying industry standard amounts based on the ¢onlract levels agr8ed with the EFL and Premier League. Concerns acros5 the nelwork have been raised with the EFL and Premier League but there is no immediate change in funding available. Despite the challenges, MK Dons SET has maintalned our contribution to the community over th8 year with over 52,446 participants a¢ros$ 31 programme actlvities. There have been natural endings on five prograrnmes which were tlme limited, including the Veterans Football Group and Brooklands Youth Club. however the majority of our programmes remaln strong and are extending. for example our Premier League Kicks sessions. New initiatives have been introduced around fan engagement, DementialParkinson's Walking Football, working with the Stroke Association and Womens Walking Football, all with the aim of extending our offer around health and addressing social isolation for adults in the community. Significant recruitment has been undertaken across the year, with key roles now being filled with experienced practitioners. Staff retention continues lo be a challenge bul creating opportunitie5 for continued professional development and petsonal development within the business has prevented further reductions lo the business. Both Boys and Girls Football pathways continue to flourlsh with increasing opportunities to join our programmes at 6-years old and slay through to adulthood, bolh playing football and also within our education pathways. which are due lo extend in 2024125. MK Dons SET has fantastic business partners who underpin and enable creative and forword-thinking support of our programmes. New sponsorship deals with our principal partner 8rioche P3squier and extended sponsolship from Suzuki provides financial. volunteering and promotion opportunities across their netsvorks about MK Dons SET work. Facilities During 2023124 the SET have consolidated and improved the 3 facilities now under our SponsIbl1[1Y (Brooklands Pavilion, Fairfields Sports Hub and Woughton Pavilion). These siles a normally open 9am to 10pm every day offering a mixture of indoor and outdoor space for hire for the Mmunity and for MK Dons and SET usage. There ar6 a wide range of 8$onS for using the fa¢ililies'. Education.. Pr&school nursery. personal tutoring, individual pupil support programmes, college programmes, training delivery (e.g. FA Development ¢OUtses) Sporting: badminton, cricket. hockey, baseball. lacrosse, laekwondo, social football and through grassroots lootball teams (including Newton Longville. MK City. Newport Pagnell. Emerson Valley. City Colts, Fairfields FC, Stony Strafford, Shenley FCI, the MK School footb811 league. MK Dons SET boys and girls pathway football, MK Dons Academy football, MK Dons First Tearn training for Men and Vvomen. Yoga and finally FAJEFL lalenl days. Community activity: parish council drop-in sessions and meetings, religious groups, dance classes, subbuteo, school sports days. polling station. SENDlinclusion activity. holiday camps. mindfulness workshops, networking events, mental health and health and well-being programmes
Docusign Envelope ID.. EAE63921-D0914856-8069-8AA30BFF7A61 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 REPORT OF THE TRUSTEES Private events.. corporate fun days, parb'es (typically children's birthday partles). social gatherings and business meetings Most usage is from regular user groups, of which there ar8 about 50 different groups. Having Ihose regular users {ralher than ad-hoG users} helps SET lo build a rapport and relalionships wtlh users. Over a weekend MK Dons SET facili118s will see over 1.000 users attending activities and events. During the yearMK Dons hasworked closelywlth MK Cty Council and with the MK Hockey Foundation-Tecetving grants to repair the car park surface and replace the old halogen lights to LED versions to improve the evening use and reduce carbon emissions at Woughton on the Green. Irls Football Pathwa Glrls Pathway The Gids Advanced Cenlre. Emerging Talent Centre and Girls Academy are all providing positive impactful development programmes for Girls across Milton Keynes. A process of review with individuals is underway and over 400 girls have participated in trials wllh MK Dons SET this season. As not all players can be accommodated, a new Player Perfomiance Centre wlll be introduced for the Autumn at Woughton on the Green specifically for girls to help them enter the pathway. Glrls Advanced centre The Girls Advanced ¢entre sils as the first entry point from grassroots football inlo the girl's pathway. Successfvl trials in May were attended by over 400 players across the Girls pathway. Opportunilie5 for the Advanced. Academy and Emerging Talent Centres gave most girls the opportunity to play with MK Dons SET. Glrls Academy The Girls Academy Players are fully registered to the MK Dons SET and teams play either in the loGal MKDDL or the JPL Warriors leagues. The 2023124 season finished in May with the girls completing a very successful campaign; U12s finishing the league in a respedable 5th place and U13s finished an impressive 3rd in the league this season. The U14s have completed their first season playing 11v11 football and have won the County Cup and reached a national semi-final. 8 players have attended FA Talent Camps and 3 players have succeeded in representing their country this year. The FA Talent Camps are for players that have been highlighted as having the potential to develop and become involved with the lionesses, so Ihis is a fantastic achievement for the players involved, The U15s finished their league campaign wllh a fantastic 3rf place and this provides a good platform for them to Iransition into the U16s. This years, U16$ have also had an excellent season, notably winning the U16 JPL league and playoff game lo reach the JPL natlonal finals. Since the end of the season, Ihe Girls Academy has had over 700 trialists, a significant InCase over the year, to provide a pathway for all we are exlending our player development centres to provide a girl's only roule for 2024125. Womens Tèam MK Dons Womens team are atlhe pinnacle ofthe womens talent pathway and sil proudly wlthln the MK Dons SET providing an aspiration ft)r SET'S extensive pathway for young players. Last year was a turbulent year with a large number of coaches and MK Dons Womens Team players deciding lo leave al the end of 2023124 season. A real positive has been the retention of the majorty of our U23 players and parents and players are being very positive about proposed structural changes being ready for the 2024125 season. This has been a very challenging lime for all SET staff trying to manage the anxiety and expectations of players and coaches whilst still maintsining the departments activitses during the uncertainty about players and coaches for next season. Now this is resolved
Docusign Envelope ID.. EAEfj3921-D0914856-8069-8U30BFF7A61 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 REPORT OF THE TRUSTEES the SET are in a position lo drive the team forwards within the SET and ensure that all poli¢ies and practices are consistent with League and FA requiremenls. A programme of pre-season training was slruclured wilh a fixture programme for the Womens and U23 teams and a full squad of players are preparing for 2024125 season. Recruitment oflhe Head Coach is ongoing, and the team are currently being supported by SET Head of Community Football along with experienced Coaches from MK Dons SET. A full medical team are in place and with additional funding from Suzuki for 2024125, additional medical support has been se¢ured for the development squad too. For 24-26 MK Dons SET has secured front of shirt sponsorship from Suzuki GB who are now Sponsoring the whole of the Womens and Inclusion programme for MK Dons SET. Bo s Pathwa Centre of Excellence MK Dons SET teams In U9 - U15 (over 100 players) have been very competitive thi5 season, receiving positive feedback from the JPL and other clubs about how we play and how our player5 conduct themselves. Our U16's were joint top of the league this year. Relationships with MK Dons Academy has been extremely positive with jolnt fixtures. trials and CPD events and successes recorded wrth six players this season progressing from the SET lo MK Dons Academy. The team are already organising next seasons Ilnk with the Academy. where we are looking to play more gameslfesllvals, sL8ff CPD. training and playing opportunity for our players. Advanced The Advanced Centre has 250 participants attendlng twice weekly and they hav8 enjoyed fixtures with Premier League clubs during the season. The SET has developed a positive route for player development from the Advanced Centre lo the Centre of Excellence In the Junior Premier League. with 27 player5 developing sufficiently lo join Ihe Centre of Excellence. Trlalists are received weekly with 274 currently gIstered to join for the 2024125 season. and an additional 100 players waiting to loln a new Player Skills Centre in the Autumn. Communlty & Fan Engagement This year the Premier League have Invested In developing fan engagement across clubs and the funds rer£ived have enabled MK Dons SET to invest in a full-llme role to support this work. The role will explore ways of aclivaling engagement with diverse communllles across MK. to increase the participation and diversity of fans of MK Dons. MK Dons SET now manages all pre-match. half time and fan engagement activities for MK Dons Men's and Women's teams. Hollday Camps & Kellogg's Partnership Holiday Camps were relaunched In a new Holiday Activity camps (not football exclusivel having a real emphasis of inclusive activities for all, however still holding a lot of focus on competitive funl The sessions were supported by Men's and Womens first team and Academy players. who attended lo meet the children. 69 individu?Is booked the first programme. A total of 358 participants have signed up to programmes showing promise going forwards.
Docusign Envelope ID: &4E63921-tX1914856-B06&BAA30BFF7A61 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 REPORT OF THE TRUSTEES Custodylcrlme Div¢rslon The MK Dons SET Custody officer role was secured for an additional year and the age range for interventions has been increased from 18-24 to 18-30. This has helped increase the engagement rate and Thames Valley Police have used our model to infomi others across the area. In additlon to Gustody suite work, our cuslody officer has been engaging with communilles through wraparound support through PL Kicks. Youth Groups aclivilies. Knife Crime workshops in schools supporting TVP and with home schooling sessions. Thls year has seen excellent relationships developing with HMP Springhill and the completion of three cohorts of learners on a FA Level 1 coaching quallfi¢ation with MK Dons SET and an aspiration ft)r this relalionshlp lo expand. Premier League Klcks Premier League Kicks is continuing wlth 4 sesslons that in¢lude Bletchley. Slantonbury. Refugee session. Muslim Boys, Mental Health, and Inclusion over 180 young people are currently registered to the programme. Funding ha5 been agreed for 2024125 and plans are in place to extend the PL Kicks programme to Newport Pagnell and Tattenhoe. Inclusion Sfjssions Our inclusion football sessions ale continuing, and we are seeing a steady participation during the season. PartiC4pation is high with over 10 teams particlpating Iwi¢e weekly, and over 200 participants engaged. This year access to three fa¢llltles through MK Dons SET has enabled SET to host the BOBI (Berks Oxen and Bucks Inclusive League). with over 1,000 players from ages under 12 to adult sections attending from Marlow, Northampton, Bure Park, Slough, Oxford City. Leighton Buzzard and Aylesbury. We aim lo extend this further with toumaments being hosted in Milton Keynes for 2024125 Dementia, Stroke and Parkinson football sessions have been delivered thls year working alongside key health sector partners. Sessions included exercise sessions including. clock crickel and curfing. followed by Tefr6shm8nts and social time. these sessions are scheduled to extend for 2024125. Educatlon Pathways MK Dons SET continues to deliver a range of education sessions including workshops, targeted interventions, PE le550ns, sUPPOrting teachers within PE. educalion activations, after school clubs and events across schools within Milton Keynes and surrounding areas. Over the year opportunities to support schools with Premier League Primary Star¥, Joy of Moving and after-schools provision has grown with targets easily exceeded. Prlmary Education Our MK Dons SET team have worked hard this year lo building positive experiences Ihis academic year to relain exisling schools and introduce new schools for 2024125. Our presence al school summer fetes and community events increased as we moved towards the end of the academic year, with visits from our MK Dons dub mascots Donnie ond Mooie, which we believe helps contributè to our extemal relationships. EFL . Joy of Moving Since the 5t¥rt of the year, the Joy of Moving programme delivery has continued to be delivered, where we have now delivered the Joy ot Movin9 programme to 32 Cohorts totalling 943 children, surpassing the largel of 900 hlldren. Next year MK Dons SET will be pionoering a new approach to the programme for EFL with School Sports Leads across Milton Keynes.
DocLtsign Envelope ID.. EAE63921-D0914856.B069-BAA308FF7A61 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 REPORT OF THE TRUSTEES Secondary Educatlon The team have increased engagement with Secondary SGhools, attending SEND careers events al Slantonbury Campus and Lord Grey Academy and new relationship developing with Watling Academy and Kenls Hill School. Our relationship with Bedford Modern Gontinues to group and new working activlties wlth oak Bank S¢hool increases our profile with leena9ers across the area. The Educatlon Interactlon$ This year SET have continued to re-build rel*ionships with primary. secondary schools and grassroots clubs across Milton Keynes. The SET have re-estsblished a working relationship with the local school sports partnership (MK SSP) which in lum will aid our visibility in schools. This year SET have provided Woughton on the Green as location for the SSPILEAP'S pre-olympic event with 60+ School sports leadslcoordinalors. The Educatlon pathway BTEC and Foundatlon Degree SET have now cemented our relationship with our national training provider IVLUKI for our Post 16 education programme, to start in September 2024. This will compliment our USW Foundation programme and will provide pathway from 14- 25 years for education pathways into coaching with MK Dons SET and beyond. Serious Incidents MK Dons SET has dealt with a signiffcant safeguarding concern this year which has resulted in a referral to the Berks and Bucks FA Safeguarding Officer and the Local A8 Safeguardlng Otricer (LADO)- This incident has been reported to the Charity Commission but no follow up has been requId. FINANCIAL REVIEW & PLANS FOR FUTURE PERIODS The slaletnenl of financial aGtivities for the period is set out on page 13. The incfease in unreslricled funds for the period amounted 19 £5.719. However. it should be noted that this performance is SLlPPOrted by significant one off apital grant5 reGeived in the year lo fund capital investment in the Woughton on the Green slte. Exduding this, the charity faced a challenging year as the cost of living cri515 presented challenges both in the direct costs of the charity and also the ability of some members of the ¢ommunity to attend courses. The Charity r8acted lo these challenges by adapling provisions lo ensure the best value for money both for the Charity and participants noting that these actions showed a stronger second half ot the year. giving Trustees confidence that perfom)ance will be stronger again in 2024125. A 3-year strategic plan for 2021-24 was approved by the Twstees which build5 upori the strong existing work in the community that the SET have undertaken while continuing to diversify income streams. This plan was designed as a rolling plan and so is under continuous review. These reviews cover both the value for money of programmes along with whether a separate company will be required to Tun any activity lo ensure that contracts pursued thal do not move us away from our core business of the SET. A new strategic plan is to be considered and agreed by the Trustees in the coming financial year which wlll reflect the diversification of the charity to operating community tscilities. There remains a level of uncertainty of longer-lem) impact of the present economic thallenges of the.cost of living crisis. and the changing community that the SETwill be operating within. However, the Strong financial perfomance of the SET during such a challenging period over the last few years gives significant confidence in the ability of the SET moving fofward to continue to grow despite the clear economic challenges that the community, and wider country, are facing. As part of consSdering the strategi¢ plan for the business, the SET has completed a f0C8St running through lo the end of June 2026 to assess funding and the goin9 concem position. This document shows a combined surplus of £145,103 over the coming tsvo financial years which would significantly increase our reserves position and lead to a forecasled potential cash balance of £487,270 as at 30th June 2026. This forecast will allow the trustees to consider appropriate investment to further the aGlivilies of the Charity as well as providing the financial ability to react to any future challenges.
Docusign Envelope ID.. EAE63921-D0914656-B069.8AA30BFF7A61 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial ststements for the year ended 30 June 2024 REPORT OF THE TRUSTEES These forecasts psent continued strong financial reserves for the SET and provide comfort to the Trustee's that the SET can look to the future as a time of opportunity despfte the uncertainty of recent years and the present economic climate. These forecasts consider the continued consolidation of current operations and expansion of new operations at the three community facilities under the Charities operation (Fairfield's Sports Hub, Woughlon- on-Ihe-Green and Brooklands Pavilion) along with the continued push to provide the highest quality services in the Football Development and Education and Inclusion space. The Trustees do not anticipate that there will be any fundamental change in the development of the charity's operations during the coming year. The Trustees are mindful that future years may present additional challenges as contracts come up for renewal in the current economic climate and sustainability of new endeavours in the can be fully assessed. Audltors A proposal to appOInt Mercer & Hole will be considered al the Annual General Meeting. Reserves pollcy During the annual review of the reserves policy. Milton Keynes Dons Football Club Sports and Education Trust Trustees reapproved the existing policy. The policy requires two reserves- 1) A general reserve of no less than £119.400. 2) An unrestricted designated reserve of £39.175 to cover the replacement costs of major fixed assets. The accumulated funds on 30 June 2024 were £297,686 (2023: £291,967) relating to unrestricted funds and £1,263 {2023: £4.4271 relating to restriGted funds. Posl balanGe sheet events No matters or circumstances have arisen since the financial period end which signiffi¢antly affected or may 5ignifiGantly affeGt the operations of the charity. the results of these operalions or the slate of affairs of the charity in the financial period subsequent to the financial year ended 30 June 2024. Related Partles The charity works closely with MK Dons Football Club. Stadium MK Group, Milton Keynes CounGil and the other bodies in Milton Keynes. Where Trustees of the charity are also a55o¢ialed with these other bodles and deGi5ion$ are being made relating to funding to the Charity. these Trustees are excluded from the decision-making process. Trustees, responsibilities in relation to th¢ linan¢lal Statements The Truslees (who are also Directors ot the SET for the purposes of company law) are re5pon5ible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and United Kingdom A¢counling Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financlal stalements for each finan¢ial year. which give a true and fair view of the state of affairs of the Charitable Company and of the incoming resources and applicatson of resources. inGluding the income and expenditure. of the Charitable Company for that périod. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently; obseNe the methods and principles in the Charities SORP 2019 FRS 102., make judgements and estimates that are reasonable and prudent., stale whether applicable UK accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements.
Docusign Envelope ID.. EAE63921-D0914856.B069-BAA30BFF7A61 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 REPORT OF THE TRUSTEES prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charitable Company will continue in business. The Truslees are responsible for maintaining proper accounting records that disclos8 With reasonable accuracy at any lime the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responslble for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In 50 far as the Trustees are aware: there is no relevant audit infomiation of which the Charitable Company's auditor is unaware; and the Trustees have taken all steps that they ought to have laken to make themselves aware of any levant audit information and to establish that the auditor is aware of that information. By order of Ihe Trustees: Do¢WJn•d ty. E94012llD4ZO... Ryan Gawley Trustee 26 March 2025
Docusign Envelope ID.. EAE6392l-D09l48B089-BAA3OBFF7A6l MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 INDEPENDENT AUDITOR'S REPORT INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF kllLTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Oplnlon We have audited the financial statements of Milton Keynes Dons Football Club Sports & Educaon Trust for the year ended 30 June 2024 which comprise Statement of Financial Aclivilies. the Balance Sheet, the Statement of Cash Flows and Notes to the financial slatemenls, including a summary of slgnlflcanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial R8POrting Standard appliGable in the UK and Republlc of Ireland (United King(iom Generally Accepted Accounting Practice). In our opinion the financial stalemenls- give a true and fair view of the state of the ¢harilable company's affairs as at 30 June 2024, and of its incomlng resources and applicalion of Sources. in¢lu¢Jing ils income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Pfactice,. and have been prepared in aocordance with the requirements of th8 Companies Act 2006. Basls for oplnlon We conducted our audil in accordance wi(h International Stsndards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Audilorfs responslbllities for the audit of Ihe fingnGio1 statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audlt of the finan¢ial ststements in the UK. including th8 FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these reqLJirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relallng to golng concern In auditing the financial ststement$. we have concluded that the Trustees, use of the golng ¢on¢em basis of accounling in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relatin9 to event5 or condltions that. indlvidually or collectively, may cast significant doubt on the charitable company's ability to continue as a going con¢em for a period of al least twelve months from when the fin¥ncial statemen15 are aulhorised for issue. Our responsibilities and the responsibilities of the TTuslees with respect lo going Concem are described in the relevant se¢tlons of this report. Other Information The other information comprises the information included in the annual report of the Trustees. other than the financial Statements and our auditorfs report thereon. The Trustees are sponsible for the other InfOallOn ontained within the annual report of the Trustees. Our opinion on the financial statements does not cover the other infom7ation and, except lo the extent olheNise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing $0, consider whether the other Infomialion is materially inconsistent with the financial ststemenls or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mi53tatements. we are required to delermine whether this gives rise lo material misstatement in the financial ststements themselves. If, based on the work we have performed. we conclude that there is a material mis5talement of this other information, we are required to report thal fact. We have nothing to report in this regard. 10
Do¢usign Envelope ID.. EAE63921-D0914856-B069-BAA30BFF7A61 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 INDEPENDENT AUDITOR'S REPORT (CONT'D) Matters on which we are required to report by exception In the light of our knowledge and underslanding of the charitable company and its environment oblained in the Course of Ihe audit, we have nol identified material misstatements in the Trustees, report. We have nothing to report in respect of the following matters in relatson to which the Companies Act 2006 requires us to report to you if, In our opinion: adequate accounting records have not been kept. or relums adequate for our audit have not been received from branches not visited by us., or the financial ststements are not in agreement wbth the accounting records and returns- or certain disclosures of Directors. remuneration specified by law are not made- or we have not received all the information and explanations we require for our audit., or the Trustees were not entitled lo prepare the financial statements in accordance with the small companies. regime and take advantage ol the small companies, exemptions in preparing the Directors, report and from the requirement to prepare a strategic report. Responslbllltles of Trustees As explained more fully in the Trustees. responsibilities slalemenl set out on pages 8 and 9, the Trustees (who are also the Directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial slalements and for being satisfied that they give a true and fair view. and for such internal control as the Trustees detemine is necessary to enable the preparation of finan¢ial statements that are free from material misstatement, whether due to fraud or em)r. In preparing the financial statements. the Trustees are responsible for assesslng the ¢harilable ¢ompany's ability to continue as a golng concern, dis¢10slng, as applicable. matters related to going concern and using the going concern basls of a¢¢ounting unless the Tnjstees either intend to liquidate the charitable company or to cease operations. or have no realisti¢ alternative but lo do so. Auditor's responsibllities for Ihe audit of the financial statements Our oble¢tlves are to obtain reasonable assurance about whether the financial statements as a whole are fre& from material misstatement. whether due to fraud or error. and lo 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) wlll always detect a material misstatement when it exists. Misslalemenls can arise from fraud or error and are considered materi81 if. individually or in the aggregate, they could reasonably be expected to influence the eoonomic decisions of users taken on the basis of these financial statements Irregularities. including fraud. are Inslances of non-¢ompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detecl material misstalemenls in respect of irguI8tie$. including fraud. The exlent lo which our procedures are capable of delecling irregularities, Including fraud, is detailed below. Explanatlon as to what extent the audlt was considered capable of deteGting irregularlties, Including fraud We gained an understanding of the logal and regulatory framework applicable to the company and the industry In which it operates and considered the risk of acts by the company that were contrary to applioable laws and regulations, including fraud. These included. but were not Similed lo, the Companies Act 2006. Charities Act 2011, Charities SORP 2019 and tax legislation. We evaluated management's incentives and opportunitles for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls}, and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.
t)ocvsign Envelope ID.. EAE63921-D0914856-B069-8AA30BFF7A61 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 INDEPENDENT AUDITOR'S REPORT (CONT'D) Audlt procedures perfomed by the engagement team Induded: discussions with management. including considerations of known or suspected instances of non-compliance with laws and regulations and fraud: gaining an understanding of management's controls designed to prevent and detect irregularities., and identifylng and lestinglournal entrles. Owing to the inherenl limitalions of an audil. there is an unavoidable risk that we may not have detected some material misstatemenls in the financial ststemenls. even though we have properfy planned and perfonned our audit in accordance with auditing slandards. For example, the further removed non-compliance with laws and regulations lirregularitiesl is from the events and transactions reflected in the financial statements, the less likely the Inherently limited procedures required by auditing slandards would identify it. In addition, as with any audit. there remained a hi9her risk of non-delection of irregularities, as Ihese may involve ¢ollusion. forgery, intentional omissions, misrepresenlalions. or the override of internal controls. We are not responsible for preventing non-Gompllance and ¢annol be expe¢led to detect non-¢ompliance with all laws and regulations. A further description of our responsibilities is available on th8 Financial Reporting Council's website al: www.frc.or .uklauditorsres onsibilities. This description fonS part of our auditoffs report. Use of our report This report Is made solety to the Charitable CoMpanS members, 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 ¢haritsble company's members those matters we are required to state to them in an audilorfs report and for no other purpose. To the fullest extent pemiitted by law, we do nol accepl or assume responsibility lo anyone olherthan the charitable company and the charitable company's members as a body. for our audit work, for this report. or for the opinions we have fomed. N-trctyo Hdi IL¢ Philip Fenn ACA FCGA (Senior Statutory Auditor) For and on behalf of Mercer & Hole LLP Chartered A¢¢ountants and Registered Auditors Date: 2bik (XcLth Zoif 12
Docvsign Envelope ID.. EAE63921-D0914856-8069-BAA308FF7A61 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024 INCLUDING INCOME AND EXPENDITURE ACCOUNT Note Unrestricted Funds Restricted Fund5 Total 2024 Total 2023 Income and Expendlture INCOME: Donations and legacies 401.717 401.717 285,197 Income from charitable aclivikn.es 1,034,719 228,830 1.263.549 1.161,767 Other Income 1.766 1,766 544 Total Income 1.438,202 228,830 1,667,032 1.447.508 EXPENDITURE: Expenditure on charitable activities 11.432,324) {232.147) (1,664,471) (1,527,128) Total Expendlture 11.432.324) (232.147) 1,664.471 1,527,128} Nel in¢omel(expenditure) 5,878 13,317) 2.561 {79,6201 Transfers between funds (1591 159 Net movement In funds 5.719 (3.158> 2.561 179.620) Reconclllatlon of funds Total funds brought forward 291.967 4,421 296.388 376,008 Total funds Carrlod forward 297,686 1,263 298.949 296.388 The statement of financial activities includes all gains and losses recognlsed in the year. All income and expenditure derive from continued activities. The accompanying accounting policies and notes fom an integral part of the financial statements. The 2023 comparative includes both restricted and unrestricted funds, a breakdown of the comparatives can be found in Note 21 to these financial stslements. The notes on pages 16 to 30 form part of these financial slalements. 13
Docusign Envelope ID.. EAE63921.D0914856-Bo68AA3oBFFFA6l MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 BALANCE SHEET Note 2024 2023 Flxed Assets Tangible assets 171,900 19.471 Current Assets Debtors Cash at bank and in hand 12 119,573 344,022 463.595 222.199 355,454 577.653 Total Current Assets Credltors: Amounts fallSng due wSlhln one year 13 {315,202} (283.004) Net cyrnt As$ets 148.393 294,649 Provisions For Liabilitigs 20 (21.3441 {17,732) Net Assets 298,949 296,388 Charlty Funds Restricted Funds Unrestricted Funds 16 1,263 297.686 4,421 291,967 296,388 16 Total Charlty Funds 16 298,949 The Trustees hove prepared a¢counts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the Charity SORP. Financial Reporting Standard IFRS1021, and the special provisions of Part 15 of the Companies Act relating to small companies and conslilule the annual accounts requlred by the Companies Act 2006 and are for circulation lo members of the company. Approved by Ihe Board of Trustees on 26 March 2025 Ryan Gawley Trustee Company number: 06496491 14
Docusign Envelope ID.. EAE63921.D0914856.B06&8AA30BFF7A61 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 STATEMENT OF CASHFLOWS Notes 2024 2023 Cash generated from operating activitios 18 161.275 68,212 Cash flows used In Investlng actlvltles Purchase of tangible fixed assets {172.707) 121,4311 Net cash used In Investlng activiti0$ (172,7071 {21,4311 Cash provlded by flnan¢lng actlvlties Investment income Not cash providgd by financing activities IDe¢reaseVln¢rease In cash and cash equivalents in the year Cash and cash equivalents al Ihe beglnning of Ihe year (11,432) 46,781 355,454 308,673 Cash and cash equlvalents at the end of the year 344.022 355.454 15
Docusign Envelope ID: EAE63921-D091485&B069-BAA308FF7A61 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 NOTES TO THE FINANCIAL STATEMENTS 1. Accounting Policles The principal accounting poli¢ies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements. applied in both the ¢urrenl and prior year, are as follows- a} Basis of prgparation The financial statements have been prepared in accordance with Accounting and Reporting by Charilies.. statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 1021 leffeclive 1 January 2019) - {Charities SORP IFRS 10211, the Flnancial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021. and the Companies Act 2006. Milton Keynes Dons Football Club Sport5 & Education Tnjst meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al hislorical cost or transaction value unless otheNise stated in Ihe relevant accounting policy noles. b) Preparation of the accounts on a going concern basis At the time of approving the financial statements, in assessing the going concern assumption, the Trustees have reviewed management information and forecasted cash flows through to June 2026 whlch have factored Sn the increasing costs in the current economic climate along with building in mitigation around further diverslfi¢alion of funding streams. The ntInuIng impact of the current economic climate is unclear, and this does create a risk that the assumptions used in assessing the going concern assumption could prove to be inaccurate. but on balance the Trustees are of the opinion that the Charity has sufficient liquid resources available to deal with the changing circumstances and continue operating for the fOSeeable future. The Charlty has a healthy cash poslllon which provides sufficient reserves to manage the forecasted performance up to al least 30 June 2026. Thls cash forecast has been calculated with high levels of prudency given the tjncertainties above. The Charity also has a supportive relationship with the MK Dons Football Club and the wider Stadium MK Group as well as MK Council. The financial slatements have therefore been prepared on the going concern basis. c) Income Income is recognised when the Charity has entitlement to the funds. any performance conditions attached lo the items of income have been mel. il Is Probable that the income will be received and the amount Can b8 measured reliably. Income from govemment and olher grants. whether 'capitsl' grants or'revenue. grants. is recognised when the Charity ha5 entitlement to the funds. any performance conditions attached to the grants have been met, it Is probable Ihat the income will be received and the amount can be measured reliably and is not deferred. 16
Docusi9n Envelope ID.. EAE63921-DO914856-B068AA3OBFF7A6l MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 NOTES TO THE FINANCIAL STATEMENTS 1. Accounting Policies {continued} dl Donated services and fa¢illlles Donated professional servi$ and donated faciliues are recognised as income when the Charity has control over the item, any conditions associated with the donated item have been mel. the receipt of e¢onomic benefit from the use by the Charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SQRP IFRS 1021, 9gneral volunteer time is not recognised and refer lo the Trustee's annual report for more Information about volunteer contribution. On receipt. donated professional services and donated facilities are recognised on the basls of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain servi$ or facilities of equivalent economic benefit on the open market.. a corresponding amount is then recognised in expenditure in Ihe period of receipt. e) Intere51 receivabl8 Interest on fijnds held on deposll Is Included when re¢elvable and Ihe amounl can be measured rellably by the Charity.. this is nomially upon nolificalion of the Interest pald or payable by the bank. n Fund accounting Unreslricled funds are available to spend on activities that fvrther any of the purposes of Charity. Designated funds are unrestricted funds of the Charity which the Trustees have decided at their discretion to sel aside to use for a specific purpose. Restricted funds are donations which the donor ha5 specified are to be solely used for particular areas of the Charity's woik or for specific projects being undertaken by the Charity. g) Expendlture and Irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party. il is probable that settlement will be required and the amount of the obligation can be measured rellably. Expenditure is classified under the following activity headings: • Cost of raising funds comprises the costs of activities outside the delivery operations of Ihe Charity. Expenditure on charitable activities comprises the costs of commercial trading includin9 the running of the football courses and their associated costs. Irrecoverable VAT is Charged as a cost against Ihe activity for which the expenditure was incurred. h) Allocation of support costs Support costs are those functions that assist the work of the Charity but do not directly undertake charilable aclivilies. Support costs include back office costs. finance. personnel. payroll and governance costs which support the Charity's programmes and activities. These costs have been allocated between c05t of raising funds and expenditure on charitable activitie5. Thg bases on which support costs have been allocated are set out in Note 8. 17
Oocuslgn Envelope ID: EAE63921-D0914856-8069-BAA30BFF7A61 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 NOTES TO THE FINANCIAL STATEMENTS 1. Accountlng Policies Iconllnued) i) Employee beneftts The costs of short-temi employee beneffts are recognised as a liability and an expense. unless those costs are required to be recognised as part of the cost of stock or fixed assets. The Cost of any unused holiday enliUemenl is cOgnised in the period In whlch the employee's services are received. Terminalion beneffts are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. S) Operating leases Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain wilh the lessor are charged to the statement ot rinancial activities on a straight line basis. k) Tangible fixed assets Individual fixed assets are capilalised at cost and are depdated over their useful economic lives on a straight line basis as follows- Asset Category Annual rate Leasehold improvements Plant and machinery IT equipment Motor vehicles The non ¢an¢ellable lease term 5 years Straight line 3 years straight line 5 years straight line l) Debtors Trade and other debtors are recognised at the settlement amount due after any Irade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ml Cash at bank and in hand Cash at bank and cash in hand includes cash and short leTm highly liquid investments wlth a short maturity of three months or less from the date of acquisition or opening of the deposit or similar ac¢ounl. n) Creditors and provisions cdItorS and provisions are re¢ognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds lo a third party and the amount due lo settle the obligation can be measured or estimated reliably. Creditors and provisions ar8 normally r8¢ognised at their settlement amount after allowing for any trade discounts due. o) Financial instruments The Charity only h05 finan¢ial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transacllon value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortisod cost using the effective interest method. 18
Docusign Envelope ID.. EAE63921-D091485&B069-BA4308FF7A61 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 NOTES TO THE FINANCIAL STATEMENTS 1. Accounting Policies (continued) p} Pensions The Charity operates a defined contributron pension scheme for employee5. The assets of the scheme are held separately from those of the Charity. The annual Contributions payable are charged to the statement of financial activities. q} Taxation The Charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Galns Act 1992 to the extent that these are applted to ils charitable objectives. 2. Legal status of the Charity The Trust is a Company limited by guarantee and has no share Gapital. In the event of the Charity being wound up, the liabilty in respect of the guarantee is limited lo £1 per member of the Charity. 3. Income earned from donations and legacies Unrestrl¢ted Funds Restrlcted Funds Total 2024 Total 2023 MK Dons Limited 192,595 209,122 192,595 209.122 185,245 99,952 Other 401.717 401.717 285,197 4. Income from charitable activities Unrestricted Funds Restrlcted Funds Total 2024 Total 2023 Central & Business Development Education & Inclltsion 53.333 228.386 401.008 351.992 53.333 359,406 401.008 449,802 64,740 326.863 309,667 460,497 131.020 Communities and facilities Football & Community Development 97.810 1,034,719 228.830 1.263.549 1,161,767 19
Docusign Envelop8 ID: EAE63921-D0914856-B069-BAA30BFF7A61 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 NOTES TO THE FINANCIAL STATEMENTS 5. Other Income Unrestrlcted Funds Restrlcted Funds Total 2024 Total 2023 Other Income 1.766 1,766 544 1.766 1,766 544 6. Analysis of expenditure on charitsble activities Unrestrl¢ted Funds Restrlcted Funds Total 2024 Tolal 2023 Central & Business Development 192.595 192.595 185,245 Education & Inclusion 152.632 132.319 284.951 197,563 Football & Community Development 387,955 99.828 487.783 535,384 Community Facilities 454,309 454,309 348.291 Other Operational Costs 56,264 56.264 18.783 Depreciation 20.278 20.278 2,660 Bank Charges 13.755 13.755 3.586 Support Costs (see Note 81 133.898 133.898 216.980 Govemance Costs {see Note 8) 20,638 20,638 18,636 1.432.324 232.147 1.664,471 1.527.128 7. Net incomellexpenditure) for the year This is statod aftor charging.. 2024 2023 Depreciation (20.2781 {2.6601 Auditorfs remuneration: Audit of Company's Financial Statements (7.560) (8.496) 20
Docusign Envelo ID.. EAE63921-D091485fTrB069-BM308FF7A61 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 NOTES TO THE FINANCIAL STATEMENTS 8. Analysis of governance and support costs General Support Governance Function Total Basis of apportionment Salaries, wages, and related costs 110,707 110.707 AIIoc8tion of time & invoiced amounts General office 1,698 6,422 15,071 1,698 6,422 15.071 13,078 7,560 Invoiced amounts Invoiced amounts Travel expenditure Other expenditure Legal and other professional fe8S Audit and accountancy fees Invoiced amounts Invoiced Amounts Invoiced Amounts 13,078 7.560 133,898 20.638 154,536 9. Analysis of employee costs, Trustee remuneration and 6xpenses. and the cost of key management personnel 2024 2023 Salaries and wages 659.877 663,137 Soclal securfty costs 39.985 37,609 Pension costs 33,792 31,156 733,654 731.902 The number of employees receiving emoluments in exoess of £60,000 is as follows 2024 2023 £60.000-£69.999 The Charity Trustees were not paid or received any other benefits from the Charity in the year (2023.. £nill- Trustees were reSmbursed expenses during the year of£Nil12023'. £3211. No Charity Trustee received payment for professional or other servi¢es supplied to the Charity (2023.. £nil)- The key management personnel of the Charity comprises of the Trustees and the key management personnel as disclosed on page 1. The total pay and employee benefits of key management personnel of the Charity was £145,829 {2023.' £125.4611. 21
Docusign Envelope ID- EAE63921-DO914856.B069-BAA30BFF7A61 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 NOTES TO THE FINANCIAL STATEMENTS 10. Employee numbers The average monthly number of persons (including Directors) employed by the Charity during the year was as follows: 2024 Number 15 38 2023 Number 17 53 Full time employees Part lime employees 53 70 The spllt between support and delivery staff was as follows.. 2024 Numb8r 2023 Number Support Delivery Employees 49 65 53 70 11. Tangible fixed assets Plant & Machinery Offlce Equ¢pment Motor V•hiclas Total Cost As at 1 July 2023 Additions Disposals As al 30 June 2024 61,166 20.784 172.707 68.425 150.375 172,707 61,166 193,491 68,425 323,082 Accumulated depreciation As at 1 July 2023 Charge On disposals As at 30 June 2024 60.522 185 1.957 20,093 68.425 130,904 20,278 22.050 68,425 151.182 Net Book Value As at 30 June 2024 460 171.440 171,900 As at 30 June 2023 644 18,827 19,471 22
Docusign Envelope ID.. EAE63921-DO914856.B069-BAA308FF7A61 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 NOTES TO THE FINANCIAL STATEMENTS 12. Debtors 2024 2023 Trade Debtors 94,698 162.770 Prepayments and olher deblors 11,425 59,429 Accrued Income 13,450 119.573 222,199 13. Cr8dilors- amounts falling due within one year 2024 2023 Trade CrediloTs 57,839 27.045 Taxation and Social Security 12,737 14.632 Accruals 128,531 74,752 DefeThed Income 110,844 153,214 Other Creditors 5.251 13,361 315.202 283,004 14. Deferred Income Included within credltors are balances relallng to deferred in¢ome. Deferred income comprises fees and income receipts relatin9 to future financial years. 2024 2023 Balance as at 1 July 153.214 128.096 Amounts released to Income earned from charilable activities {128,096) 1153,2141 Amounts deferred in year 110,844 153,214 Balance as at 30 June 110.844 153,214 15. Commitments under operating18ases A5 al 30 June 2024 the Chartty had £Nil {2023.' £Nill of annual commitments under non-cancgllable operating leases. The lease agreements at the annual rent of peppercorn rent were signed for five years from August 2022 to August 2027 for Woughton on the Gre8n and BrooklaDds sites. Lease agreement Can be terminated by either party before the en¢J of the lease. 23
Oo¢usiun Envelope ID.. EAE63921-D0914856-8069-BAA308FF7A61 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 NOTES TO THE FINANCIAL STATEMENTS 16. Analysis of charitable funds Analysls of movements In unrestrlcted funds Balance at Balance at 1 July 2023 Income Expenditure TTansfers 30 June 2024 General fijnds 252,792 1,438.202 11.432,3241 (159) 258.511 Designated funds 39,175 39,175 Total 291,967 1,438,202 (1,432.324) 297,686 Analysis of movements In unrestricted funds - previous year Balance al Balance at 1 July 2022 Income Expendlture Transfers 30 June 2023 General fvnds 325.684 1,205,780 11.278.672) 252,792 Designated funds 39,175 39.175 Total 364,859 1.205.780 (1.278.672) (159) 291.967 Name of unrestricted fund Description, nature and purposes of the fund General fund The 'free reserves, lo cover normal fluctuations of working capital. Designated fund Funds sel aside by the Trustees to cover the replacement costs of major fixed assels. 24
Doeusign Envelope ID.. EAE63921-D0914856-B069-BAA308FF7Afj1 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 NOTES TO THE FINANCIAL STATEMENTS 16. Analysis of charitable funds Iconlinuedl Analysls of movements In restrlcted funds Balance at 1 July 2023 Balance at 30 June 2024 Incomg Expenditure Transfers PL Kicks Fund 909 50,000 (51,971) 1,062 FA Girls. Centre of Ex¢ellen¢e 2,891 4.000 {6.8911 PL Primary Star5 Fund 591 61,858 {61,185) 1.263 Women's Euro 2022 Lega¢y 60,483 (38,876) 121,608} Armed Forces Covenant 413 1413) Divert 18,750 118,7501 Emerging Talent Centre 30 33.326 {54.061) 20.705 Total 4,421 228,830 1232,147) 159 1,263 25
Docusign Envelope ID.. EAE63921.DO91485&B069.BAA30BFF7A61 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 NOTES TO THE FINANCIAL STATEMENTS 16. Analysis of charttable funds Iconlinuedl Analysis of movements In restrlGted funds - pr8vlous year Balance at 1 July 2022 Balance at 30 Jung 2023 Income Expenditure Transfers PL Kicks Fund 4,232 41,667 144,9901 909 FA Girls, Centre of Excellence 5.617 54,393 157.119) 2,891 PL Primary Slars Fund 1.300 46,257 {46.966) 591 Women's Euro 2022 Legacy 32.826 (32,6261 Amed Forces Covenant 8,847 18.8471 Divert 26,123 126.1231 Emerglng Talent Centre 31,815 131,785) 30 Total 11.149 241,728 {248,456) 4,421 Name gf restriGted fund De$¢ription, nature and purposes of the fund PL Klcks Fund During the year the Charity ceiVed £50.000 as funding towards the PL Kicks project. The project is the Premier League's flagship community programme which uses the power of football and sporl lo inspire young people in some of the most high-need areas in England and Wales. In the year the Charity has spent more than the funds provided and so this has been funded by a transfer of £1,062 from unrestricled fund5. FA Girls, Centre of Excellence Fund During the period the Charty received a final £4,000 of grant funding to aid the transislion from the Centre of Excellence to Emerging Talent Cenlre. The brought forward balance and £4.000 of income in the year were fully ulilised to support staff salaries as the Charity Iransilioned behveen programmes. This programme has now ended and In futur8 seasons only the Emerging Talent Centre will be operated. PL Primary Slars Fund During the year the Charity received £50,000 a5 funding from the Premier League, along with £11,858 from schools lo run 3pe¢ific sessions. toward5 the PL Primary Stors project. The project uses the appeal of the Premier League and professional football clubs to inspire chlldren to learn, be active and develop important life skills. Womèn's Eur05 2022 Legacy During the year the Charity was given a further £28,000 of funding for developmenl of Wofflen's Re¢reational Football activities as part of the legacy ftjnding for 2022 UEFA Women's European Championship5. The income re¢ognised lo date covers the salary of the dedicated staff 26
Oocu5ign Envelope ID.. EAE63921-D0914856-BO68AA3oBFF7A6l MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 NOTES TO THE FINANCIAL STATEMENTS members and direct expenditLFre on the project with the remaining balance of the funds received sitting within Deferred Income at year 8nd to be released in future years in line with programmes delivered. Note an amount of £21,608 has been transferred lo unrestricted reserves in the year lo reflect the closufe of initial funding period (with the remaining balance at this point released lo unrestricted funds) and a new funding perlod beginning during the year. Armed Forces Covenant During the year the Charity received £413 of funding from The Armed Forces Covenant Fund Trust. This funding was lo enable th8 Charity to run projects to engage veterans of armed forces offering them, and their families, spaces lo connect with others with a common purpose. DIVERT with Thames Valley Police During the year the Charity was given a further £18.750 from Thames Valley Police to extend the DIVERT programme. This is is an intervention programme lo reduce re-offending. It is delivered in police custody suites and aims to divert young adults aged 18- 25 years away from crime. Emerging Talent Centre During the period the Charity received £25.000 of grant funding. supplemented by subscription fees and sponsorship, in order lo promote the participation and development of Girl's football through the Emerging Talent Centre which has now replaced the above Centre of Excellence Fund. In line with the requimients of the FA the Charity are required to provide a miTTrirnum of 50% Match Funding against the £25,000 granl received. This 15 reflected above through the transfer of £20,705 from unrestricted reserves as the Charity's match funding. 17. Analysis of net assets bee@n funds Analysls of net asset movements between funds Fixed Assets Current Assets Current Llabllltles Total 2024 Provisions Restricted funds 1,263 1,263 General unrestricted fvnds 171.900 462.332 (315,202) (21,344) 297,686 Total 171.900 463,595 1315.202) 21.344 298,949 27
Docusign Envelope ID.. EAE63921-D0914856-B069.BAA30BFF7A61 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 NOTES TO THE FINANCIAL STATEMENTS Analysis of not asset movements between funds - previous year Fixgd Assgts Curront Assets Current Liabllit5es Provisions Total 2023 Restrictgd funds 4.421 4.421 General unresliicled fijnds 19.471 573.232 (283.004) (17.732) 291.967 Total 19,471 577,653 1283,004) 17.732 296.388 18. Reconciliation of net movement in funds lo nel cash flow from operating activities 2024 2023 Net movement in funds 2.561 179,620) Add back depreciation charge 20,278 2.660 Decrease in debtors 102,626 66.707 Increase in creditors 32,198 78,465 Increase in provisions 3.612 161,275 68.212 19. Related party transactions The Charity work$ c105ely with the Stsdium MK Group. Milton Keynes Cily Council and other bodies in Mllton Keynes. Where Trustees of the Charity are also associated with these bodies and decisions are being made ielating to the fijnding of the Charty, these Trustees are required to declare a potential confllct and exclude themselve5 from the decision making PTocess. Milton Ke nes Dons Limiled During the year donations in kind to the value of £192.59512023- £185,245) were provided to the Charity by Milton Keynes Dons Limited in relation to match tickets, equipment. accommodation and staff. In addition the Charity had sales of £92,208 (2023.. £159,749} and purchases of £5,84712023: £52.743) with Milton Keynes Dons Limited. The net balance outstandin9 at the year end was £44712023.. £45,977}- 28
Do¢usign Envelope ID.. EAE63921-D0914856-8069-BAA30BFF7A61 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 NOTES TO THE FINANCIAL STATEMENTS 19. Related party transactions Iconlinuedl Hotel MK LlmFted The Charity made £1,722 (2023-. £9,860) of purchases during the year from Hotel MK Llmlted. The net balance at the year end was £nil12023.' £Nill. Stadium MK Limited The Charity mad& £2.60612023.' £nill of PL¢rchases during the year from Stadium MK Limit8d.The net balance outstanding at the year end was £263 (2023: £841. MKFM Limited The net balance outstanding al the year end was £nil (2023.. £553). oinlmenls with connected enlilies P Winkelman was a diwtor of Stadium MK Group Limited, Milton Keynes Dons Limited, Inter MK Limited, Hotel MK Limited, Stadium MK Limited. Stadium MK Properties and MK1 Parking Limited until his resignation from hls role as Twslee on 9 August 2024. J Cove (Trustee) was a director of Milton Keynes Dons Limited until 9 August 2024. R Gawley (Trustee) is a director and company secretary of Milton Keyne$ Dons Limited. Hotel MK Limited. Stadium MK Limited and MK1 Parking Limited and company secretsry of Stadium MK Group Limited, Stadium MK Properties Limited and MKFM Limited. He was also company secretary of Inter MK Limited ntil 9 August 2024. L Gear (Trustee) is a director of The Foolball League (Community) Limited. S Crooks {Trusteel, S Muzammil (Trusleel and L Monla9ue (Trusteel are members of Milton Keynes City Council. M Priestley. J Lancaster, B McBride and A Rolfe were all members of Milton Keynes City Council until their respective resignations from their role as Trustees. M Lloyd {Truslee) is the company secretary of Suzuki GB PI¢. 20. Provisions for liabilities 2024 2023 Contract provislon 29
Docusign Envelope ID.. EAE63921-00914856-B0694AA30BFF7A61 MILTON KEYNES DONS FOOTBALL CLUB SPORTS & EDUCATION TRUST Financial statements for the year ended 30 June 2024 NOTES TO THE FINANCIAL STATEMENTS 21. Comparative Statement of Financial Activity - 2023 UnrestriGted Funds ReslriGted Funds Total 2023 Income and Expendlture INCOME: Donations and legacies 285,197 285,197 Income from Charitable activities 920.039 241.728 1,161.767 Other income 544 544 Total Income 1,205,780 241,728 1,447,508 EXPENDITURE: Costs ol raising funds Expen¢Jiture on charitable activities 1,278,672 248.456 1,527,128 Total Expendlture 1,278,672 248,456 1.527,128 Net In¢omellexpendlture) 172.8921 {6.7281 179.620) Transfer between funds Net movement in funds 172,892) 16,728) {79,6201 Reconclllatlon of funds Total funds brought forward 364,859 11,149 376.008 Total funds ¢arrled forward 291.967 4.421 296.388 30