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2023-07-31-accounts

Charity Registration No. 1124896

Company Registration No. 06412345 (England and Wales)

NEWCASTLE UNITED FOUNDATION (A CHARITABLE COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

NEWCASTLE UNITED FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees C Alexander
F Ameobi
S Bullock (Appointed 1 January 2023)
D Eales
J P B Marshall
G Mason
M F Percy
M R Thompson
B Thorpe
Charity number 1124896
Company number 06412345
Registered office NUCASTLE
Diana Street
Newcastle Upon Tyne
United Kingdom
NE4 6BQ
Auditor RSM UK Audit LLP
Chartered Accountants
1 St. James' Gate
Newcastle upon Tyne
United Kingdom
NE1 4AD
Solicitors Muckle LLP
Time Central
32 Gallowgate
Newcastle upon Tyne
NE1 4BF

1

NEWCASTLE UNITED FOUNDATION

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2023

The day-to-day operations of Newcastle United Foundation were led by the Senior Management Team consisting of the CEO Steve Beharall, Director of Programmes and Impact Andy Foster, Director of Finance and Resources Helen Wilson, Head of Compliance Steve Mack, Head of Facilities and Foundation Business Malcolm Munro and Head of HR and Administration Katie Tasker.

The day-to-day operations of the Foundation were restructured during the year to reduce silo working to create clear lines of accountability and responsibility for delivery, sales, quality, account management, impact and reporting.

The new delivery structure included three senior appointments; Liam Atkin Senior Programme Operations, Alex Curran Senior Manager for Sport and Wellbeing and Gavin Ferry Senior Manager for Learning and Skills.

Governance was led by trustees including a Finance and Risk Committee and our subsidiary company Newcastle United Foundation Projects board, both meeting quarterly to lead on specific areas of business for the board of trustees.

An essential part in the success of our charity are the people we employ and during the period, with the support of Newcastle United Football Club, we started an evaluation of every job description across the Foundation. Working with an expert advisor, each job was evaluated against the job description on a national, regional and local level with a commitment to ensuring we have fair and competitive salaries.

July 2023 brought the end to our 2020-23 business plan objectives and allowed us the opportunity to review progress against target and reflect on our assumptions when planning this business cycle in 2019. In addition to our business-as-usual functions, we agreed with our board of trustees the following focus for our work during this period:

1. To be ambitious for our communities, aspiring to be the best we can be.

We made a commitment to search for and take opportunities where we can to expand programmes, staffing and impact across our portfolio of work, taking a view that more quality and transformative work will help us to raise aspirations across our community.

2. To create safe places for our community, programmes, people and participants.

This was a focus on the construction of NUCASTLE and developing programmes that would be suitable for the local community whilst ensuring we didn’t displace programmes across our region to relocate them to NUCASTLE.

3. To increase our reach and impact, through our programmes, facilities and resources.

We wanted to be able to articulate the difference we make on our programme delivery and from within NUCASTLE, ensuring we have a complimentary offer across each of our local authority areas. We had to also ensure we have the resources we needed to make sure NUCASTLE was a success.

4. To be admired and respected for the quality of our work and our people.

We wanted third party endorsement through reputable awards for our programmes and in recognition of the impact of our staff delivering and supporting communities.

Our themes of work allowed us to delegate accountability and responsibility for areas of the business plan across the senior management team under the leadership of the Chief Executive Officer.

1. Capital Build and Facilities:

1.
Capital Build and Facilities:
What we hoped to achieve in 2020 What we achieved by July 2023
Capital build to open in 2021 We officially opened NUCASTLE in March 2022 following a
soft launch with staff in December 2021 to prepare for facility
operations
Lemington
Football
Centre
profitability
including
an
established junior girls' team hub		 We have developed a partnership with a local junior team to
use the facility on an ongoing basis and have ambitious plans
including a feasibility study to redevelop the site
A realistic and achievable business plan for Murray House
(NUCASTLE)		 Now named NUCASTLE, we have a business plan that
exceeds our initial plans and allowed us to invest an
additional £43,960 worth of free activities for the local
community in addition to other free to attend adult and junior
sessions
NU Futures community hubs developed in community assets We now have hub sites in Ashington Hirst and Howden and
launched a new site in the Metrocentre later in 2023

2

NEWCASTLE UNITED FOUNDATION

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2023

2. Key Relationships and Communications:

2.
Key Relationships and Communications:
What we hoped to achieve in 2020 What we achieved by July 2023
An established partnership with Newcastle United Football
Club, allowing access to communications and supporter
base		 Our relationship with Newcastle United is stronger than ever
and we work collaboratively on commercial partnerships to
reinvest back into local priorities – we now work together on
partnerships that will benefit our local community
Key relationships account managed, and grants maintained
through impactfuldelivery		 Growth in grants (excluding NUCASTLE) from £2m to
£2.16m
Strong track record of delivery with partners and
subcontracts including Prince’s Trust TEAM, BTEC and EFL
Trust (NCS)		 We have 42 learners on our subcontracted BTEC esports
qualification with Newcastle College and have grown our
Prince’s Trust TEAM employability programme to six cohorts
a year. The EFL Trust lost the contract for NCS, but we have
maintained a small cohort to continue the work

3. Systems and Compliance:

3.
**Systems and Compliance: **
What we hoped to achieve in 2020 What we achieved by July 2023
A digital plan is created and a culture of thinking digital first! Our initial assumptions for a digital plan were under
resourced and, whilst we have increased our technology
stack, we will continue this focus of work into 2023-26
Systems that work together including IT, finance, website,
CRM and HR		 Our technology stack provides us with the systems we need
to work efficiently, however they require manual uploads,
and we require a more automated option
Compliance with the Premier League Capability Code of
Practice (CCOP)		 We were successful in our submission to Premier League
Charitable Fund and our application received an exemplary
standard of93%

4. Impact:

4.
**Impact: **
What we hoped to achieve in 2020 What we achieved by July 2023
Getting more out of the programmes we have through
general efficiencies		 Our utilisation of staffing for programme delivery remains
optimal and we were successful in restructuring the week to
a Monday to Friday for most staff with others on a flexible
work programme
An impact framework across all delivery programmes Completed and we now focus on ensuring all programmes
have an equality impact assessment
The ability to track and monitor the pathways and
destinations of participants and learners		 We hold important data on the impact of our programmes on
individuals but need to focus on how we track the
destinations aswellasinternalparticipantreferrals
Operation plans linked to the business plan KPIs Department and individual appraisal targets were linked to
the 2020-23 business plan
A SMT data pack that can pull data from digital systems to
quickly demonstrate impact		 Our monthly metrics are manually uploaded and don’t allow
the ability to access quick data and we continue to develop
a dashboard that automatically integrates live data

5. Safeguarding, Quality and People:

5.
Safeguarding, Quality and People:
What we hoped to achieve in 2020 What we achieved by July 2023
A successful Premier League Safeguarding Audit Each audit has been a success, and we continue to meet
and exceed audit expectations with areas of national best
practice for our esports programmes
A people plan across the Foundation We have made some progress in this area but will continue
this as a priority into the next business plan cycle
Talent management to support the identification and
development of key staff		 A focus on people managers and middle management to
ensure our line management supports our ambition to be a
great place to work
Pathways – lateral and vertical with Newcastle United and
key partners orstakeholders		 Lateral movement into key roles at Newcastle United
including corporate communications and supporterservices
Recruitment and attraction planning We have continued to grow our head count from 192
employees in 2022 to 209 employees in 2023 and now have
dedicated workforce development coordinator linking with
HE and FE to identify a talent pipeline

3

NEWCASTLE UNITED FOUNDATION

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2023

6.
Financial forecast:
What we hoped to achieve in 2020 What we achieved by July 2023
Growth in turnover excluding NUCASTLE (forecast):
20/21: £4.1m,
21/22: £4.4m,
22/23: £4.7m		 20/21: £4.4m
21/22: £5.6m
22/23: £6.4m
Growth in earned income and reduction in raised income:
20/21: Earned/Raised 40%/60%
21/22: Earned/Raised 46%-54%
22/23: Earned/Raised 50%-50%		 20/21: Earned/Raised 34%-66%
21/22: Earned/Raised 39%-61%
22/23: Earned/Raised 41%-59%
The target of earned to raised income was not achieved,
however this was due to higher grant income than expected
which reflects positively on NUF’s track record of delivery
and ability to secure additional grants from existing funders
andnewproviders
A financial forecast mitigating multiple future scenarios Due to our financial forecasting, we were able to continue
our programme delivery during the covid disruptions
throughout 2020 and our sustainable and balanced budgets
allowed us tonavigate the pandemic

Our year end reviews highlighted the positive progress across programmes with no areas of concern. Most targets were met and often exceeded with mitigations for any targets not achieved. We focused on evidencing the impact of our work through developing theories of change and outcomes across our programmes and then measured participant progress towards these outcomes. The table below shows the outcomes we generated for participants and the % of participants who achieved each outcome where measured.

89%
Feel more connected
84%
Improved mental wellbeing
94%
Improved physical wellbeing
90%
Increased aspirations and motivation
98%
Increased fun and activity levels
81%
Improved socialskills
86%
Improved life skills
98%
Improved employability skills

Individual programme highlights:

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NEWCASTLE UNITED FOUNDATION

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2023

Common organisational highlights included:

Common organisational challenges included:

Programme Focus – YOLO and Chances

Following two tragic deaths across our community through knife crime, as well as a growing number of young people carrying knives in our community, we instructed Clennell Education Solutions to provide an external report on our ability to manage safeguarding and risk on our youth violence and early intervention programmes YOLO and Chances.

The report involved a deep dive into our programmes, interviews with staff and our capacity and experience to assess risk on programme and before participants are referred to us. The recommendations were shared with our funding partners in the Northumbria Police and Crime Commissioner’s Violence Reduction Unit to ensure a collaborative approach and to evolve the programme and planning, ensuring we keep staff and participants safe on programme.

NUCASTLE

As we continue to evolve and develop our programmes from NUCASTLE, our world-class community hub, we are proud of the impact we are having for our community. The facility is used for Foundation programmes and also generates commercial revenue to be invested back into the charity from hire of the space by external community partners. The revenue from both sources exceeded the original business plan, as shown in the table below.

The income generated from NUCASTLE for 2023/23 exceeded target by £116,290

2022/23
Actual		 2022/23
Business Plan		 Variance
TOTAL INCOME– FOUNDATION £181,190 £96,273 £84,917
TOTAL INCOME– EXTERNAL £188,853 £157,480 £31,373
TOTAL INCOME £370,043 £253,753 £116,290
Foundation % 49% 38%
External % 51% 62%

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NEWCASTLE UNITED FOUNDATION

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2023

The internal Foundation programmes included:

In addition to the business plan for NUCASTLE we are proud to have provided several free community activities based on local need, working with the West End Schools Trust and other community partners. In total we gave away commercial opportunities for free access to NUCASTLE including our classrooms, 4G rooftop pitch, esports and HADO parties with a total value of £43,960.

Business Planning

In August 2022 we started the process of planning for the next iteration of our business plan to cover the period August 2023 to July 2026. This began with a review of current data, insight and preparation of a data gathering template which allowed us to gather and consolidate quantitative and qualitative data from interviews with staff from across the Foundation. We held a separate trustee visioning session which also included key colleagues from Newcastle United Football Club to ensure the vision for our charity continues to have purpose and ambition. The senior management team held an away day to ensure we had the time and focus to discuss and debate the future needs of the Foundation and communities we serve.

In January 2023 we presented the first draft of the 2023-26 business plan to trustees and other key stakeholders and ensured we used the remaining months leading up to July to work towards a final draft and associated budgets and resources to support.

In June 2023 we started a board effectiveness review to support our governance and to create a forward plan of actions for the chair of trustees, the senior management team and trustees. A desktop review was undertaken by an external expert including analysis of Premier League COOP guidance, governing documents and policies, as well as previous board minutes and sub committee's structure. Each trustee and member of the senior management team took part in a series of questionnaires and interviews to better understand their view on our governance, interactions and effectiveness. We expect to develop a 12-month action plan to take into the next business plan cycle.

Brand and Communications

Throughout the 12-month period, the impact of the Foundation’s work across the North East has been shared regionally, nationally and internationally through the charity’s marketing and communications efforts, underpinning brand awareness and credibility in the third sector.

Digitally, official social media accounts for the Foundation (Instagram, LinkedIn, Facebook, X [formerly Twitter], YouTube) had a total audience of more than 60k followers. Across all channels, the Foundation gathered 7.044m impressions (the number of times content is seen) and more than 373,000 engagements (the number of times audiences interacted with content). This engagement rate demonstrates a significant 46% increase year-on-year and produces an average 5.3% engagement rate per impression, well above the “good” engagement rate between 1% – 3.5%.

The period also represents important growth in the Foundation’s digital operations via its website – nufoundation.org.uk, generating 448k page views. The website is a key tool to showcase the Foundation’s work and is crucial to the Foundation’s e-commerce output, directly responsible for securing income e.g., Holiday Courses. Dedicated action has been taken to develop and drive traffic to the website, generated through the creation of high quality, optimised content with targeted landing pages engaging our online audiences via social media, e-communications and digital ads.

Strong relationships with regional and national media, as well as Newcastle United’s content and communications teams, has seen the Foundation’s work shared and enjoyed globally. The close working relationship with the Club has allowed for greater access to secure appearances and visits from men’s and women’s first team players, generating significant interest in the Foundation.

Stories throughout the period have been shared or captured by external media across broadcast, digital and print publications, including; BBC Look North, BBC Match of the Day, BBC Newcastle, The Chronicle/Chronicle Live, ITV Tyne Tees, ITV X, Global Radio, NUFC TV, Sky Sports/Sky Sports News, Premier League Productions and their international rights holders and more.

6

NEWCASTLE UNITED FOUNDATION

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2023

Sustainability

We have now measured the impact of the Foundation’s operations on the environment and created a policy, procedure and action plan to reduce our emissions to carbon neutral for Scope 1 (direct) and Scope 2 (indirect) emissions by 2030, and a commitment to reducing Scope 3 (indirect) emissions by 2040.

Financial review

The table below summarises the financial position for financial years 2023 and 2022:

2023 2022 Variance
Total incoming resources* £6,380,690 £7,995,068 (£1,614,378)
Total outgoing resources -£6,246,867 -£5,517,514 (£729,353)
Net incoming resources** £133,823 £2,477,554 (£2,343,731)
*incoming resources excluding NUCASTLE capital grants £6,380,690 £5,632,785 £747,905
**Net incoming resources excluding NUCASTLE capital £283,894 £115,271 £168,623
grants and depreciation

The incoming resources include the capital grants and donations for NUCASTLE. In the prior year these totalled £2.4m and are classified as restricted income in the consolidated accounts. Last year was the final period for NUCASTLE capital income as the full amount has been received. The NUCASTLE construction costs have been incurred with an outstanding commitment of £108k in the form of a retention payment which has been carried forward on the balance sheet.

Excluding the NUCASTLE restricted income, the total income and endowments has increased by £748k compared to the prior year. This consists of a decrease in donations and legacies of £29k, an increase in charitable activities of £731k, other trading activities of £22k and investment income of £25k.

The donations and legacies income includes donations and gifts which decreased by £270k. This is largely due to the staff remuneration contributions from Newcastle United Football Club which was £341k in 2023, a reduction of £292k compared to the prior year. The reduction represents a move away from reliance on the one-off annual bonus to NUF salaries at externally benchmarked levels from 23/24. NUF and Newcastle United Football Club have agreed an alternative interim package of support to facilitate this change in approach. The gift in kind donation has increased by £230k to £322k due to a more complete quantification of the support from Newcastle United Football Club. The grants received has increased by £10k.

The increase in charitable activities income consists of growth in all areas of the charitable activities as NUF expands and increases its operations. Fees and sales have increased by £173k and £288k respectively and grants have decreased by £65k.

Expenditure has increased by £730k. Expenditure on charitable activities as a proportion remained at 96% of total activities. The expenditure on charitable activities increased by £691k. This is due to an increase in the gift in kind, the direct project costs as a result of programme growth, and the NUCASTLE costs with 22/23 being the first full year of operation.

Reserves policy

A large proportion of the Foundation's annual running costs are met by the receipt of grant funding (subject to any relevant performance conditions). The trustees seek to maintain the level of free reserves to cover at least three months' running costs of current activities and monitor the position twice a year. Under this calculation, the target level of reserves at the end of 31 July 2023 would be £1,128k. Reserves at 31 July 2023 are shown in the table below, compared to the prior year.

2023 2022
Reserves £10,725,635 £10,591,812
Restricted Reserves £9,226,103 £9,553,343
Unrestricted Fixed Assets £505,831 £548,612
Free Reserves £933,157 £848,888

7

NEWCASTLE UNITED FOUNDATION

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2023

The free reserves are slightly below the three-month running costs. The level of reserves is crucial to the financial health of the Foundation as it faces the risks and challenges associated with the initial operation of NUCASTLE.

Going concern

In conclusion, after making appropriate enquires, the trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Investment policy and performance

The trustees have powers to invest funds as they see fit as set out in the memorandum and articles of association. At the present time, surplus cash reserves are held in short to medium term deposit accounts.

Risk management

The trustees maintain a comprehensive risk register, which is reviewed on a regular basis. Key risks are the recruitment and retention of staff, future funding streams, safeguarding and the operational and financial risks related to running NUCASTLE. The Board have considered the impact of these and other risks and are satisfied that the systems and procedures the charity has in place are sufficient to mitigate these.

Plan for the Future

Following a year of consultation and planning we agreed the 2023-26 strategic business plan to ensure our charitable objectives meet the needs of our community and that we continue to grow our impact by raising aspirations and creating opportunities. We have the ability to inspire people through the local passion for football, our players and the Premier League as well as through our inspirational workforce of teachers, coaches, projects officers and coordinators. We continue to develop inspiring products like our world class home, NUCASTLE and also through our portfolio of programmes to support with employability, health and wellbeing and education

Below are the four strategic priorities that sit above the day to day business of our charity:

SG1 NUCASTLE Ensuring that NUCASTLE is an accessible community facility that increases
physical activity, develops skills and provides greater opportunities for local
people.
SG2 Programmes and
Participation		 To increase programme participation opportunities where they are needed most
supporting the health and wellbeing of our community.
SG3 Employability and Social
Mobility		 To increase employability outcomes & support targeted social mobility within our
community.
SG4 Newcastle and the North
East		 Be a leading advocate for Newcastle & the North East, taking a national and
global approach to raising funds in support of our vision and mission.

To support the strategic objectives, we have identified five strategic enablers

SE1 Finance Diversifyour income to improve financial sustainability& resilience.
SE2 Systems, data & Insight We will use systems, data & insight to better understand the needs of our
communityand demonstrate our impact to our beneficiaries.
SE3 People Plan Create a detailed people development plan which champions Equality, Diversity
& Inclusivityand enables us to recruit,developand retaingreatpeople.
SE4 NUFC & Partners Further develop our partnership with Newcastle United & create additional key
partnerships to ensure a collaborative approach to deliver our vision.
SE5 Emotive Stores Tell emotive stories about our impact to inspire people to collaborate, support
and engage with us.

8

NEWCASTLE UNITED FOUNDATION

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2023

Structure, governance and management

Constitution

Newcastle United Foundation is a company limited by guarantee, governed by its memorandum and articles of association dated 25 October 2007 and amended on 29 January 2010. On 8 July 2008 it registered as a charitable company with the Charity Commission (registered number 1124896).

The trustees, who are also the directors for the purpose of company law, and who served during the year and subsequent to the year-end were:

J P B Marshall

C Alexander F Ameobi S Bullock (appointed 1 January 2023) D Eales S A Harper (resigned 4 September 2023) G Mason M F Percy M R Thompson B Thorpe

Method of appointment or election of trustees

As set out in the articles of association, trustees are appointed by members. The subscribers to the memorandum and such other persons or organisations as are admitted to membership in accordance with its articles are members of the charity.

None of the trustees has any beneficial interest in the company. All the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Organisational structure and decision making

Trustees meet six times a year for formal board meetings, in addition to which the Chief Executive Officer of Newcastle United Foundation meets with the chair of the trustees monthly for a business review meeting. Trustees provide leadership for the Foundation's strategy and monitor the performance to ensure the charity is staying focused on the declared mission. The trustees also provide valuable networking support and access to various other stakeholders. Board meetings also take place between four and six times a year for the Foundation’s subsidiary; Newcastle United Foundation Projects Limited. The Foundation also has two sub-committees of the board: Finance and Risk and the Newcastle United Foundation Projects Board.

The Chief Executive Officer is appointed by the trustees to manage the day-to-day operations of the charitable company and lead the senior management team. The senior management team ensures the Foundation achieves its mission and delivers its business plan, as well as working together to address key issues involved with running the organisation. During the year the Senior Management Team comprised Chief Executive Officer – Steve Beharall, Director of Programmes and Impact – Andy Foster, Director of Finance and Resources – Helen Wilson, Head of Compliance – Steve Mack, Head of Facilities and Foundation Business – Malcolm Munro, Head of HR & Administration – Katie Tasker.

The pay of key management personnel is reviewed annually. The trustees benchmark against pay levels of other charities and similar organisations within the sector and the region. Pay levels are set using this information together with budget and forecast information, ensuring that the charity can afford any proposed increase.

Trustee induction and training

New trustees receive an induction pack which includes the memorandum and articles of association, business plan and recent financial performance of the charitable company. They are all asked to sign a Declaration of Eligibility to Act, a Declaration of Interests form and Confidentiality statement. Trustees, once appointed, receive relevant ongoing support and training in their role.

9

NEWCASTLE UNITED FOUNDATION

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2023

Related party relationships

Although Newcastle United Foundation is governed and financed independently of Newcastle United Football Company Limited (the Club), the Club supports the charitable company in many ways, including through gifts in kind of match tickets, discounted season tickets for staff and merchandise. Further information can be found in the notes to the accounts.

The Foundation is grateful for the continued support of the Club's owners, the Senior Management Team and staff, in particular the Safeguarding, Equality and Diversity, Legal, Facilities, Payroll and IT departments which also service the Foundation.

Auditor

RSM UK Audit LLP were appointed as auditor to the company and a resolution proposing that they be reappointed will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

..........................

J P B Marshall

Chair 29/02/24 Dated: .........................

10

NEWCASTLE UNITED FOUNDATION

STATEMENT OF TRUSTEES’ RESPONSIBILTIES

FOR THE YEAR ENDED 31 JULY 2023

The trustees, who are also the directors of Newcastle United Foundation for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

11

NEWCASTLE UNITED FOUNDATION

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF NEWCASTLE UNITED FOUNDATION

Opinion

We have audited the financial statements of Newcastle United Foundation (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 July 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Company Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustees’ Report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

12

NEWCASTLE UNITED FOUNDATION

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF NEWCASTLE UNITED FOUNDATION

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report included within the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 9, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of

13

NEWCASTLE UNITED FOUNDATION

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF NEWCASTLE UNITED FOUNDATION

material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, tax legislation and the parent charitable company’s governing document. We performed audit procedures to detect noncompliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, and inspecting correspondence and minutes.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety and safeguarding. We performed audit procedures to inquire of management, including the Health and Safety Manager and Safeguarding Manager, whether the group is in compliance with these laws and regulations and inspected correspondence with regulatory authorities.

The group audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and challenging judgments and estimates.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s 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 charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Lucy Robson

01/03/24

LUCY ROBSON (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants 1 St James’ Gate Newcastle upon Tyne NE1 4AD

14

NEWCASTLE UNITED FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 JULY 2023

Unrestricted Restricted Restricted Total Total
funds funds capital funds 2023 2022
general NUCASTLE
Notes £ £ £ £ £
Income from:
Donations and legacies 3 437,911 620,815 - 1,058,726 1,088,156
Charitable activities 4 2,370,817 2,587,879 - 4,958,696 6,590,353
Other trading activities 5 335,877 - - 335,877 313,883
Investments 6 27,391 - - 27,391 2,676
Total income and endowments 3,171,996 3,208,694 - 6,380,690 7,995,068
Expenditure on:
Raising funds 7 188,786 54,591 - 243,377 205,694
Charitable activities 8 2,672,218 3,331,272 - 6,003,490 5,311,820
Total resources 2,861,004 3,385,863 - 6,246,867 5,517,514
Transfers between funds 150,071 - (150,071) - -
Net movement in funds 461,063 (177,169) (150,071) 133,823 2,477,554
Total funds brought forward 1,038,469 1,438,736 8,114,607 10,591,812 8,114,258
Total funds carried forward 1,499,532 1,261,567 7,964,536 10,725,635 10,591,812

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

15

Company Registration No. 06412345

NEWCASTLE UNITED FOUNDATION

CONSOLIDATED BALANCE SHEET

AS AT 31 JULY 2023

2023
Notes
£
£
Fixed assets
Tangible assets
14
7,817,608
Intangible assets
13
8,701
7,826,309
Current assets
Debtors
16
1,214,083
Cash at bank and in hand
3,137,625
4,351,708
Creditors: amounts falling due within
one year
17
(1,452,382)
Net current assets
2,899,326
Total assets less current liabilities
10,725,635
Restricted funds
NUCASTLE capital fund
7,964,536
General restricted funds
1,261,567
9,226,103
Unrestricted funds
General unrestricted funds
1,438,988
Designated funds
60,544
1,499,532
20
10,725,635		 2022
£
£
8,007,975
11,186
8,019,161
2,080,111
2,349,856
4,429,967
(1,857,316)
2,572,651
10,591,812
8,114,607
1,438,736
9,553,343
1,038,469
-
1,038,469
10,591,812

29/02/24

The financial statements were approved by the Trustees on .........................

.............................. J P B Marshall Chair

16

Company Registration No. 06412345

NEWCASTLE UNITED FOUNDATION

COMPANY BALANCE SHEET

AS AT 31 JULY 2023

2023
Notes
£
£
Fixed assets
Tangible assets
14
159,076
Intangible assets
13
8,701
Investments
15
1
167,778
Current assets
Debtors
16
2,405,979
Cash at bank and in hand
2,439,320
4,845,299
Creditors: amounts falling due within
one year
17
(1,135,711)
Net current assets
3,709,588
Total assets less current liabilities
3,877,366
Restricted funds
NUCASTLE capital fund
1,254,865
General restricted funds
1,342,836
2,597,701
Unrestricted funds
General unrestricted funds
1,219,121
Designated funds
60,544
1,279,665
20
3,877,366		 2022
£
£
175,582
11,186
1
186,769
3,406,098
1,408,183
4,814,281
(1,294,106)
3,520,175
3,706,944
1,254,865
1,566,405
2,821,270
885,674
-
885,674
3,706,944		 2022
£
£
175,582
11,186
1
186,769
3,406,098
1,408,183
4,814,281
(1,294,106)
3,520,175
3,706,944
1,254,865
1,566,405
2,821,270
885,674
-
885,674
3,706,944
186,769
3,520,175
3,706,944
2,821,270
885,674
3,706,944

As permitted by Section 408 of the Companies Act 2006, the statement of financial activities of the parent company is not presented as part of these accounts. The parent company's total incoming resources for the financial year amounted to £5,602,393 (2022: £5,184,776) and the net movement in funds for the financial year amounted to a surplus of £170,422 (2022: £194,700).

29/02/24

The financial statements were approved by the Trustees on .........................

.............................. J P B Marshall Chair

17

NEWCASTLE UNITED FOUNDATION

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2023

Notes
Cash flows from operating activities
Cash generated from operations
22
Investing activities
Purchase of tangible fixed assets
Purchase of intangible fixed assets
Proceeds on disposal of tangible assets
Interest received
Net cash used in investing activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents		 2023
2022
£
£
£
£
861,536
2,703,090
(111,660)
(3,717,896)
-
(12,375)
10,502
14,599
27,391
2,676
(73,767)
(3,712,996)
-
-
787,769
(1,009,906)		 2023
2022
£
£
£
£
861,536
2,703,090
(111,660)
(3,717,896)
-
(12,375)
10,502
14,599
27,391
2,676
(73,767)
(3,712,996)
-
-
787,769
(1,009,906)		 2023
2022
£
£
£
£
861,536
2,703,090
(111,660)
(3,717,896)
-
(12,375)
10,502
14,599
27,391
2,676
(73,767)
(3,712,996)
-
-
787,769
(1,009,906)		 2023
2022
£
£
£
£
861,536
2,703,090
(111,660)
(3,717,896)
-
(12,375)
10,502
14,599
27,391
2,676
(73,767)
(3,712,996)
-
-
787,769
(1,009,906)		 2023
2022
£
£
£
£
861,536
2,703,090
(111,660)
(3,717,896)
-
(12,375)
10,502
14,599
27,391
2,676
(73,767)
(3,712,996)
-
-
787,769
(1,009,906)
787,769
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2,349,856 3,359,762
2,349,856
3,137,625

18

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

1 Accounting policies

Charity information

Newcastle United Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is NUCASTLE, Diana Street, Newcastle Upon Tyne, United Kingdom, NE4 6BQ.

Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The charity has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

Group financial statements

The financial statements consolidate the results of the charity and its wholly owned subsidiaries, Newcastle United Foundation Projects Limited (company number: 10423688), on a line-by-line basis. A separate Statement of Financial Activities for the charity has not been presented because the Foundation has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

All financial statements are made up to 31 July 2023. Where necessary, adjustments are made to the financial statements of the subsidiary to bring the accounting policies used in line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group entities are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the charity will continue in operational existence for the foreseeable future.

The group and charity have prepared forecasts to February 2025 and considered expected activity beyond this which reflect the ongoing group operational plan.

Based on the forecasts prepared, the Trustees are satisfied that the group and charity can meet its liabilities as they fall due for at least 12 months from approval of the financial statements.

Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

19

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

1 Accounting policies (Continued)

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Gifts in kind are included in the statement of financial activities at a reasonable estimate of their value at the time they are utilised by the charity, with an equivalent amount recognised as charitable expenditure. No amounts are included in the financial statements for time donated by volunteers.

Donated services, which include match day tickets and office rental, are included in income at a valuation which is an estimate of the financial cost borne by the donor, where such a cost is quantifiable and measurable.

Interest on funds held on deposit is included when receivable and the amount can be measured by the charity, this is normally upon notification of the interest paid and payable by the Bank.

Resources expended

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

All expenditure is inclusive of irrecoverable VAT.

Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software 5 year straight line

20

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

1 Accounting policies (Continued)

Tangible fixed assets

Individual tangible fixed assets costing £500 or more are capitalised. Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Where fixed assets are donated, the fair value of the donation is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset category, and depreciated over its useful economic life.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 50 years straight line Plant and equipment 5 years straight line Fixtures and fittings 3 - 5 years straight line Computer equipment 3 - 5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

21

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

1 Accounting policies (Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

22

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

3 Income from donations and legacies

Unrestricted
funds
£
Donations and gifts
115,524
Grants received
-
Gifts in kind
322,387
437,911
For the year ended 31 July 2022
222,885		 Restricted
Restricted
Total
funds
capital funds
2023
general
NUCASTLE
£
£
£
336,278
-
451,802
284,537
-
284,537
-
-
322,387
620,815
-
1,058,726
865,271
-		 Total
2023
£
451,802
284,537
322,387		 Total
2022
£
721,655
274,285
92,216
1,088,156
1,088,156

Gifts in kind

Gifts in kind comprise complimentary and discounted match day tickets and hospitality, matchday advertising and staff time.

4 Income from charitable activities

By source of funding
Unrestricted
funds
£
Football coaching & education -
fees received
681,662
Sale of services as part of
charitable activities
1,682,516
Contractual payments from
governments or public authorities
-
Grants received for the provision
of services
6,639
Capital grants
-
2,370,817
For the year ended 31 July 2022
1,932,210		 Restricted
Restricted
funds
capital funds
general
NUCASTLE
£
£
-
-
16,200
-
702,478
-
1,703,836
-
165,365
-
2,587,879
-
2,295,860
2,362,283		 Total
2023
£
681,662
1,698,716
702,478
1,710,475
165,365		 Total
2022
£
508,702
1,411,312
532,975
1,775,081
2,362,283
4,958,696 6,590,353
6,590,353

23

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

4 Income from charitable activities (Continued)

By charitable activity
Unrestricted
Restricted
Restricted
funds
funds
capital funds
general
NUCASTLE
£
£
£
Income from:
Football and sports development
593,245
605,350
-
Primary schools
778,604
340,943
-
Community
-
-
-
Health
542
329,182
-
NU Futures
-
-
-
NU Futures 16+
574,749
675,101
-
NU Futures 11-16
197,578
424,661
-
NUCASTLE operating activities
218,853
204,476
-
NUCASTLE capital
-
-
-
Other
7,247
8,165
-
2,370,818
2,587,878
-		 Total
2023
£
1,198,595
1,119,547
-
329,724
-
1,249,850
622,239
423,329
-
15,412
4,958,696		 Total
2022
£
714,133
1,086,453
947,600
341,247
1,112,820
-
-
-
2,362,283
25,817
6,590,353

Following a review of activities in the year, management have changed the internal grouping of charitable activities to better describe them. This has resulted in activities previously denoted as NU Futures and Community now being described as NU Futures 11-16, NU Futures 16+ and NUCASTLE operating activities.

5 Income from other trading activities

Unrestricted
Restricted
funds
funds
£
£
Fundraising events
261,379
-
Matchday lottery
74,498
-
Other trading activities
335,877
-
For the year ended 31 July 2022
313,883
-		 Total
2023
£
261,379
74,498
335,877		 Total
2022
£
259,362
54,521
313,883
313,883

6 Income from investments

Unrestricted
Restricted
funds
funds
£
£
Interest receivable
24,764
-
Sale of investments
2,627
-
Investments
27,391
-
For the year ended 31 July 2022
2,676
-		 Total
2023
£
24,764
2,627
27.391		 Total
2022
£
2,676
-
-
2,676

24

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

7 Expenditure on raising funds

Unrestricted Restricted
Restricted
funds
funds capital funds
general
NUCASTLE
£
£
£
Fundraising events
57,654
-
-
Online auctions and sale of goods
and services
-
-
-
Matchday lottery
22,193
-
-
Staff costs
63,844
-
-
Other direct costs
35,062
-
-
Support costs
10,033
54,591
-
188,786
54,591
-
For the year ended 31 July 2022
181,086
24,608
-		 Total
2023
£
57,654
-
22,193
63,844
35,062
64,624
243,377

 Total
2022
£
11,439
1,690
12,438
101,597
5,116
73,414
205,694
205,694

25

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

8
Expenditure on charitable activities		 8
Expenditure on charitable activities
Football and sports Primary NU Futures NU Futures NUCASTLE NU
development Schools Community Health 16+ 11-16 operational Futures Total 2023 Total 2022
£ £ £ £ £ £ £ £ £ £
Staff costs 707,832 989,976 - 215,380 785,105 494,682 354,727 - 3,547,702 3,322,689
Depreciation 8,524 - - - 24,151 - 57,442 - 90,117 32,380
Direct project costs 380,958 106,321 - 47,125 167,712 51,307 277,642 - 1,031,065 881,648
Provision of donated tickets and facilities 85,266 80,647 - 23,256 88,574 44,644 - - 322,387 92,216
1,182,580 1,176,944 - 285,761 1,065,542 590,633 689,811 - 4,991,271 4,328,933
Share of support costs (see note 9) 237,155 224,309 - 64,683 246,356 124,171 83,277 - 979,951 957,530
Share of governance costs (see note 9) 7,809 7,386 - 2,130 8,112 4,089 2,742 - 32,268 25,357
Total 1,427,544 1,408,639 - 352,574 1,320,010 718,893 775,830 - 6,003,490 5,311,820
Analysis by fund
Unrestricted funds
753,451 878,511 - 34,246 440,974 258,862 306,173 - 2,672,217 2,268,954
Restricted funds - general 674,093 530,128 - 318,328 879,036 460,031 469,657 - 3,331,273 3,042,866
Restricted funds - NUCASTLE - - - - - - - - - -
1,427,544 1,408,639 - 352,574 1,320,010 718,893 775,830 - 6,003,490 5,311,820
For the year ended 31 July 2022
Unrestricted funds 667,865 801,742 332,522 22,686 - - - 444,139 - 2,268,954
Restricted funds 411,857 613,934 685,628 396,678 - - - 934,769 - 3,042,866
Restricted funds - NUCASTLE - - - - - - - - - -
1,079,722 1,415,676 1,018,150 419,364 - - - 1,378,908 - 5,311,820

Following a review of activities in the year, management have changed the internal grouping of charitable activities to better describe them. This has resulted in activities previously denoted as Community and NU Futures now being described as NU Futures 11-16, NU Futures 16+ and NUCASTLE operational.

26

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

9 Support costs

Support costs
Support Governance 2023 2022 Basis of allocation
costs costs
£ £ £ £
Staff and general costs 593,133 - 593,133 528,483 Income
Depreciation 180,048 - 180,048 129,705 Income
NUCASTLE costs 269,332 - 269,332 370,860 Income
Governance costs - 34,330 34,330 27,253 Income
1,042,513 34,330 1,076,843 1,056,301
Analysed between
Raising funds 62,562 2,060 64,622 73,414
Charitable activities 979,951 32,270 1,012,221 982,887
1,042,513 34,330 1,076,843 1,056,301

10 Net movement in funds

Net movement in funds
Net movement in funds is stated after charging
Fees payable to the company's auditor for the audit of the company's financial
statements
Depreciation of owned tangible fixed assets
Amortisation of intangible fixed assets
Loss/(profit) on disposal of tangible fixed assets
Operating lease charges
Non-audit fees:
Taxation compliance services
Assurance services
Other non-audit services		 2023
2022
£
£
24,310
22,310
270,165
162,163
2,485
1,189
21,360
(7,293)
7,353
7,353
3,000
2,950
2,500
-
5,450
5,650

27

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

11 Employees

Number of employees

The average monthly number of employees during the year was:

Football and sports development
Community
Primary schools
Fundraising
Support
Health
NU Futures
Programme Operations
NUCASTLE		 2023
Number
-
-
39
-
22
-
-
67
9
137		 2022
Number
16
14
40
7
15
6
25
-
-
123

Following a review of activities in the year, management have changed the internal grouping of employee departments to better describe them in line with similar changes to the charitable activity split.

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
£
3,845,965
310,488
81,836
4,238,289		 2022
£
3,582,563
305,408
64,799
3,952,770

In addition to the above number of employees, an average of 72 (2022: 69) sessional coaches were employed during the year.

The number of employees whose annual remuneration was £60,000 or more were:

2023 2022
Number Number
£60,001 - £70,000 1 -
£70,001 - £80,000 1 1

Key management have been determined to be the senior management team, defined as those having authority and responsibility delegated to them by the trustees for planning, directing and controlling the activities of the charity. The total employee benefits of the key management personnel were £418,978 (2022: £346,167).

28

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

12 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

Expenses reimbursed amounted to £nil (2022: £nil).

13 Intangible fixed assets

Group and charity
Cost
At 1 August 2022
Additions
At 31 July 2023
Amortisation and impairment
At 1 August 2022
Amortisation charged for the year
At 31 July 2023
Carrying amount
At 31 July 2023
At 31 July 2022		 Software
£
12,375
-
12,375
1,189
2,485
3,674
8,701
11,186

Amortisation is charged to support costs which is then allocated to raising funds and charitable expenditure based on the split of income received.

29

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

14 Tangible fixed assets
Group Freehold land and Plant and Fixtures and Computer Total
buildings equipment fittings equipment
£ £ £ £ £
At 1 August 2022 7,537,032 426,112 54,471 250,449 8,268,064
Additions - 41,177 - 70,483 111,660
Disposals - (39,827) - - (39,827)
At 31 July 2023 7,537,032 427,462 54,471 320,932 8,339,897
Depreciation and impairment
At 1 August 2022 66,483 92,493 21,971 79,142 260,089
Depreciation charged in the year 150,071 62,430 1,959 55,705 270,165
Depreciation eliminated on disposal - (7,965) - - (7,965)
At 31 July 2023 216,554 146,958 23,930 134,847 522,289
At 31 July 2023 7,320,478 280,504 30,541 186,085 7,817,608
At 31 July 2022 7,470,549 333,619 32,500 171,307 8,007,975

30

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

14 Tangible fixed assets (continued)
Charity
At 1 August 2022
Additions
Disposals
At 31 July 2023
Depreciation and impairment
At 1 August 2022
Depreciation charged in the year
Depreciation eliminated on disposal
At 31 July 2023
At 31 July 2023
At 31 July 2022		 Freehold land
and buildings
£
Plant and
equipment
£
Fixtures and
fittings
£
Computer
equipment
£
Total
£
75,000
77,674
54,471
134,936
342,081
-
880
-
21,115
21,995
-
-
-
-
-
75,000
78,554
54,471
156,051
364,076
-
69,525
21,971
75,003
166,499
-
7,209
1,959
29,333
38,501
-
-
-
-
-
-
76,734
23,930
104,336
205,000
75,000
1,820
30,541
51,715
159,076
75,000
8,149
32,500
59,933
175,582

31

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

15 Fixed asset investments

Shares in
group
undertakings
£
Cost
At 1 August 2022 1
At 31 July 2023 1
Carrying amount
At 31 July 2023 1
At 31 July 2022 1
Newcastle United Foundation Projects Limited (company no: 10423688):
2023 2022
Summary Statement of Comprehensive Income £ £
Income 1,109,549 607,037
Expenditure (1,086,891) (531,719)
22,658 75,318
Taxation - (20,188)
Net profit after tax 22,658 55,130
2023 2022
The assets and liabilities of the subsidiary were: £ £
Fixed assets 7,655,720 7,829,580
Current assets 787,681 1,841,711
Creditors: amounts falling due within one year (540,268) (756,415)
Creditors: amounts falling due after more than one year (7,860,329) (8,894,730)
Provisions (20,188) (20,188)
Total net assets 22,616 (42)
Aggregated share capital and reserves 22,616 (42)

32

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

15 Fixed asset investments (Continued)

Newcastle United Women's Football Club Limited:
Summary Statement of Comprehensive Income
Turnover
Expenses
Taxation
Net profit after tax
The assets and liabilities of the subsidiary were:
Current assets
Creditors: amounts falling due within one year
Total net assets
Aggregated share capital and reserves		 2022
£
61,812
(59,243)
2,569
-
2,569
2022
£
6,975
(4,348)
2,627
2,627

Newcastle United Women’s Football Club was transferred from the charity to Newcastle United Football Company Limited at fair market value on 25 July 2022. No activity or balances have therefore been consolidated in the financial statements for the year ended 31 July 2023.

16 Debtors

Debtors
Amounts falling due within one year:
Trade debtors
Amounts due from group undertakings
Other debtors
Prepayments and accrued income
Amounts falling due after more than one
year:
Amounts due from group undertakings
Total debtors		 Group
2023
£
407,506
-
9,165
797,412
1,214,083
2023
£
-
1,214,083		 2022
£
487,245
-
490,293
1,102,573
2,080,111
2022
£
-
2,080,111		 Charity
2023
£
376,994
130,770
9,165
738,548
1,255,477
2023
£
1,150,502
2,405,979		 2022
£
281,811
69,618
-
976,162
1,327,591
2022
£
2,078,507
3,406,098

33

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

16 Debtors (Continued)

Amounts due from group undertakings represents an intercompany loan of £1,233,992 of which £83,490 is due in less than one year, and £1,150,502 is due after more than one year. The loan is due for repayment on 31 July 2027. Interest is charged at 2% above Bank of England base rate. The loan is secured over current and future property owned by the subsidiary.

17 Creditors: amounts falling due within one year

Notes
Trade creditors
Amounts due to group undertakings
Amounts due to Newcastle United Football Company
Limited
Other taxation and social security
Other creditors
Accruals
Deferred income
18		 Group
2023
£
226,281
-
5,009
82,678
34,048
591,125
513,241
1,452,382		 2022
£
138,128
-
10,044
374,635
28,085
351,363
955,061
1,857,316		 Charity
2023
£
166,635
-
5,009
66,542
13,861
458,963
424,701
1,135,711		 2022
£
63,357
81,274
13,644
316,425
28,085
180,725
610,597
1,294,107

18 Deferred income Group

Group
Balance as at 1 August
Released from previous years
Resources deferred in the year
Charity
Balance as at 1 August
Released from previous years
Resources deferred in the year		 2023
£
955,061
(905,061)
463,241
513,241
2023
£
610,597
(560,597)
374,701
424,701		 2022
£
826,506
(777,506)
906,061
955,061
2022
£
715,573
(666,239)
561,263
610,597

Deferred income includes income from Postcode Lottery, Newcastle Building Society, Northumbrian Water, National Lottery, Bernicia, North Tyneside Council, Gateshead Council, Karbon Homes, Inspire Sport, and Premier League Charitable Fund.

34

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

19 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £81,836 (2022: £64,799). Contributions totalling £13,273 (2022: £28,104) were payable to the fund at the balance sheet date.

35

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

20 Analysis of charitable funds

For the year ended 31 July 2023:

Movement in funds
Group
Balance at 1
August 2022
Incoming
resources
Resources
expended
£
£
£
Unrestricted funds
General funds
1,038,469
3,171,996
(2,861,004)
Designated funds – sinking fund
-
-
-
1,038,469
3,171,996 (2,861,004)
Restricted funds
Head office
94,610
341,045
(54,591)
Football development
170,912
650,132
(674,093)
Primary schools
244,889
425,649
(530,128)
Community
657,126
-
-
Health
97,533
346,723
(318,328)
NU Futures
173,666
-
-
NUCASTLE capital
8,114,607
-
-
NUCASTLE operational
-
228,235
(469,655)
NU Futures 11-16
-
469,059
(460,031)
NU Futures 16+
-
747,851
(879,037)
Restricted funds
9,553,343
3,208,694
(3,385,863)
Total funds
10,591,812
6,380,690
(6,246,867)
Movement in funds
Charity
Balance at 1
August 2022
Incoming
resources
Resources
expended
£
£
£
Unrestricted funds
General funds
885,674
2,739,371
(2,345,380)
Designated funds – sinking fund
-
-
-
885,674
2,739,371
(2,345,380)
Restricted funds
Head office
435,571
341,045
(79,137)
Football development
177,862
650,132
(727,389)
Primary schools
184,888
425,649
(557,133)
Community
657,126
-
-
Health
97,533
346,723
(340,988)
NU Futures
13,425
-
-
NUCASTLE capital
1,254,865
-
-
NU Futures 11-16
-
469,059
(512,640)
NU Futures 16+
-
630,414
(869,304)
Restricted funds
2,821,270
2,863,022
(3,086,591)
Total funds
3,706,944
5,602,393
(5,431,971)		 Transfers Balance at 31
July 2023
£
£
89,527
1,438,988
60,544
60,544
150,071
1,499,532
-
381,064
(16,113)
130,838
-
140,410
(657,126)
-
-
125,928
(173,666)
-
(150,071)
7,964,536
-
(241,420)
120,538
129,566
726,367
595,181
(150,071)
9,226,103
-
10,725,635
Transfers Balance at 31
July 2023
£
£
(60,544)
1,219,121
60,544
60,544
-
1,279,665
-
697,479
(16,113)
84,492
-
53,404
(657,126)
-
-
103,268
(13,425)
-
-
1,254,865
120,538
76,957
566,126
327,236
-
2,597,701
-
3,877,366

36

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

20 Analysis of charitable funds (Continued)

Unrestricted funds

Unrestricted funds are available to be spent for any purposes of the charity.

Designated funds

Designated funds were earmarked by the trustees during the year ended 31 July 2023 for future capital replacements.

Restricted funds

Restricted funds are those funds where the income received is restricted to provide specific programmes and activities within the wider programme of the Foundation. This includes donations received for specific purposes and grants received for the provision of specific programmes. Restricted funds have been split by charitable activity with further details below.

Football and sports development

Participative football coaching for children and young adults with a focus on underrepresented areas such as disability football and women and girls’ football.

Primary schools

Inspiring primary school children to learn, be active and develop important life skills through physical education, numeracy and literacy and character development.

Community

In the prior year there were a diverse range of programmes providing intervention and support to vulnerable children and young adults. During the year this fund was reallocated to NU Futures 11-16 and NU Futures 16+.

Health

A range of physical and mental wellbeing programmes including walking football for over 50s and ‘Be a Game Changer’ which is a mental health campaign targeted at male football fans.

NU Futures

Programmes focussing on personal development and employability for secondary school pupils and young adults. During the year this fund was reallocated to NU Futures 11-16 and NU Futures 16+.

NU Futures 11-16

Projects with a focus on increasing aspirations through learning and skills based activity in a classroom and on the pitch for 11 to 16 year olds. Includes targeted intervention for those who are disengaged from education.

NU Futures 16+

An inspirational and engaging programme for young people aged 16 to 25 who face disadvantages and specific barriers to a fulfilling future career.

NUCASTLE

The state-of-the-art hub from which members of the community engage in sport, develop skills, achieve qualifications, build confidence and progress in further training or employment.

The transfer between restricted and unrestricted funds represents the quantum of depreciation charged during the period on the fixed assets held within restricted funds.

Other transfers represent the change in internal grouping of charitable activities during the year.

There is a shortfall on the NUCASTLE operational fund which is expected due to the facility being in its inaugural year of operation. However, commercial income is increasing due to higher demand for the facilities, more tailored offerings and enhanced marketing campaigns.

37

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

20 Analysis of charitable funds (Continued)

For the year ended 31 July 2022:

Movement in funds
Group
Balance at 1
August 2021
Incoming
resources
Resources
expended
£
£
£
Unrestricted funds
General funds
950,372
2,471,654
(2,450,040)
Designated funds
-
-
-
950,372
2,471,654
(2,450,040)
Restricted funds
Head office
106,465
342,831
(354,686)
Football development
180,620
347,573
(357,281)
Learning and skills
314,830
460,964
(530,905)
Community
576,161
694,174
(613,209)
Health
97,537
370,596
(370,600)
NU Futures
69,466
944,993
(840,793)
NUCASTLE capital
5,818,807
2,362,283
-
Restricted funds
7,163,886
5,523,414
(3,067,474)
Total funds
8,114,258
7,995,068
(5,517,514)
Movement in funds
Charity
Balance at 1
August 2021
Incoming
resources
Resources
expended
£
£
£
Unrestricted funds
General funds
776,519
2,128,194
(2,019,039)
Designated funds
-
-
-
776,519
2,128,194
(2,019,039)
Restricted funds
Head office
353,616
436,021
(354,066)
Football development
187,586
317,242
(326,966)
Learning and skills
254,829
460,964
(530,905)
Community
576,161
694,174
(613,209)
Health
97,537
370,596
(370,600)
NU Futures
11,132
777,585
(775,292)
NUCASTLE capital
1,254,865
-
-
Restricted funds
2,735,726
3,056,582
(2,971,038)
Total funds
3,512,245
5,184,776
(4,990,077)		 Transfers Balance at 31
July 2022
£
£
66,483
1,038,469
-
-
66,483
1,038,469
-
94,610
-
170,912
-
244,889
-
657,126
-
97,533
-
173,666
(66,483)
8,114,607
(66,483)
9,553,343
-
10,591,812
Transfers Balance at 31
July 2022
£
£
-
885,674
-
-
-
885,674
-
435,571
-
177,862
-
184,888
-
657,126
-
97,533
-13,425
-
1,254,865
-
2,821,270
-
3,706,944

38

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

21 Analysis of group net assets between funds

For the year ended 31 July 2023:

Unrestricted Restricted Restricted Total
funds funds capital funds
general NUCASTLE
Group £ £ £ £
Tangible fixed assets 497,130 - 7,320,478 7,817,608
Intangible fixed assets 8,701 - - 8,701
Net current assets 993,701 1,261,567 644,058 2,899,326
1,499,532 1,261,567 7,964,536 10,725,635
Charity
Tangible fixed assets 84,076 - 75,000 159,076
Intangible fixed assets 8,701 - - 8,701
Investments 1 - - 1
Net current assets 1,186,887 1,342,836 1,179,865 3,709,588
1,279,665 1,342,836 1,254,865 3,877,366
For the year ended 31 July 2022:
Restricted Restricted
funds capital funds
Unrestricted general NUCASTLE Total
funds
Group £ £ £ £
Tangible fixed assets 537,426 - 7,470,549 8,007,975
Intangible fixed assets 11,186 - - 11,186
Net current assets 489,857 1,438,736 644,058 2,572,651
1,038,469 1,438,736 8,114,607 10,591,812
Charity
Tangible fixed assets 100,582 - 75,000 175,582
Intangible fixed assets 11,186 - - 11,186
Investments 1 - - 1
Net current assets 773,905 1,566,405 1,179,865 3,520,175
885,674 1,566,405 1,254,865 3,706,944

39

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

22 Cash generated from operations

Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation of tangible fixed assets
Amortisation of intangible assets
Loss/ (profit) on disposal of tangible fixed assets
Movements in working capital:
Decrease in debtors

Increase/(decrease) in creditors
(Decrease)/increase in deferred income
Cash generated from operations		 2023
£
133,823
(27,391)
270,165
2,485
21,360
866,028
36,886
(441,820)
861,536		 2022
£
2,477,554
(2,676)
161,184
1,189
(7,293)
389,445
(444,868)
128,555
2,703,090

23 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between one and five years
In over five years		 2023
£
7,353
14,853
222,500
244,706		 2022
£
7,353
19,705
225,000
252,058

The operating lease commitments relate to a lease of vending machines and Lemington Sports Ground. The vending machines lease is for a period of 3 years and the Lemington Sports Ground lease is negotiated over the term of 99 years and rentals are fixed for 5 years.

40

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

24 Related party transactions

The trustees consider that Newcastle United Limited and its subsidiary Newcastle United Football Company Limited (NUFC) are related parties of the charity by virtue of significant influence.

The charity receives substantial in-kind support from NUFC, in particular the licence to use the Club's brand and right to use the playing facilities at the first team training centre. The impact on the charity, were these facilities not to be made available free of charge, would be hugely significant in both operational and financial terms.

NUFC is also a significant donor to the charity, through other quantifiable gifts in kind such as complimentary and discounted match day tickets and hospitality, matchday advertising and staff resources, all of which amounted to £322,387 (2022: £92,216).

During the year, NUFC made a donation amounting to £340,715 (2022: £632,987). This is NUFC’s contribution to NUF’s staff remuneration package and the reduction represents a move away from reliance on the one-off annual bonus to externally benchmarked salary levels from 23/24.

Other payments made by the charity to NUFC during the year amounted to £465,332 (2022: £344,764) including stadium tours, match tickets for resale, together with recharges of costs incurred on the charity's behalf, including IT costs, staff time, telephone usage and office supplies.

During the year Newcastle United Foundation made payments to its wholly owned subsidiary Newcastle United Foundation Projects Limited of £181,190 (2022: £nil) for recharges of rent. At the year end the outstanding loan balance between the companies was £1,281,272 (2022: £2,148,125) and interest payable to charity on this loan totalled £87,992 (2022: £50,748).

25 Volunteers

Newcastle United Foundation has volunteers who gave their time across all foundation programmes. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the accounts. The current headcount is 32 volunteers.

41