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← Newcastle United Foundation

2024-07-31-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 2024

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NEWCASTLE UNITED FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees C Alexander
F Ameobi
S Bullock
D Eales
JP B Marshall
G Mason
DC O'Neil
M F Percy
J G Ryan (appointed 13/01/2025)
MR Thompson
Charity number 1124896
Company number 06412345
Registered office NUCASTLE
Diana Street
Newcastle Upon Tyne
United Kingdom
NE4 6BQ
Auditor RSM UKAudit LLP
Chartered Accountants
1. St. James’ Gate
Newcastle upon Tyne
United Kingdom
NE1 4AD
Solicitors Muckle LLP
Time Central
32 Gallowgate
Newcastle upon Tyne
NE14BF

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NEWCASTLE UNITED FOUNDATION TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 JULY 2024

Newcastle United Foundation is led by the Senior Management Team consisting of 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 Malcolm Munro, Head of Business Dawn Barber and Head of HR and Administration Katie Tasker.

Steve Harper stepped down as a trustee after 10 years of support as both a trustee and player ambassador. We thank him for his hard work over the years as he focuses on his role as Academy Director at Newcastle United Football Club. Brian Thorpe also stepped down after almost 10 years as a trustee of the Foundation and latterly Chair of Newcastle United Foundation Projects, and of the Finance and Risk Committee. We thank Brian for his valuable contribution over the years.

Our additional governance was led by trustees including a Finance and Risk Committee and our subsidiary company Newcastle United Foundation Projects, both meeting quarterly to lead on specific areas of business for the board of trustees. Trustees led on specific working groups including ‘people’ and ‘environment and sustainability’.

In July 2023 we launched our latest business planning cycle to cover the period through to July 2026 to ensure our monthly business-as-usual functions are supported, resourced and managed effectively. This includes four strategic goals:

  1. Ensure that NUCASTLE is an accessible community facility that increases physical activity, develops skills and provides greater opportunities for local people

  2. Toincrease programme participation opportunities where they are needed most supporting the health and wellbeing of our community

  3. To increase employability outcomes and support targeted social mobility within our community 4. Bea leading advocate for Newcastle and the North East, taking a national and global approach to raising funds in support of our vision and mission

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. Progress on the business plan was reported to trustees on each quarter with key metrics tracked on a monthly basis by the Senior Management Team.

In September 2023 over 150 of the region’s most influential business, education and community representatives were welcomed to NUCASTLE the home of our Foundation to celebrate the launch of a new social impact report and our 202326 strategy.

During the event, which was in partnership with Newcastle United Football Club, we laid out a comprehensive vision for our charity which placed resources where they are needed most in tackling the region’s rising unemployment and higher than average rates of economic inactivity.

The ambitious vision was developed following consultation with local community groups, stakeholders and partners and followed a comprehensive social impact report by EY’s UK Chief Economist, Peter Arnold. In the report, EY reported that our social impact has increased by over 25% with every £1 spent on Foundation programmes delivering £7 in social benefit in the local community. That figure, EY highlighted, equates to £31m of social benefit the Foundation returns to the North East every year and double the sport sector return on investment nationally.

2023/24 Highlights: Strategic Goals Strategic Goal 1: NUCASTLE

NUCASTLE is our £8.5m home opened in March 2022 and has become an important place of learning and physical activity as well as a community hub with more people than ever accessing services and advice.

We have achieved 127,000 attendance figures from commercial partner activities (2023: 45,000) made up from parties, partner block bookings, room hire, events and growing demand for casual ad-hoc bookings. A total of 16,000 of our attendances (2023: 10,500) were free, locally focused programmes including family zone, our weekend youth hub, holiday activity and food programme (HAF), community food pantry and free parties given away each month to local schools, Great North Children’s Hospital and NE4 families. The value of free programmes we have given away to the NE4 community is approximately £120,000 (2023: £75,000).

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We achieved an annual target for commercial income of £252,000 (2023: £171,000) thanks to the growing interest for provision in NUCASTLE from companies, schools, colleges and local sports organisations. The demand for our parties has continued to play an important role in generating unrestricted income as well as support for our educational and meeting spaces.

We have developed specific Foundation programmes from NUCASTLE and we are proud to have grown this area of activity without displacing programmes across our community. We navigated snagging issues on our rooftop pitch which was unavailable from the last week of May through to the end of December, but we recovered well with a high demand following the re-opening.

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NEWCASTLE UNITED FOUNDATION

TRUSTEES’ REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2024

Strategic Goal 2: Programme Participation

We wanted to prioritise delivering our programmes in the areas of greatest need across the region so we created our own heat map of Newcastle and the North East using agreed data metrics collected from partners to inform areas where activity should be focused. We used deprivation mapping as a priority and identified areas of need when planning our programme delivery to support the life chances of the most vulnerable families.

By the end of the year, 56% of our work was delivered in the top 30% most deprived wards in the country, ensuring we place programmes where they are needed most to help support our vision to increase aspirations and create opportunities.

We used schools as the hubs of our work in priority areas to drive referrals across programmes, ensuring schools and families are aware of our portfolio of programmes of support.

We made significant progress establishing our community hubs including a partnership with Family Gateway in the Howdon Hub, North Tyneside, and created a Careers Hub within Gateshead’s Metrocentre. We created a new partnership with the Hirst Welfare Centre in Ashington, Northumberland, where we have increased our commitment to employability and programmes to support physical activity. In partnership with Newcastle Building Society, we are accessing community space in their Berwick branch.

A total of 42% of Foundation projects now have an Equality Impact Assessment (EIA) and we are working towards 100% completion by the end of next season (2024/25). An EIA is a tool that helps us ensure decisions, practices and policies within the Foundation are fair and do not discriminate against any protected group or characteristics.

More than 800 girls attended trials this quarter for our girls’ Emerging Talent Centre and Player Development Centres with growth planned for 2024/25. The demand for girls’ football programmes are driven by our close links with Newcastle United Women and Newcastle United Football Club's commitment to ensure accessible opportunities for girls to play football.

Newcastle United became the first national Football Club of Sanctuary following a year long application and validation period with significant support from the Foundation. United As One is Newcastle United's campaign which encapsulates the work in the fields of diversity, inclusion and welfare. Pulling together the various existing initiatives under one single banner, the campaign highlighted our continuing commitment to creating and upholding an inclusive culture. !t encompasses a wide range of activities currently being undertaken by the Club and Foundation, which are geared towards ending discrimination and inequality in football and promoting inclusion. The work done within this campaign included players, participants, parents, staff, and supporters.

During the year we delivered on average 320 hours a day of programmes and community activity across 38 programmes amassing 1,104,679 hours of physical activity.

Strategic Goal 3: Employability and Social Mobility

We came to the end of the initial three-year revenue funding from North of Tyne Combined Authority for NU Futures, our employability and careers programme. It was crucial that we secured future funding of £200,000 per year to continue our employability programme in its current format. We secured significant grants from the UK Shared Prosperity Fund (UKSPF) with Newcastle College for employability work and additional support from the new North East Combined Authority for continuation of our 11—16-year-old curriculum careers support.

Our links with the business community across the region continued to grow, working with 257 business of different sizes and scales enabling us to provide employability pathways connecting young people to opportunities. Some of our time through the year was dedicated to supporting business partners to diversify their recruitment processes, making them more accessible to the young people. We usually target those who are furthest from the jobs market for a range of personal and educational reasons.

We contributed 236 jobs starts over the year including 48 apprenticeships and 5,710 hours of employability support and we are proud to report an 87% success rate into work.

Strategic Goal 4: Advocacy and Reach

To grow our influence and ensure accurate and timely local insights, we continued to seek out opportunities to join and contribute to local and regional priorities. We accepted an invitation to be part of the advisory board for Culture Creative Tourism and Sport for the North East Combined Authority, supporting the development of ambitious plans for regional devolution.

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NEWCASTLE UNITED FOUNDATION

TRUSTEES’ REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2024

We developed international partnerships and opportunities with the purpose of leveraging funding into Newcastle and the North East for good causes, working strategically with Newcastle United. We were selected as part of a Newcastle delegation to attend the Great Futures event in Riyadh in May 2024. The aim of the event was to bring to life the scale of opportunities for UK businesses in Saudi Arabia and to forge parinerships across several sectors by gathering some of the UK's most creative and innovative companies with their Saudi business and Government counterparts.

We were delighted that Newcastle United provided the opportunity for additional unrestricted income from the sale of each adidas home shirt from June to August 2024. In addition, the option to donate was added to the purchase of tickets and memberships and we are appreciative to the many Newcasile United supporters who made a donation.

Over this season we have joined and coniributed to advisory boards including:

Our international programme included programme delivery by 34 colleagues in the following countries:

2023/24 Highlights - Strategic Enablers

We identified the tools and enablers that are important to ensure our support services meet the needs of the Foundation and provide the checks and balances to deliver our strategic goals and objectives.

SE1: Finance and Resources

To diversify our income and to improve financial sustainability and resilience, we have a target to generate 50% of our turnover from raised income and 50% from earned income.

The Foundation’s financial performance has been monitored against our 2023/24 business plan via a robust budget setting process with any variations to business plan explained and agreed with trustees. Granis have continued to be strong with some new funders and increases in funding levels from existing grant providers. We continue to create opportunities to generate sustainable earned and unrestricted income from Foundation sales to support head office costs and salary inflation.

As part of our commitment to generate sustainable unrestricted income, we appointed a new Fundraising Manager, and a fundraising strategy was developed and presented to board in April 2024. This allows us to increase income opportunities and contribute to a stretch business plan for fundraising, events and sponsorship. Nurturing our existing corporate partnerships for renewal to support our growth and impact is now managed by the new Partnerships Manager appointed in March. Our account management and partner engagement strategy has developed further and released our Head of Business to lead on new, high priority business development opportunities.

Our annual Funder and Partner Thank You event was delivered in June 2024 at NUCASTLE to highlight our impact over the season and share some of our ambition and request for support in the 2024/25 season.

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NEWCASTLE UNITED FOUNDATION

TRUSTEES’ REPORT (CONTINUED) (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 JULY 2024

SE2: Systems, Data and Insight

We want to use systems, data and insight to better understand the needs of our community and demonstrate our impact to our beneficiaries. Getting the most out of our systems wasa priority throughout the season with automation proving to be key, along with a review of how we use our systems to make better decisions based on impact and insight.

Views is our platform for recording programme participation and attendances and following work throughout the season, Views will be relaunched to include all our Foundation programme delivery across a portfolio of over 40 projects, increasing our ability to monitor and report on participant data more accurately and in real time. Historically, Views has been used to only record Premier League funded programmes, but thanks to the work this season. we will consolidate workflows and record every participant activity through one platform.

SE3: People

Our plan for people is to create a culture which champions equality, diversity and inclusivity and enables us to recruit, develop and retain great people.

Our 2024 staff survey was sent to 157 employees across seven different departments. The survey asked a series of questions as a continuation of the 2021 staff survey so we could make comparisons as well as provide a statistically significant benchmark to measure against. Colleagues were also encouraged to share additional comments for information to gain a better understanding of their experience of working for the Foundation.

Results compared favourably against the national benchmark for all questions and showed an 8% improvement since the 2021 survey and 3% improvement from the national benchmark.

We employed a total of 238 staff over the season, 158 of those are permanent and 79 are sessional staff on zero-hour contracts.

By the year end, we had 334 individual, internal nominations from colleagues for our Playmaker Award, recognising the contribution of colleagues across our Foundation in various roles. Our end of season appraisal and performance/development training delivered was completed in June and July 2024 ready for target setting in September with some standard and consistent objectives for our delivery staff. SE4: Strategic Partners We continued to develop our strategic partnership with Newcastle United and created additional partnerships to ensure a collaborative approach to deliver our vision. Newcastle United are our most important and trusted partner alongside the Premier League Charitable Fund. We delivered a partnership activation plan to implement with commitment from Newcastle United to integrate and plan activations through the season. Through our Head of Business and club commercial partners we developed a proactive approach to identifying new partners and cross referral between both organisations.

We finished the season with an updated and standardised reporting template in place, ensuring consistency and a high standard of detailed information disseminated across all strategic partners. Our new templates are now linked to our Salesforce CRM and allowed us to account manage funders and partners as well as having full visibility of commitments from SLAs, contracts and subcontract agreements.

SE5: Emotive Storytelling

We planned to tell emotive stories throughout the season about our impact to inspire people to collaborate, support and engage with us in our work. As part of the Newcastle United family, the brand integrity and awareness of Newcastle United Foundation continues to develop.

Highlights from the season include national and international growth which was contributed to by the Foundation brand printed on the back of Newcastle United players’ shirts for home games during their UEFA Champions League run. While difficult to quantify brand exposure from these games, the global reach of the logo featured is the largest brand exercise the Foundation has undertaken in its history and was met with widespread positivity from supporters of the Club and Foundation alike.

A national Premier League campaign also brought international attention to the Foundation, launching the More Than A Game initiative. Through close working relationships with the Premier League, Foundation case studies and success stories were celebrated through national television and radio coverage including prime time interviews on BBC Breakfast and BBC Radio 2. Our brand has also expanded significantly across the North East with the launch of Foundation Careers and Community hubs within the Metrocentre, Howdon Community Hub and Ashington Hirst Welfare Centre.

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NEWCASTLE UNITED FOUNDATION TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2024

Between August 2023 and July 2024, the Foundation’s digital presence grew dramatically across social media, increasing 71%, year-on-year. Across the Foundation’s social media channels (Instagram, LinkedIn, Facebook, X, YouTube), there were 12.4m impressions, which represents the number of times content is seen. Across the same social media channels, there were 666k engagemenis, which represents the number of times audiences interacted with content. This engagement rate demonstrates a significant 78% per cent increase year-on-year and produces an average 5% engagement rate per impression, well above the “good” engagement rate between 1% — 3.5%. With improved impressions and engagement rates, as well as an audience of 68k followers, this helps create a positive landscape for the Foundation to launch new social media channels, such as TikTok, which is planned for 2024/25.

Close working relationships with the Club has allowed for good access to secure visits from men’s and women’s first team players, generating significant interest in the Foundation.

Communications throughout the 2023/24 season have been shared or captured by external media across broadcast, digital and print publications, including BBC Look North, BBC Maich of the Day, BBC Newcastle, BBC Radio 2, The Chronicle/Chronicle Live, ITV Tyne Tees, Global Radio, NUFC TV, Premier League Productions and their international rights holders.

Compliance: Environment and sustainability

The first version of the Capability Code of Practice (CCOP) was launched in 2018 by the Premier League Charitable Fund (PLCF) and introduced a rigorous approach to good governance and management with a focus on the need for continuous improvement. CCOP is used as an audit tool administered through the PLCF to ensure Foundations like ours continue to have, amongst other things, a strong Board, a focus on strategy and impact, solid compliance practice and a close and collaborative relationship with their affiliated club.

In August 2022 PLCF increased the scope of CCOP from 12 sections to 15 which included the introduction of an Environment and Sustainability standard. Whilst we were not under any immediate pressure to comply with the new standard we considered and then built most of the requirements and or recommendations into our 2023-26 business planning objectives.

In February 2023 we created a new Environmental Policy which was approved by board in July following some amendments, this included our Net Zero plan which includes our objectives and actions. The policy set our ambition to reduce scope 1 and 2 emissions by 2030 with a commitment for reducing scope 3 emissions by 2040.

The Head of Compliance has led on our environment and sustainability objectives and since the approval of our policy has worked with our lead trustee and a working group of colleagues ‘The Green Team’ to ensure objectives are worked towards. As part of our commitment to this work we joined the Investors in the Environment (iiE), national environmental accreditation scheme designed to help organisations save time and money, reduce their impact on the environment, and get recognition for their progress.

During the period we made a positive start to the tiE programme, qualifying for the iiE silver accreditation in the first year. Led by Steve Mack, and working with colleagues at SmartCarbon using their calculator, we developed a robust and comprehensive baseline and set a carbon budget to meet our net zero target. Areas identified to focus on 2025. 1. Waste Management Plan —Incorporate (Simpler Recycling) regulations into waste plans 2. Publish Net Zero Strategy

  1. Look to set specific review dates within Action plans and measurable net zero steps

  2. Look to Include Supply chain emissions.

  3. Further develop sustainable travel ideas and initiatives

  4. Introduce sustainability area within website

Impact Overview

We have built on previous years of impact measurement with a new Programme Manager role taking responsibility for our data collection and storage.

Impact data is now collected across all our projects and this work has demonstrated that we are having a real impact on participants — we are now able to measure outcomes as well as outputs. Through analysis of thousands of data points, we ‘have identified the following core outcomes linked to our vision and mission listed below:

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NEWCASTLE UNITED FOUNDATION

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 JULY 2024

e 84% of participants have improved mental wellbeing e 81% of participants have improved social skills

Financial Review

Financial Review Financial Review Financial Review
The table below summarises the financial position for2024 and 2023.
2024 2023 Variance
Total Incoming Resources £7,404,436 £6,380,690 £1,023 746
Total Outgoing Resources (£7,270,566) (£6,246 ,867) (£1,023,699)
NetIncomingResources £133,870 £133,823 £47

The total income and endowments has increased by £1,024k compared to the prior year. This consists of an increase in donations. and legacies of £168k, an increase in charitable activities of £698k, other trading activities of £105k and investment income of £53k.

The donations and legacies income includes donations and gifts which decreased by £175k. This is largely due to the staff remuneration contributions from Newcastle United Football Club. This reduction represents an alternative package of support from the club. The gift in kind donation has increased by £393k to £715k due to staff kit received via adidas and some additional activities funded by the club. The grants received has decreased by £49k due to one off items in the prior year.

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 £22k and £355k respectively driven by an increase in football development, NUCASTLE commercial income and sponsorships. Grants and contractual payments have increased by £321k, largely due to securing new grants.

Expenditure has increased by £1,024k. Expenditure on charitable activities as a proportion remained at 96% of total activities. The expenditure on charitable activities increased by £956k. 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 as the operational activity increases.

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 2024 would be £1,474k. Reserves as at 31 July 2024 are shown in the table below, compared to the prior year. An increase in the year is shown partly due to the transfer of funds from the NUCASTLE restricted fund to unrestricted funds as explained within the funds note.

2024 2023
Reserves £10,859,505 £10,725,635
Restricted Reserves £8,548 836 £9226,103
Unrestricted Fixed Assets £394,310 £505,831
Designated Reserves £531,567 £60,544
FreeReserves £1,384,792 £933,157

The free reserves are currently within 6 days of the three-month running costs with the increase due to the funds transfer of £600k from NUCASTLE restricted reserves to unrestricted reserves. The adjustment has arisen due to the VAT reclaim in previous years and was deemed necessary in order that the value of the fund reflects the asset value. The trustees took the decision to designate £400k of the free reserves for NUCASTLE capital replacemenis.

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 io 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.

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NEWCASTLE UNITED FOUNDATION

TRUSTEES’ REPORT (CONTINUED) (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 JULY 2024

Risk management

The trustees mainiain 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.

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:

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||||||| |---|---|---|---|---|---| |JP|B|Marshall| |C|Alexander| |F|Ameobi| |S|Bullock| |D|Eales| |S|Harper|(resigned|3°|September|2023)| |G|Mason| |M|F|Percy| |J|Ryan|(appointed|13|January|2025)| |M|R|Thompson| |B|Thorpe|(resigned|18"|November 2024)| |DC|O'Neil|

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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.

Noneofthe 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 meeis 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 Business — Dawn Barber, 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.

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NEWCASTLE UNITED FOUNDATION

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TRUSTEES’ REPORT (CONTINUED) (INCLUDING DIRECTORS‘ REPORT)
FOR THE YEAR ENDED 31 JULY 2024
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Related party relationships
Although Newcastle Unded Foundation is governed and financed independently of Newcastle United Football Company
discounted season tickets for staff and merchandise. Further information can be found in the notes to the accounts
| Umited (the Club), the Club supports the chantable company in many ways. including through gifts in kind of match tickets,
i The Foundation is grateful fer the continued support of the Club's owners, the Senior Management Team and staff, in
i particular the Safeguarding, Equality and Diversity, Legal, Facilites, Payroll and IT departments which alse service the
Foundatian
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Public benefit

From 1 Apn 2008, section 4 of the Charities Act 2011 required all charites to meet the feqal requirement that their aims be for the public benefit. The Trustees confirm that they have complied with the duty to have due regard to the Charity : Commission'sTheThe Charity Commission general guidancestates onthat public there benefit.are general guidancestates onthat public there benefit.are guidancestates onthat public there benefit.arestates onthat public there benefit.are onthat public there benefit.arethat public there benefit.are public there benefit.are there benefit.are benefit.areare two principles to be be met in order to show that an an organisation's aims are for the public public benefit, firstly, there must be an be an identifiable benéfit or benefits. and secondly that the benefit must the benefit must benefit must must be to the the public, of a section of the the public. The Trustees are satisfied that the aims and objectives of the chanty, and the activities reported on above, meet these principles.

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Volunteers
Our volunteers. play a supporting role in delivering our football development programs, primanly focusing on disability
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: Placing a monetary value on the contnbution of the volunteers presents significant difficulties. With the lack of a market
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NEWCASTLE UNITED FOUNDATION

STATEMENT OF TRUSTEES’ RESPONSIBILTIES FOR THE YEAR ENDED 31 JULY 2024

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 companyfor 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 enabie them to ensure that the financial statements comply with the Companies Act 2006. They are also responsibie for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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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 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Company Balance Sheets, the Consolidated Cash Flow Statement and notes to the financin the i ralpreparationstatements,isincludingapplicable significalaw a n td accountingUnited Kingdom policies.Account The f in ancialg Standards, reportingincluding frameworkFRS that102 has“The beenFinanc appl i edal Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

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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 concer 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.

1]

NEWCASTLE UNITED FOUNDATION

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

Opinions on other matters prescribed by the Companies Act 2006

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 contro! 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

12

NEWCASTLE UNITED FOUNDATION

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

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 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.

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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 (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

\“losi7s

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NEWCASTLE UNITED FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 JULY 2024

Unrestricted Restricted Restricted Total Total
funds funds capital funds 2024 2023
general NUCASTLE
Notes £ £ £ £ £
Income from:
Donations and legacies 3 991,757 235,175 - 1,226,932 1,058,726
Charitable activities 4 3,306,199 2,350,057 - 5,656,256 4,958,696
Othertrading activities 5 441,280 - - 441,280 335,877
investments 6 79,968 - - 79,968 27,391
Total income and endowments 4,819,204 2,585,232 - 7,404,436 6,380,690
Expenditure on:
Raising funds 7 296,340 14,783 - 311,123 243,377
Charitable activities 8 4,456,785 2,502,658 - 6,959,443 6003,490
Total expenditure 4,753,125 2,517,441 - 7,270,566 6,246,867
Net income 66,079 67,791 - 133,870 133,823
Transfers between funds 745,058 - (745,058) - -
Netmovement in funds 811,137 67,791 (745,058) 133,870 133,823
Total funds broughtforward 1,499,532 1,261,567 7,964,536 10,725,635 10,591,812
Totalfundscarriedforward 2,310,669 1,329,358 7,219,478 10,859,505 10,725,635

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

All income and expenditure derive from continuing activities.

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Company Registration No. 06412345

NEWCASTLE UNITED FOUNDATION

CONSOLIDATED BALANCE SHEET

AS AT 31 JULY 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 14 7,607,573 7,817,608
Intangible assets 13 6,215 a
20
7,613,788 7,826,309
Current assets
Debtors
Cash atbankand inhand		 16 1,152,610
3,017,425		 1,214,083
3,137,625
4,170,035 4,351,708
Creditors: amounts falling due within
one year 17 (924,318) (1,452,382)
Net current assets 3,245,717 2,899,326
Total assets less current liabilities 10,859,505 10,725,635
Restricted funds
NUCASTLE capital fund 7,219,478 7,964,536
General restrictedfunds 1,329,358 1,261,567
8,548,836 9,226,103
Unrestricted funds
General unrestricted funds 1,779,102 1,438,988
Designated funds 531,567 60,544
2,310,669 1,499,532
Totalfunds 20 10,859,505 10,725,635

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The financial statements were approved by the Trustees on .12.elas

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Company Registration No. 06412345

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NEWCASTLE UNITED FOUNDATION

COMPANY BALANCE SHEET

AS AT 31 JULY 2024

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N 2024 2023
] Notes £ £ £ £
; Fixed assets
i Tangible assets 14 152,590 159,076
; Intangible assets 13 6.215 8,701
4 Investments 15 1 1
i 158,806 167,778
a Current assets
; Debtors 16 2,320,000 2,405,979
‘ Cash at bank and in hand 2,404,353 2,439,320
: 4,724,353 4,845,299
Creditors: amounts falling due within
one year 17 (694,855) (1,135,711)
Net —— ad
current assets 4,029,498 3,709,588
Total assets less current liabilities 4,188,304 3,877,366
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Restricted funds NUCASTLEGeneral restrictedcapital fundsfund 1,385,84875,000 1,342,8361,254,865 1,460,848 2,597,701 } Unrestricted funds | General unrestricted funds 2,195,889 1,219,121 2,727,456 1,279,665 | Designated funds 531,567 60,544 { — —=—$————, Total funds 20 4,188,304 3,877,366

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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 £6,466,456 (2023. £5,602,393) and the net movement in funds for the financial year amounted to a surplus of £310,938 (2023: £170,422).

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The financial statement§ Were approved by the Trustees on Azlealas
J PB Marsha
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NEWCASTLE UNITED FOUNDATION

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2024

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|||||||||| |---|---|---|---|---|---|---|---|---| |2024|2023| |Notes|£|£|£|£| |Cash|flows|from|operating|activities| |Cash|(used|in)/generated|from|operations|22|(140,911)|861,536| |Investing|activities| |Purchase|of tangible|fixed|assets|(59,257)|(111,660)| |Proceeds|on|disposal|of tangible|assets|-|10,502| |Interest|received|79,968|27,391| |Net cash|generated|from/(used|in)| |investing|activities|20,711|(73,767)| |Net cash|used|in|financing|activities|-|-| |Net|(decrease)/increase|in|cash|and|cash| |equivalents|(120,200)|787,769| |Cash|and|cash|equivalents|at|beginning|of year|3,137,625|2,349,856| |Cash|and|cash|equivalents|at|end|of year|3,017,425|3,137,625|

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NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

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 ihe charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicablein the UK toand charitiesRepublic preparingof Ireland their(FRS accounts102)” (effectivein accordance1 January with the2019). FinancialThe charityReportingis a StandardPublic Benefit applicableEntity 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 2024. Where necessary, adjustments are made to the financial statemenis 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 January 2026 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 fail 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.

18

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

Charitable funds (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 amounis are included in the financial statements for time donated by volunieers.

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:

Ail 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

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19

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

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 asseis 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 asseis 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.

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NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

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 paymenis 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 coniribution 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.

21

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

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||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Restricted|Total|Total| |funds|funds|capital|funds|2024|2023| |general|NUCASTLE| |£|£|£|£|£| |Donations|and|gifts|276,816|175|-|276,991|451,802| |Grants|received|-|235,000|-|235,000|284,537| |Gifts|in|kind|714,944|-|-|714,941|322,387| |991,757|235,175|-|1,226,932|1,058,726| |For the year ended|31|July|2023|437,911|620,815|-|1,058,726|

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Gifts in kind

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

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|||||||||| |---|---|---|---|---|---|---|---|---| |By source|of funding|Unrestricted|Restricted|Restricted|Total|Total| |funds|funds|capital|funds| |general|NUCASTLE|2024|2023| |£|£|£|£|£| |Fooiball|coaching|&|education|-| |fees|received|703,666|-|-|703,666|681,662| |Sale|of services|as|part|of| |charitable|activities|2,018,330|35,824|-|2,054,154|1,698,716| |Contractual|payments|from| |governments|or|public|authorities|-|662,418|-|662,418|702,478| |Grants|received|for|the|provision| |of services|584,203|1,625,861|-|2,210,064|1,710,475| |Capital|grants|-|25,954|-|25,954|165,365| |3,306,199|2,350,057|-|5,656,256|4,958,696| |For the|year ended|31|July|2023|2,370,817|2,587,879|-|4,958,696|

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NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

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|||||||||| |---|---|---|---|---|---|---|---|---| |4|income|from|charitable|activities|(Continued)| |By|charitable|activity|Unrestricted|Restricted|Restricted|Total|Total| |funds|funds|capital|funds| |general|NUCASTLE|2024|2023| |£|£|£|£|£| |Income|from:| |Football|and|sports|development|944,992|488,275|-|1,433,267|1,198,595| |Learning|and|Skills|794,315|342,511|-|1,136,826|1,119,547| |Health|64,628|355,351|-|419,979|329,724| |NU|Futures|16+|767,479|849,608|-|1,617,087|1,249,850| |NU|Futures|11-16|183,558|151,911|-|335,469|622,239| |NUCASTLE|operating|activities|334,575|161,401|-|495,976|423,329| |Other|216,652|1,000|-|217,652|15,412| |3,306,199|2,350,057|-|5,656,256|4,958,696| |5|Income|from|other trading|activities| |Unrestricted|Restricted|Total|Total| |funds|funds|2024|2023| |£|£|£|£| |Fundraising|evenis|365,631|-|365,631|261,379| |Matchday|lottery|75,649|-|75,649|74,498| |Other|trading|activities|441,280|-|441,280|335,877| |For the|year|ended|31|July|2023|335,877|-|335,877| |6|Income|from|investments| |Unrestricted|Restricted|Total|Total| |funds|funds|2024|2023| |£|£|£|£| |Interest|receivable|79,968|-|79,968|24,764| |Sale|of|investments|-|-|-|2,627| |Investments|79,968|-|79,968|27,391| |For the|year ended|31|July|2023|27,391|-|27,391|

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NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

7 Expenditure on raising funds

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Restricted|Total|Total| |funds|funds|capital|funds|2024|2023| |general|NUCASTLE| |£|£|£|£|£| |Fundraising|events|49|607|-|-|49,607|57,654| |Matchday|lottery|27,262|~|-|27,262|22,193| |Staff costs|115,165|-|-|115,165|63,844| |Other|direct|costs|20,104|-|-|20,104|35,062| |Support|costs|84,202|14,783|-|98,985|64,624| |296,340|14,783|-|311,123|243,377| |For the|year|ended|31|July|2023|188,786|54,591|-|243,377|

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NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

8 Expenditure on charitable activities

Football and sports Learning NU Futures NU Futures NUCASTLE
development — and Skills Health 16+ 11-16 operational Total2024 Total 2023
£ £ £ £ £ £ £ £
Staff costs 863,170 838,591 305,109 828,598 285,849 465,798 3,587,115 3,547,702
Depreciation 2,228 - - 31,196 - 60,287 93,711 90,117
Direct project costs 531,896 104,277 103,708 191,376 29,932 379,631 1,340,820 1,031,065
Provision ofdonated tickets and facilities 208,590 164,032 60,577 233,337 48,405 - 714,941 322,387
1,605,884 1,106,900 469,394 1,284,507 364,186 905,716 5,736,587 4,991,271
Share ofsupportcosts (see note 9) 312,624 245,843 90,790 349,713 72,546 107,412 1,178,928 979,951
Share ofgovernance costs (see note 9) 11,649 9,160 3,383 13,031 2,703 4,002 43,928 32,268
Total 1,930,157 1,361,903 563,567 1,647,251 439,435 1,017,130 6,959,443 6,003,490
Analysis by fund
Unrestricted funds 4,362,769 986,440 164,819 925,535 266,705 750,517 4,456,785 2,672,217
Restricted funds -general 567,388 375,463 __—«398,748 721,716 172,730 266,613 2,502,658 _3,331,273
1,930,157 1,361,903 563,567 1,647,251 439,435 1,017,130 6,959,443 6,003,490
Forthe year ended 31 July 2023
Unrestricted funds 753,451 878,511 34,246 440,974 258,862 306,173 - 2,672,217
Restricted funds 674,093 530,128 318,328 879,036 460,031 469,657 - 3,331,273
1,427,544 1,408,639 352,574 1,320,010 718,893 775,830 - 6,003,490

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NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

9 Support costs

Support costs
Support Governance 2024 2023 Basis of allocation
costs costs
£ £ £ £
Staffand general costs 677,657 - 677,657 593,133 Income
Depreciation 175,584 - 175,581 180,048 Income
NUCASTLE costs 421,119 - 421,119 269,332 Income
Governance costs - 47,484 47,484 34,330 Income
1,274,357 47,484 1,321,841 1,076,843
Analysed between
Raising funds 95,429 3,556 98,985 64,622
Charitable activities 1,178,928 43,928 1,222,856 1,012,221
1,274,357 47,484 1,321,841 1,076,843
10 Net movement in funds 2024 2023
£ £
Net movement in funds is stated after charging
Fees payable to the company's auditor for the audit ofthe company's financial
statements 33,500 24,310
Depreciation ofowned tangible fixed assets 269,292 270,165
Amortisation of intangible fixed assets 2,486 2,485
Profit on disposal oftangible fixed assets - 21,360
Operating lease charges 7,353 7,353
Non-audit fees:
Taxation compliance services 1,600 3,000
Assurance services - 2,500
Othernon-auditservices 7,500 5,450

26

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

11. Employees

Number of employees

The average monthly number of employees during the year was:

Number of employeesemployees
The average monthly number of employeesemployees during the		 year was:
2024 2023
Number Number
Learning and Skills 41 39
Support 25 22
Programme Operations 48 67
NUCASTLE 17 9
Sport & Wellbeing 26 -
157 137

Following a review of activities in the year, management have changed the internal grouping of employee depariments to better describe them in line with the charitable activities split with a renaming of ‘Primary Schools’ to ‘Learning and Skills’ and the addition of ‘Sport & Wellbeing’.

Employment costs 2024 2023
£ £
Wages and salaries 4,138,622 3,845,965
Social security costs 326,846 310,488
Other pension cosis 82,452 81,836
4,547,920 4,238,289

In addition to the above number of employees, an average of 75 (2023: 72) sessional coaches were employed during the year.

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

2024 2023
Number Number
£60,001 - £70,000 i) 1
£70,001 - £80,000 4 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 conirolling the activities of the charity. The total employee benefits of the key management personnel were £434,583 (2023: £418,978).

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 E£nil (2023: Enil).

27

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

13 Intangible fixed assets
Software
£
Group and charity
Cost
At 1 August2023 12,375
Additions -
At 31 July 2024 12,375
Amortisation and impairment
At 1 August2023 3,674
Amortisation charged forthe year 2,486
At 31 July 2024 6,160
Carrying amount
At 31 July 2024 6,215
At31July2023 8,701

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

28

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

14
Tangible fixed assets
Group Freehold land and
buildings		 Plantand
equipment		 Fixturesand
fittings		 Computer
equipment		 Total
£ £ £ £ £
At 1 August2023 7,537,032 427 462 54,471 320,932 8,339,897
Additions 14,494 16,044 - 28,719 59,257
At 31 July 2024 7,551,526 443,506 54,471 349,651 8,399,154
Depreciation and impairment
At 1 August 2023 216,554 146,958 23,930 134,847 522,289
Depreciation charged in the year 145,497 53,702 1,959 68,134 269,292
At 31 July 2024 362,051 200,660 25,889 202,981 791,581
At 31 July 2024
At31July2023

29

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

14
Tangible fixed assets (continued)
Charity Freehold land
and buildings		 Plantand
equipment		 Fixturesand
fittings		 Computer
equipment		 Total
£ £ £ £ £
At 1 August2023 75,000 78,554 54,471 156,051 364,076
Additions - 4,644 - 19,851 24,495
At 31 July 2024 75,000 83,198 54,471 175,902 388,571
Depreciation and impairment
At 1 August2023 - 76,734 23,930 104,336 205,000
Depreciation charged in the year - 1,284 1,959 27,738 30,981
At 31 July 2024 - 78,018 25,889 132,074 235,981
At 31 July 2024 75,000 5,180 28,582 43,828 152,590
At31July2023 75,000 1,820 30,541 51,715 159,076

30

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

15 Fixed asset investments

Shares in
group
undertakings
£
Cost
At 1 August 2023 4
At 31 July 2024 1
Carrying amount
At 31 July 2024 {
At31July2023 1

Newcastle United Foundation Projects Limited (company no: 10423688):

2024 2023
Summary Statement ofComprehensive Income £ £
Income 1,365,729 1,109,549
Expenditure (1,394,191) (1,086,891)
Taxation (28,462)
51,714		 22,658
7,280
Net profit after tax 23,252 29,938
2024 2023
The assets and liabilities ofthe subsidiary were: £ £
Fixed assets 7,454,885 7,655,720
Current assets 763,055 787,681
Creditors: amounts falling due within one year
Creditors: amounts falling due aftermore than oneyear		 (571,029)
(7,593,763)		 (623,758)
(7,776,839)
Provisions - (12,908)
Total net assets 53,148 29,896
Aggregatedsharecapitalandreserves 53,148 29,896

31

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

16 Debtors
Group Charity
2024 2023 2024 2023
Amounts falling due within one year: £ £ £ £
Trade debtors 242,087 407,506 197,229 376,994
Amounis due from group undertakings - - 158,017 130,770
Other debtors 10 9,165 10 9,165
Prepayments and accrued income 910,513 797,412 844,194 738,548
1,152,610 1,214,083 1,199,450 1,255,477
2024 2023 2024 2023
Amounts falling due after more than one £ £ £ £
year:
Amounts due from group undertakings - - 1,120,550 1,150,502
Total debtors 1,152,610 1,214,083 2,320,000 2,405,979
Amounis due from group undertakings represents an intercompany loan of £1,278,567 of which £158,017 is
due in less than one year, and £1,120,550 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
Group Charity
2024 2023 2024 2023
Notes £ £ £ £
Trade creditors 147,821 226,281 101,584 166,635
Amounts due to Newcastle United Football Company
Limited 5,994 5,009 5,994 5,009
Othertaxation and social security 411,192 82,678 82,609 66,542
Other creditors 29,010 34,048 16,102 13,861
Accruals 120,446 591,125 108,446 458,963
Deferred income 18 509,855 513,241 380,120 424,701
924,318 1,452,382 694,855 1,135,711

17 Creditors: amounts falling due within one year

32

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

18 Deferred income
Group 2024 2023
£ £
Balance as at 1 August 513,241 955,061
Released from previous years (465,743) (905,061)
Resources deferred in the year 462,357 463,241
509,855 513,241
Charity
.		 2024 2023
£ £
Balance as at 1 August 424,701 610,597
Released from previous years (391,367) (560,597)
Resources deferred in the year 346,786 374,701
380,120 424,701

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.

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 £82,452 (2023: £81,836). Contributions totalling £16,102 (2023: £13,273) were payable to the fund at the balance sheet date. These are held in other creditors.

33

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

20 = Analysis of charitable funds

For the year ended 31 July 2024:

For thethe year ended 31 July 2024:
Movement in funds
Group Balance at 1 Incoming Resources Transfers Balance at 31
August2023 ~—sresources expended July 2024
£ £ £ £ £
Unrestricted funds
General funds 1,438,988 4,819,204 (4,753,125) 274,035 1,779,102
Designated funds— sinking fund 60,544 - - 471,023 531,567
1,499,532 4,819,204 (4,753,125) 745,058 2,310,669
Restricted funds
Head office 381,064 236,000 (14,783) - 602,281
Football development 130,838 488,450 (567,388) - 51,900
Learning and Skills 140,410 342,511 (375,463) - 107,458
Health 125,928 355,351 (398,748) - 82,531
NUCASTLE capital 7,964,536 - - (745,058) 7,219,478
NUCASTLE operational (241,420) 161,401 (266,613) - (346,632)
NU Futures 11-16 129,566 151,911 (172,730) “ 108,747
NU Futures 16+ 595,181 849,608 (721,716) - 723,073
Restricted funds 9,226,103 2,585,232 (2,517,441) (745,058) 8,548,836
Total funds 10,725,635 7,404,436 (7,270,566) - 10,859,505
Movement in funds
Charity Balance at 1
Auaust 2023		 Incoming
~—sresources		 Resources
expended		 Transfers Balance at 31
July 2024
£ £ £ £ £
Unrestricted funds
General funds 1,219,121 4,175,960 (3,908,034) 708,842 2,195,889
Designated funds— sinking fund 60,544 - - 471,023 531,567
1,279,665 4,175,960 (3,908,034) 1,179,865 2,727,456
Restricted funds
Head office 697,479 236,000 (12,021) - 921,458
Football development 84,492 488,450 (591,140) - (18,198)
Learning and Skills 53,404 351,497 (392,063) - 12,838
Health 103,268 355,351 (405,718) - 52,901
NUCASTLE capital 1,254,865 - - (4,179,865) 75,000
NU Futures 11-16 76,957 151,911 (161,493) - 67,375
NU Futures 16+ 327,236 707,287 (685,049) - 349,474
Restricted funds 2,597,701 2,290,496 (2,247,484) (1,179,865) 1,460,848
Totalfunds 3,877,366 6,466,456 (6,155,518) - 4,188,304

34

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

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 2024 for future capital replacements.

The trustees have agreed to allocate a further £400k from unrestricted funds for the repair and replacement of facilities at NUCASTLE. As mentioned earlier, NUCASTLE is a central strategic priority, and this allocation demonstrates the Foundation's dedication to preserving this state-of-the-art hub and ensuring it continues to offer high-quality facilities for the community. The funds will be strictly used for the NUCASTLE facility and may only be reallocated if unforeseen circumstances arise, subject to prior approval by the board.

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.

Footbali and sporis development

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

Learning and Skills

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

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 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 annual transfer between restricted and unrestricted funds represenis the quantum of depreciation charged during the period on the fixed assets held within restricted funds. Additionally a further transfer has been reflected following full completion of the build and finalisation of VAT arrangements, to reflect the relevant net book value of the NUCASTLE buildings that were funded through restricted funding as the carried forward fund for future depreciation.

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 early years of operation. However, commercial income is increasing due to higher demand for the facilities, more tailored offerings and enhanced marketing campaigns.

35

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

20 Analysis of charitable funds (Continued)

For the year ended 31 July 2023:

For the year endedthe year endedyear endedended 31 July 2023:
Movement in funds
Group Balance at 1 Incoming Resources Transfers Balance at
August 2022 resources expended 31 July 2023
£ £ £ £ £
Unrestricted funds
General funds 1,038,469 3,171,996 (2,861,004) 89,527 1,438,988
Designated funds - - - 60,544 60,544
1,038,469 3,171,996 (2,861,004) 150,071 1,499,532
Restricted funds
Head office 94,610 341,045 (54,591) - 381,064
Football development 170,912 650,132 (674,093) (16,113) 130,838
Learning and Skills
Community		 244,889
657,126		 425,649
-		 (530,128)
-		 -
(657,126)		 140,410
-
Health 97,533 346,723 (318,328) - 125,928
NU Futures 173,666 - - (173,666) -
NUCASTLE capital 8,114,607 - - (150,071) 7,964,536
NUCASTLE operational - 228,235 (469,655) - (241,420)
NU Futures 11-16 - 469,059 (460,031) 120,538 129,566
NU Futures 16+ - 747,851 (879,037) 726,367 595,184
Resiricted funds 9,553,343 3,208,694 (3,385,863) (150,071) 9,226,103
Totalfunds 10,591,812 6,380,690 (6,246,867) - 10,725,635

|

36

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

20 ~=Analysis ofcharitable funds (Continued) ~=Analysis ofcharitable funds (Continued)
Movement in funds
Charity Balance at 1 Incoming Resources Transfers Balance at31
August 2022 resources expended July 2023
£ £ £ £ £
Unrestricted funds
General funds 885,674 2,739,371 (2,345,380) (60,544) 1,219,121
Designated funds - - - 60,544 60,544
885,674 2,739,371 (2,345,380) - 1,279,665
Restricted funds
Head office 435,571 341,045 (79,137) - 697,479
Football development 177,862 650,132 (727 ,389) (16,113) 84,492
Learning and Skills
Community		 184,888
657,126		 425,649
-		 (557,133)
-		 -
(657,126)		 53,404
-
Health 97,533 346,723 (340,988) - 103,268
NU Futures
NUCASTLE capital		 13,425
1,254,865		 -
-		 -
-		 (13,425)
-		 -
1,254,865
NU Futures 11-16 - 469,059 (512,640) 120,538 76,957
NU Futures 16+ - 630,414 (869,304) 566,126 327,236
Restricted funds 2,821,270 2,863,022 (3,086,591) - 2,597,701
Totalfunds 3,706,944 5,602,393 (5,431,971) - 3,877,366

37

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

21. ~Analysis of group net assets between funds

For the year ended 31 July 2024:

Unrestricted Restricted Restricted Total
funds funds capital funds
general NUCASTLE
Group £ £ £ £
Tangible fixed assets 388,095 - 7,219,478 7,607,573
Intangible fixed assets 6,215 - - 6,215
Net current assets 1,916,359 1,329,358 - 3,245,717
2,310,669 1,329,358 7,219,478 10,859,505
Charity
Tangible fixed assets 77,590 - 75,000 152,590
Intangible fixed assets 6,215 - - 6,215
Investments 4 - - 4
Net current assets 2,643,650 1,385,848 - 4,029,498
2,727 456 1,385,848 75,000 4,188,304
Forthe year ended 31 July 2023:
Restricted Restricted
funds capital funds
Unrestricted general NUCASTLE Total
funds
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 - 4
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

38

NEWCASTLE UNITED FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

22 Cash generated from operations 2024 2023
£ £
Net income forthe year 133,870 133,823
Adjustments for:
Investment income recognised in statement offinancial activities (79,968) (27,391)
Depreciation oftangible fixed assets 269,292 270,165
Amoriisation of intangible assets 2,486 2,485
Profit on disposal oftangible fixed assets - 21,360
Movements in working capital:
Decrease in debtors 61,473 866,028
(Decrease)/increase in creditors (524,676) 36,886
Decrease in deferred income (3,388) (441,820)
Cash(usedin)/generatedfromoperations (140,911) 861,536

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:

2024 2023
£ £
Within one year 7,353 7,353
Between one and five years 10,000 14,853
In over five years 220,000 222,500
237,353 244,706

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.

39

NEWCASTLE UNITED FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

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 £714,941 (2023: £322,387).

During the year, NUFC made a donation amounting to £201,597 (2023: £340,715). 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 24/25. The charity also received fees from NUFC of £75,000 (2023: £nil).

Other payments made by the charity to NUFC during the year amounted to £275,745 (2023: £465,332) 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 £193,603 (2023: £181,190) for recharges of rent and received income from Newcastle United Foundation Projects Limited relating to a management charge of £76,766 (2023: £33,450). During the year, salaries were recharged from employees of Newcastle United Foundation to Newcastle United Foundation Projects Limited for a total of £496,986 (2023: £349,883). At the year end the outstanding loan balance between the companies was £1,278,567 (2023: £1,281,272) and interest payable to charity on this loan totalled £85,443 (2023: £87,992).

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 15 (2023: 32) volunteers.

40