Rogistgred numbgr: 06614473 Charlty number: 1125101 SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 FOUNDATION WR Partners
SHREWSBURY TOWN FOOTBALL CLUB FOUNDAIION (A company limited by guaranteg) CONTENTS Rèforence and admlnlstratlvo detaih of tho Charity. Its Trustees and advlsers Trustees. report Independent audltors, report on the financlal Statements Statomont of flnanclal actlvltles Balance sheet 2-12 13-16 17 18-19 Statèment of cash flows Notss to the flnanclal statemonts 21-43
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company Ilmlted by guarantee) REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARrrY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees M E Bramall P Brophy (resigned 2 May 2024) A Crane (appoSnted 22 December 2023) L Dooley {appoint8d 22 December 2023) D Edwards (resigned 21 November 2024) R J8Nis N Jon88 (reslgned 1 July 2024) J Masi M Miller L Rimm8r H Thorne. Chalr L Tt)wers (appointed 22 December 20231 Company regi8torod numbor 08614473 Charity regl8tered number 1125101 Regislored offieo The Croud M8a(k)w Oteley Road Shr8wsbury Shropshire SY2 6ST CEOIFoundation Diroctor Jarnie Edwards (until 30 April 2024) Shin Aujla (from 22 April 2024) Independent auditors WR Partners Chartered Accountants Belmont Hous8 Shr8wsbury Buslngss Park Shrewsbury Shropshire SY2 6LG Bankars Barclays Bank 44, Castle Str88t Shrewsbury Shropshlre SY12BU Sonlor management team Jami8 Edwards - CEO (until 30 April 2024) Shin Aulla - Foundation Director (frorn 22 Aprfl 2024) Lyn Towers - Head of Finance Pag8 1
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company Ilmltsd by guarantoe) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their annual report together with Ihe audited financial statements of the Charity for the year ended 31 August 2024. The trustees have adopted the provisions of the Slatement of Recommended Practice (SORP) °Accounting and Reporting by Charities. in preparing the annual rep(Yt and financial statements of the Charity. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the Charitys wveming docJJm8nt. the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in acrdanCe with the Financial ReFling Standard applicabl8 in the UK and RepUbC of Ireland published in October 2019. Objoctfves and actlvltles . Policies arKI objoctives Shrewsbury Town Football Club Foundatlon has 3 maln jeCtive& To promote communty partiapalion and healthy recreation by providing faalit18s for the playing of assoL?atKin football and other sports capabl6 of improving health ryacrlities. in this clause means land. buildings. equipment and organising sporting activities): To provide and assist in providing facilities for spor( recreation or other leisure time OGGupation of suth persons who have ne8d for such facilities by reason of their youth. age. infirmty or disablement. private or Sla] welFare and with the object of improving their corKlitions of lif8" and To advance the education of children and young peopl8 through such means as th8 truste8S thlnk fit in acc1Xdan with the law of charity. In s8tting objectives and planning for activities, the Trustees have given due consideratb?n to general guidan published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity {P82)'. Page 2
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company Ilmited by guaranteo) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 ObJoctlve$ and actlvttlos (conlinuad) b. Stratsgle8 for achlevlng obJe¢llves OUR VISION To take Shrewsbury Town Into the heart of th8 local communty. empowerlng people to realis8 Iheir potential and achieve thelr goals. OUR MISSION Shrewsbury Town Football Club Foundation's mission Is slmple- to utilise the power of sport to engage, inspire and strengthen our local community. OURVALUES We are proud of what we do here at Shrewsbury Town Football Club Foundation. and every one of <)ur team makes sure that we uphold the following valu8S: Professional - Our workfcrce are coaches, mentors. teachers and role models and always condurt theIveS in a professional manner. Pas8ionate- We are pa8sionat6 about what we deliver for Shrewsbury Town Foolball Club Foundation, and how we can maka a differenc8 for the o)mmunty we live in. Inclusive- We ar8 Committed to Suppng all of our participants regardless of race, gender or ability and will 8nsure that our programmes refiect this. Proactive- We are det8mined to b8 forward thinking, Innovativ8 and ambitious in ¢ontlnuafiy looking to improv8 our perfornianc8 and impact. Caring- Our wortrforce cares a lot about our work arKI our local communty. Fun We want all participants to share our enjoym8nt and enthusiasm in what wè deliver- in a fun and safe anvlronment. Pag8 3
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION {A cornpany Ilmlted by guaranteg) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Objedlves and actfvitles (continued) c. Actlvlties undertaken to achieve objectlves Health & Wellbeing Extra Tlme Hubs Walklng Football Exercise on Referral Parkinson's Hub Veterans Hub Education & Employabilty BTEC Fo)tball & Education USW Communty Coaching Degree Prémier League Prfmary Sta Readlng the Game Currl¢ulum Coaching Extra Curricular Clubs PL Klcks Holiday, Activities and Food Programme UK Shared Prosperity Fund (Make Sport Work) DWP Shropshire Youth Hub Football Development Male play8r pathway (Player Development Centre & Advanced Development C8ntre) F8male player pathway (Emerging Talent Centr8 and Girls Development Centre) Youth development phase (13 16s) Soccer SctM)ols & Multi Sport Courses Shr8wsability Short Breaks Mini Kickérs Facilty Development Ludlow Football Stsdium Community Football Hub Media & Tralnlng Suite Foundation Building Arlificial 3G Pitch d. Volunteer8 Th8 Charlty is grateful for the handful of volunteers who are Involved in seIce provision and fvndraising. It is estimated that over 3,000 volunteer hours W8r8 provided during the year. If this is conservatively valued at £12 an hour th8 volunteer effort amounts to over £36.000. Page 4
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company Ilmited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Stratsglc report Achlevements and porfornianc• a. Summary It has been a year of change for the Charlty with th8 departure of <xJr hjng-stsnding CEO. Jamie Edwards, and the arrival of our new Foundation Director. Shin Aujla in April 2024. Alongside this there has been the launch of a number of new iniiiallves, of which the employabilty programmes have been the most slgnifi&9nt. It Is Important to remember that wlthout the partldpants, studènts, parents, funders, partners, voluntsers, staff and trustees, the Charity would not be able to dèllver the inspiring and sometlrnes Ime changing work aosS Shropshire. b. Maln achigvemonts of thé Charlty Som8 of the Major a¢hlevements of the year are: The continued success and growth of the Shrewsbury Town College and Univ8rsty The partnership with the Shrewsbury Primary Care Network through the Exercase on RefeThal tngramme The launch of Ihe Ywth Hub and Make Swrt vrt( programmes focuslng on young people not currendy In employment Regular use of th8 facilities by grassroots clubs, in both Shrewsbury and Ludlow Football coachlng delivery across Shropshir8 Wtth particular strengthening of the gids, pathyy Engagement with primary school ag8 children from the Reading th8 Game proj8Ct to curriculum adlvities to the Holiday, Activity and Food programme. Koy performanco Indl¢ators 2024 £1,529.428 £45,447 2023 £1.796,906 £188.388 Income Surplus Page 5
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company Ilmlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Stratogic report (contlnued) Achlevements and perfomiance (contlnued) d. Review of activltles Health and Wellbelng The Charitys dedicated and compassionate health and w811being team have demonstrated their commitm8nt to promoting indusivity and accessibility for all. They have created pathways for all individuals to engage in exercise. regardless of their physical or mental health and provided an environment where all Gan feel vlCOMe and have a sense of belonging. The Extra Time Hub continues to thrlve and there are now 75 participants on thè regisler, b8iro an irease of 20 over the pravious year. The inclustve activities keep the hub buzzing with ind¢)or exercise, guest speakers. qurzzes. trips and more besides. The aim 18 to ensure that individua18 leav8 th8 hub feeling upllfted. energised and knowing that th8y matter. An addltional Hub was ueated this year in associatlon wlth Parkinsons UK and has engaged with 26 Indlviduals and their partnerslcar8rs. The weekly sessions are d8Signed to combat l)oth motor and non-motor symptoms of Parkin$.8 disease through a variety of physical and mental exerclses. The Walking Football provision provides an opporbjnity for anyon8 aged 50+ to keep eng8ged within football and provide a safe space to continue with physical adivity. It also provides an opportunity ftjr social int8ra¢tion and an opportunity to fe81 as part of a t8am. The weekty sessions in both Shrewsbury and Ludlow average over 40 participants p8r w88k. During the year the volume of referrals from tha Shrewsbury PCN the exercise prograrnme increased by 50%. The delivery of this programme was relocated to the Sports Village with indoor gym facllltles and greater variety of équipment. Thls programme has played a pivotal part in the lives of participants by increasing moblllty, lowering blood pressure and BMIS. reducing paln and the need for medication. Education & Employabillty Tha prfmary education team have continued to deliver the Premier League Primary Stars (PLPS) project to a very high qualty and have also provided curriculum and after school club support to a number of primary schools across Shropshire. Additionally, the charity's healthy lifestyle and literacy projects which includes 'Reading the Game, have been delivered to schools across Shropshire. Successftjl delivery of the Holiday Activity and Food {HAF) project saw participants take part in Christmas. Easter and Summer holiday activities with hundreds of meals distributed over this time. Delivered in partnership with SCL Education, the Charitys cdlege programme has not only given students the opportunity to represent Shrewsbury Town in a national college league. but also to tske part in a residential experience this year. The first cohorl has now graduated from th8 programme with 1 OOIIA pass rate and the majority of these have secured positive destinations. including the Charity's degree programme. Uwn completion of the Charity's higher edu¢atlon courses, delivered in partnership with the Unlversty of South Wales. the Charfty has been able to produce sorne of its ftJtur8 workforce. Thanks to significant investrnent in facililies. the charity has continued to SO8 growth in the numbers of full time students across the further and higher educalion courses offered. Page 6
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company Ilmited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Strateglc report (ntinued) Achlevements and porfomiance (contlnued) Through partnerships with the Departhent of Work & Pensions {DWP) and the UK Shared Prosperity Fund (UKSPF) the Charity has launched the Youth Hub and Make Sport Work programmes. targeting young people seeking employmenL The Charivs empk)yabilty team have engaged with 314 indtviduals helping to rais8 aspirations and ate opportuntties. resulting in some finding employment or entry to training courses to support reer aspirations. The Youth Hub has worked with 191 of these young people delivering. amongst other things. interview skill sessions. careers fairs. financial management and budgeting for the fuiure. Make Sport Work (funded by the UK Shared ProsFwity Fund) has reached a further 123 Yn9 people supporting them through th8 medium of sport. Some participants have achieved a Sport Leader5 qualifThtii)n 8nd have developed positive habts which fonn the first stepping stones to sustainable empbynEnL Football & Partklpation Th8 Charity has contlnued its regular and successfijl foolball and partlcipation programmes. with particular growth seen in the female pathway. The Chari8 disability project provides sesslons for partiapants with Downs Syndrome, Cerebral Palsy, Autism, ADHD, Dyslexla, Dyspraxia, Pow8r chair users and many more. Thls proves that football can be fully induslve and enjoyed by everyone evidenced by the increase in weekly attendanc8. In addition to thls the Short Breaks Matchday Chjb, has an average of12 participants. The Premler League Kicks project is a vitsl initiative provldlng weekly football session d81ivèred in multiple areas of deprivation across Shropshire. These sessions contribute to a r8ductlon in anti-soclal behaviour and provide an opportunty to bulld relationships with exiemal stakeholders. such as West Mercia police. Facilitles The Charitys facility offering in tKilh shreVbury and Ludlow contlnues to enable the Community to enjoy spaces to play, soctalise and enjoy the beautiful game. There are strong links with local teams and the community as they are offered sup8rt) faciltttes for local grass root teams to play. from toddlers playing for the first time to adults playlng walking football. One of the Charivs more recent initsatives Is the °Brew and Ambert café tsthich is a popular space during match day festivals. toumaments and throughout college and universty hou. Attached to the café is the Charitys changing facilities which opened in Juty 2023. This offers first class changing room facilities for the ojmmunity hirers. education programme and STFC Women's team. Key Challenges The continuing challenges are: Recruiting and retaining personnel who are key to the provision of our projects Fiaising fvnds to support core overheads Accessing grant funding which supports the work of the Charity Aligning objectives with the wider cha118nge of environmentsl sustainabilty Page 7
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company Ilmited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Strateglc report {contlnued) Achl•vemonts and porfornianco (continuod) o. Factors relevant to a¢hievo objectlves All projects are monitored through an online system. Eath project has set objectives that contribute to the thre8 outcomes we try to achieve as an organisation. Certain projects also require reFrf)rting direct to the funder. Most projects will have participant feedback alongsido session observations to ensure the obj8Gtives of project are beiNJ met. Projects are monitored and retM)rt&J through pn)gramrr* managers to trust8es on a quarterly basis. Financlal revlew a. Golng concern Aftar making approprfate enquirles, the Trust88s have a reasonable expectation that the Charity has adequate r8sour¢es to c>Jntlnue In operational existenc8 for the foreseeable future. For this reason, they ccntlnue to adopt the golng concem basis in preparing the financlal stst6ments. Further details regardlng the adoption of the golng concem basls can be found In the accounting polici8S. b. Reserves pollcy Total funds of the Charity at 31 August 2024 were £897.876 (2023: £852.429). The unrestricted fvnds are £386.388 (2023: £350.171). of this the free reserves are £85,149 (2023: £4,744}. after removing the designated nds of £97,617 (2023: £164,138) and the unrestricted fixed assets of £203,622 (2023: £181,289). Funds are designated for future upgrade and repair works at all siles maintained by the Charily and for the provision of new premises to support the growing work of the charity. The Charity aims to build reserves sufficient to cover operational costs for a minimum of 3 months {c. £4LKi.000) Prlncipal rfsks and uncertaintlos Ensuring th8 rlsk is managed on our delivery to safeguard particlpants and organisation reputation damage. Uncertalnty aTrJ18ngth of funding streams r8maln a key risk. Long tem staff illness remains an uncertainty that can reduce the quality of delivery. Page 8
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company limited by guarantse) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 d. Financial risk managament objectives and polides The Charity carries out a rigorous budgeting prOsS annually and reviews forecasts periodically along with regular reporttng on key financial data. The finan team provides monthly financial infomjation to managers to keep them focussed on deliv8ry of their projects in line with budgets. Thare is an ongoing review proc&ss to build th8 processes around financial rx>ntrol wlthin the CharFty. The Trustees have assessed the major risks to which the company is exposed. in particular those reiated lo the Operations and finances of the company, and ar8 satlsfied that systems and procedures are in place to mitigate our exp)sure to th8 major risks. Structuroi governance and management . Constitution Shrewsbury Town Football Club Foundation is registered as a charitable company Itmited by guarantee and was set up by a Twst deed. Thè c%)rnpany is constitLrted under a Twst deed and is a registered charlty number 1125101. The principal object of the company is to take Shrewsbury Town into the heart of the local community, helping paople realise their potential and athieve their goals. To utilis8 the power of sport to engage, inspire and strengthen our local community. b. Methods of appointment or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected and co opted under the tenns of tho Trust deed. The Trustees are selected on the basis of finding the required skill set to add strength and depth to the Board. on identified a thorough review process is carried out to ensure they will be able to support our Charity. annual revi8w of TnEtees is carrled out to review the sknlls available to th8 Charity. Trustees shall be appointed for an intdal three year fixed tem, whlch may be renewed. Trustees should rdeally ser4è for a maximum of nlne consecLrtlve years. any fijrther re appointment should be subject to rigorous revi8w and sfflitiny. P4e9
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company Ilmited by guarantèe) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Structurei govornance and managernent (continued) Organi8atlonal structure and d&ci¥ion•maklng pollcles Shin Aujla, FourKlalion Director, is delegated by Trustees to oversee th8 day to day runnirKJ of the Charity. The Board of Trustees. which has bn drawn from local business. and other representstives from the private sector. meets as a full board at least four times a year. In t8mis of financial monitoring and reporting to th8 trustees. detailed quarterly accounts are prepar8d. and these are reviewed by the Trustees. Staffing Level Shrewsbury Town Football Club Foundation currenty has 27 FTE Pemianent staff and utilises a pcK)l of 4 FfE fiexible zero hours staff. Key Staff - Senior Management Team Shin Aujla- Foundation Dlrector Lyn Tow8rs - Head of Finan d. Pollcles adoptad for the inductlon and tralnlng of Trustses The Trustee Good Govemanc8 polky outlines the roles and r8$ponsibilib8s alongside the induction and training poliw for all trustees. e. Pay policy for key managemont personnel The salaries for senior staff are set in discussion with Trusteos and reviewed on a regular basis. f. Related party relationshlps The Charity works dosety with Shrewsbury Town Football Club. g. Financial rlsk management The Trustees have assessed the major risks to which the Charity is exposed. in particular those related to the operatlons and firban¢es of the Charlty, and are satlsfied that systems and procedures are In place to mitigate exposure to the rnajor risks. Page 10
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company Ilmlted by guarantse) TRUSTEES. REPORT (coKfiNUED) FOR THE YEAR ENDED 31 AUGUST 2024 Plans for future porlods To continue to grow the female football pathway To seek the extension of the contracts with the DWP and UKSPF to engage young people not currently active in the VrIOrCe To re-shape the Health & Wellbeing programme and continue the gr(wrth of its various hubs With the support of the Premier League Charitable Fund. deliver a fan engagemant project working dosely with Shretsbury Town FooU)all Club. To conlinue to grow and develop the Shrewsbury Town College and Univer5ty delivering a wtder variety of cours6s to more students To obtsin investment to improve the facilibes at the Shrewsbury hub for the benefit of participants To facilitate the smooth handover of the Ludlow Foolball Stadium to a local consortium statement of Trusto09' rgsponsibllltles Th8 Trustees (who are also the directors of the Charity fix the purposes of company law) are respsIble for preparing the Trustees. report induding the Strategic report and the financial statements in accordance with applicable law and United tfjngdom Accounting Standards (United Kingdom Generally Accepted Acwjnting Prac). Company law requlres the Trustees to prepar8 financial statements for each financial year. Under company law. the Trustees must not approve the financlal statements unless they ar8 satisfied that thay give a true and falr view of th8 State of affairs of the Charity and of its incoming resources and appIltion of resources, induding its income and expenditure, for that p8riod. In preparing these financial statements, the Trustees ar8 requlred to: 8818Ct suitable accountlng policies and then app th8m consistently. obseN6 the methods and principles of the Charities SORP (FRS 102)" make judgments and accounting eslimates that are reasonable and prudent state vth8ther applicable UK Accounting Standards {FRS 102) have been followed, subi8d to any material departures disclosed and explained in the financial statements" prepare the financial ststements on the going conrn basis unless it is inappropriate to wesume that the Charity will continue in business. The Trustees are responsible for keeping adequat6 a(Kounling records that are suffirAent to show and explain the Charivs transactions and disclose with reasonable accurdcy at any time the financial position of the Charity and enable them to ensure that the financial statements c(xnply with the Companies Ad 2006. They are also responsible for safeguarding the a&sets of the Charity and hen for takrng reasonable steps for the prevention and detection of fraud and other irregularities. Dlsclosure of inforniatlon to auditors Each of the persons who are Trustees at the time when this TnJste8s' report is approved has confirm8d that: so far as that Trustee Is aware, ther8 Is no relevant audit infomiatton of lch the charity's auditors are unaware. and that Trustee has taken all the steps that ought to have been tsken as a Truste8 in order to b8 aware of any relevant audit information and to establish that the charlty's auditors ar8 aware of that Information. Page 11
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Audltors The auditors, WR Partners, have indicated their willingness to continue In offic8. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Truste8S. Approved by ord8r of the members ot the board of Trustees and signed on thelr behalf by: H Thorne (Chair of Trustees) Date.. 6 March 2025 Page 12
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company Ilmlted by guaranto?) INDEPENDEKf AUDITORS. REPORT TO THE MEMBERS OF SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION Oplnlon We have audlted the finandal statements of Shrewsbury Town Football Club Foundalion (the 'charitable companl) for Ihe year end8d 31 August 2024 which comprise the Statement of financlal activitses, the Balance sheet. the Statement of cash flows and the related notes, induding a summary of 8ignlfiGant accounting poli¢ies. The financial reporting frameworf( that has b88n applied in thelr preparation is applicable law and Unit8d lfjngdom Accounting Standards. including FinanrAal Reporting Standard 102 Th8 Financial Reportlng Standard applicable in the UK and Republic of Ireland, (United Kingdom G8n8ralty Accepted A¢¢ounting Pract1). In our opinion the flnancial statements.. give a true and fair view of the state of the diaritable company's affairs as at 31 August 2024 and of its inming r8sources and appllGation of rr¢e8. including its incom8 and expenditurè for the year Ihen eTrJed; have been properly wepared in accordan with United KFngdom Generalty Accepted Accounting Practl¢a' and have been prepared In accordance the requirements of the Chariti8s Act 2011. Basls for opinion W8 ctsnduct8d our audit in accordance wilh Int8mational Standards on Auditing (UK) {ISAs (UK)} and appll¢able law. Our respcffl8ibiliti8s under those standards are further describ8d in the Auditors, responsibilitigs for the audit of th8 financial statements section of our report. W8 are indep8ndent of the charitable company In accordanee with the ethl¢al requirements that ar8 r8lèvant to our audit of the financial stat8m8nts n the Unlted Ingdom, Including thè Financial R8POrtlng Councll's Ethical Standard, and w8 have fulfilled our other ethical responsibiltbes in accordancé with these requirements. We believ8 that the audit eVkIen hav8 obtained is sufficient and 8ppropriate to provlde a basis for our opinion. Concluslons relatlng to going concern In auditing the financial ststements. we have conduded that th8 Trustees, use of the going concem basis of accounting in the preparation of the financial stat8m8nts is approprlate. Based on the wotl( we have perfomied, we have not Identrfied any material unc8rtainties relatlng to events or conditions that. individually or llectivelY, may cast significant doubt on the charltable ¢ompanWs abilty to ntinue as a going cx)nc8m for a period of at least iwelv8 months from when the financial stat8rn8nts are authorised for issue. Our resprmsibilities and the r8sponsibilities of the Trustees with reSct to going LX)ncem are described in the relevant sections of this report. Pag8 13
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company Ilmited by guarantse) INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (CONTINUED) Other Inforniatlon The other infom)ation (xjmprises the informalion included in the Annual raport other than the financial statsments and our Auditors, report therecm. Th8 Trustees are reswnsible for the other infomation contained within the Annual rept. Our opinion on the financial statemerrts does not U)V8r the other inforniation and. except to the extent otharwise explicitly ststed in our reporL we do not express any forni of assurance condusion thereon. Our responsibility is to read the other infomiation and. in doing 50, consider whether the other information is materially inconsrstent 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, w8 are required to detarmine whether this gives rise to a material misstat8ment In the finandal statem8nts Ihemselves. If, based on the havè performed, conclude Ihat there is a material misstslement of thls other inforn*tion. are required to report that facL We have nothing to report in this regard. Matters on which wo are rnqulrnd to report by excepllon We have nothing to report In respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you rf. in our oplnion: the information given in the Trustees, report is inconsistent in any material respect wlth the financial statements. or sufficient accounting recor(Is have not been kept" or the financial statements are not in agreement with the ac¢ounting records and retums: or V have not received all the infomiation and explanations we require for our audit. Responsibilities of trtteeS As explained more fully in the Trustees, responsibilities statement. the Trustees (who are also the director5 of the charitable company for the purposes of company law) are responsibla for the preparation of financial statements and for bein9 satisfied that they give a true and fair view, and for such internal control as the Trustaas deterniine is necessary to enable the preparation of financial statements that ar8 free from material misstalement, wheth8r due to fraud or error. In preparing the financlal statements, the Trustees are responslble for ass8ssing the charitable companls abilty to continue as a going nC@m, disdosing. as appCable, matters related to going cortsm and using the going concem basis of accnting unl8ss the Trustees either intend to liquidate the charitsble company or to ase wrations. or have no realistic altemative but to do so. Page 14
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION IA company Ilmited by guarantee) INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (conNUED> Auditors. respon8lbilities for the audlt of Ihe financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assuran about whether the financial statements as a whole ar8 free from material misstatement. whether due to fraud or error. a1 to issue an Auditors. repcyt that inCdeS our opinion. Reasonable assuran is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always deted a material misstatement when it exists. MISStateEnts can arise from fraud or error and are considered material rf, individually or in the aggregate. they could reasonably be - expected to influence Ihe erMiC decisK>ns of users taken on the basis of these financial statements. Irregularities. including fraud, are instanc8s of non-compThance with laws and regulations. We design pn)cedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irr8gularilies, Including fraud. The extent to vthi¢h our PrOdUreS are capable of detécting irregularities, indudlng fraud is detailed below: We reviewed the susc8Ptlblllty of the charitable companys fiftanclal statem8nts to material misstatsment and identified the principal risks. impl8m8nting a serles of testing procedures to provide us with sufficient comfort Io i8sue our oplnion. We reviewed the charitable companys regulatory envlronment to ensure could conclude that it had act8d in accordan with the framework relevant to the Charitable company and its environment and Identrfy any instances of non4ompliance. W6 also assessed the charitable company's intemal control proc8dures to ensure we could appropriat8ly scrutlnise these wntrols and 8Stablish wh8ther our understanding of the control environment was sufficient to supplement our addrtional testlro procedures. The 8ngagement t8am consisted of a team that the engagement partner beeVeS is equipp8d with the r818vant level of technlcal and charitable company awareness to carry out our work to the requlred 8taTrJard. Because of the inherent limitations of an audit th8re is a risk that we will not detect all itregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance wth a law or regulation is removed from the events and trdnsactions rèflected in the financial statements. as V will be less likely to become aware of instsnces of nonwcomplianee. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional COnalmon( forgery. )llUSIon. omission or misr8presentation. A further description of i)ur responsibilities for the audit of the financial statements is located on the Financial Reporting Counal's website at: www.frG. Auditors. rewt. .uklauditorsres onsibilities. This description fonns part of Iwr Page 15
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company limltad by guarantse) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (CONTINUED} Use of our rnport This report Is made solely to the charltable companrfs members. as a body, in accordance with Part 4 of the Chariti8s (Accounts and Reports) Regulations 2QN)8. Our audit work has been undertaken so that we might state to the charitable companrfs members. as a tw. those matters we are required to state to them in an Auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members. as a body, for our audit work. for this report. or for the opinions w8 have fonned. WR Parlners Chartered Accountsnts statutory Auditors Belmnt House Shrewsbury Buslness Park Shrewsbury Shropshir8 SY2 6LG Date: // WR Partners are eligible to act as auditors in t8rms of section 1212 of the Cotnpanies Act 20c. ° Jkn 2(J25 Page 16
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company Ilmltsd by guarantsg} STATEMENT OF FINANCIAL ACTivrriES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Unrestrl¢ted Restrfcted funds funds 2024 2024 Total fund$ 2024 Total fiinds 2023 Incomg from: Donations and18gacies Charltable activities Other trading activities Investments 342,308 819,331 16.324 1.680 349,783 692.091 819,331 16,324 1,680 696,804 1,083,932 15,464 706 Tolal income 1,179,643 349,783 1,529N26 1.796.906 Expendlture on: Charitable activttl8S 1,140,668 343.311 1.483.979 1.628,518 Totsl oxpenditure 1,140.668 343.311 1,483,979 1,628,518 Not Income Transfers belween funds 38.975 (2,758) 6A72 2.758 45,447 168,388 18 Net movement In funds 36.217 9,230 45A47 168,388 Reconclllation of funds: Total funds brought forward Net M¢ement in funds 350,171 36.217 502,258 9.230 852,429 45,447 684,041 168,388 Total funds rrIed forward 386,388 511A88 897.876 852.429 Th8 fK)tas on pages 21 to 43 form part of these financial statements. Page 17
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company Ilmltèd by guarantee) BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Noto Flxed assots TangitrAe assets 14 843,270 845,405 843,270 845.405 Current assets Debtors Cash at bank and in hand 15 145,222 228.615 195,624 197.313 373.837 392,937 Cr8ditors.' amounts falllng due withln one year 16 {143,59n (215.985) Net current assets 230.240 176,952 Total assèts less Current Ilabilities 1.073.510 1.022,357 Creditors: amounts falllrKJ due after more than one year 17 (175.634) (169.928) Total ngl assets 897,876 852,429 Page 18
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company Ilmited by guarantee) BALANCE SHEEf {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note Charlty funds Restricled fvnds Unrestrfcted funds 18 18 511A88 386A88 502,258 350,171 Total funds 897,876 852,429 The entity yS 8ntitled to ex8mptlon from audit under section 477 of the Companles Act 2006. The members hav8 rK)t requir8d the entity to obtain an audit for the year in question in accordance wlth section 476 of the Compani8s Ad 201%. However. an audit is required in accordance with section 144 of the Charities Act 2011. Th8 Trustees acknowledge their responsibilities for complying th the requirements of the Act with r8spect to accountlng records and preparation of financial 8tstem8nts. The financial statements have been prepared in a¢xordanc8 Wtth the provlslons applicable to entities subject to the small rnpanIes regime. The financial statements were approved and authorised for issue by the Trustses and signéd on their behalf by. H Thorn• (Chalr of Trustees) Date: 6 March 2025 The notes on pages 21 to 43 fomi part of these financial statem8nts. Page 19
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company Ilmlted by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash flows trom oparatlng aclivities Nel cash used in operating adivities 68.166 217.942 Cash flows from Invasting activities Drvidends, interests and rt$ from investments Purthase of tanglble fix&J assets Disposal of tangibl8 fixed assets 1,680 T06 (33,536) (330,713) $41 1,950 Not cash used in Imi•stlng actlvlties {31,315) P28.057) Cash flows from flnancing actlvities Repayments of loans Interest paid (7,229) 1.680 Net cash (used Inyprovlded by financing actlvlties (5,549) Change In cash and cash equlvalents In the year Cash and cash equlvalerts at th8 b8ginning of th8 year 31.302 197,313 (110,115) 307,428 Cash and cash equivalents at the end of the year 228.615 19T.313 The notes on pa98s 21 to 43 form part of these financial ststements Page 20
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company Ilmited by guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General Inforniation Shr8wsbury Town Football Club FourKlation is a charltable company Ilmited by guarantee in England. The members of the company are th8 Trustees named on the admin page. In the event of the Charlty being VUnd up, th8 liability in respect of the guarant88 is Ilmited to £10 p8r member of the Charity. The Chartty Is Incorporatsd In England and Wales and has a registered address of Ot8ley Road, Shrewsbury, SY2 6ST. Accountlng policies 2.1 Bas1$ of preparatlon of financlal stalements The financial statements have b88n prepared on a golng cencem basis under the hlstorical cnst conv8ntion. The financial statements have been prepared in accordanc8 with the second edition of th8 Charftles SORP (FRS 102) A¢unting and Reporting by Charities.. Ststement of Recommended Practic8 applicabl8 to charities preparlng their accounts in accordance with the Financial Reporbng Standard applicable In the UK and Republic of Ireland (FRS 102) Issued in Octob8r 2019. the Finandal Reporting Standard applicable in the UK and Republic of Ir8land (FRS 102) and the Companies Act 2006. Shrewsbury Town Football Club Foundation meets the definltion of a publlc benefft entity under FRS 102. Assets and liabilities are initialty reccgnised at hlstorical cost or transaction valu8 unless othemise sLited in the r818vant accounting poll¢y. 2.2 Golng concorn After making enquires, the Trustees l)ave a reasonable expectatlon that the Charity has adequat8 resources to continue in operational 8XiStence for the foreseeable future. The Charity therefore continuas to adopt th8 going concern basls In preparing ts financial stat8m8nts. Page 21
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng polleies (contlnued) 2.3 Income All income Is reoJgnlsed On the Charity has 8nttUement to the Income, it is probable that the income wlll be reNed and the amount of income rec8lvable can b8 measured reliably. Gifls in kind donated for distrfbutlon are included at valuation and recognlsed as income wln they are distributed to the pjeCts. Glfts donated for resale are Included as income when th8y are sold. Donatsd facilities are included at the value to the Charity vthere this can b8 quantrfied and a thlrd paty is bgaring tha cost. No amounts are indud8d in the financial 8tatsments for seNices donated by volunteers. Donatsd SeiCe8 or facilities ar8 recognised Wn the Charity has control over Ihe item, any conditions a$Soated with the donat8d item have b8en met, the receipt of economic benefft from the us8 of the Charity of the item is probable and that economic b8nefit can be measured reliably. In accordance with the Charlfjes SORP (FRS 102), the general volunteer time of the Frfends is not recognised and refer to the Trustees, report for mor8 infom)ation about their contribution. On receipt, donated prof8ssional services and facilities are recognis8d on the basis of the value of Ihe gifl to th8 Charity lch Is the amount it would hav8 been willing to pay to obtain services or facilities of equlvalent economic benefit on the open market. a corresponding amount is then recy)gnised in 8xpenditur8 in the peri¢xl of recelpt. 2A Expendlture Exp8nditure is r8cognised once there is a leg81 or construclive obligation to transfer economic b8n8fit to a third party, It is probable that a transfer of economlc benefits will be requir8d in settlement and the amount of the obligation can b8 measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of dlrect costs and shared costs, including support costs Involved in undertaking each actlvity. Direct costs attributsble to a sing18 activty ara allocated directly to that activity. Shared costs which contrfbute to mor8 than one activty and support costs which are not attributable to a single activity ar8 apportioned betsveen those activities on a basis consistent wlth the use of resourc88. Cèntral staff costs are allocated the basls of time spent, and depreciatlon ¢harges alk)cated on the portlon of the asset's use. Charitable activities and Governanc costs costs Incurred on th8 Charity's operatlons. including support costs and Costs relalng to Ihe govemance of the Charity apportloned to charttable activitt8S. 2.5 Interest recelvabla Int8r8St on fvnds hold on deposit Is included wh8n re¢eivabl8 and the amount Can be m8asur8d reliably by the Charity,. this is nonnally Up notificatlon of the interest paid or payable by the Institution with whom the funds are deposlted. Pag8 22
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcies (continued) 2.6 Tangible fixed assets and depreciation Tangible fed assets costing £500 or more are capitalised and rewgnised vthen future economi benefits are probable and the cost or value of the asset can be measured reliably. A review for impaimient of a fixed asset is carried out if events or changes in circumstsnces indicate that th8 carrying value of any fixed asset may not be recoverable. Shortfalls between the carying value of fixed assets and Iheir recoverable amounts are recognised as impairments. Impaimient losses are recognised in the Stat8ment of financial activities incorporating income and expenditure account. Depreciation is charged so as to allocate the cost of tanglble fixed assets16ss their resldual value over their estimated usefvl lives. on a straight line and reducing balance basis. Depreciation is provlded on the folloviing bases: Leasehold propety and Leasehold prowrty improvements Plant and machinery Motor vehicles Fixture6 and frttings Office equipment straight line over lh8 lease temi 20% reducing balance 20% reducing balance 20% reduclng balance 20% reducing balance 2.7 Debtors Trade and other debtors are recognised at th8 settlement amount. Prepayments are valu8d at the amount prepaid. 2.8 Cash at bank and In hand Cash at bank and in hand includes cash and ShOrt-te highly liquid investments with a sh¢xt maturity of three months or less from the dats of acquisition or opening of the deposii or similar account. 2.9 Llabilities and provislons Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event. it is probable that a transfer of economic benefrt will be required in setuement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipales it will pay to settle the debt (Y the amount it has received as athanced Panents for the goods or services it must provid8. Provisions are measur8d at the best estlmate of the amounts required to Settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects Ihe risks specific to the Ilablllty. The unvAnding of the dlscount is recognised in th8 Statement of flnancial activities as a finance c08t. Page 23
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng policios (contlnued) 2.10 Flnan¢ial instruments Th8 Charity only has financial assets and financial Ilabilities of a kind that qualify as baslc financial instruments. Basic financlal instruments are initially recognised at Iransaction value and subs8quently measured at their $8tU8m8nt value wlth the exception of bank loans whlch are subsequently measured at amortised cost uslng the effectiv8 interest method. 2.11 Financ81oases and hlre pur¢has• Assets obtain8d under hire purchase contracts and finance18a88s ara capitalised as tangible fixed assèts. Assets acqulred by ffnance lease are d8pr8Ci8ted over the shorter of the lease te and thelr useful lives. Assets acquired by hire purchase are depreciat8d over their us8ful lives. Finance leases are those wher8 substantially all of the benefits and risks of ownership ar8 assumed by the Charity. Obligations under such agreements are induded in cr8dltors, net of the finance charge alloeAted to future perlods. The finance element of the rental payment is ¢harg8d to the Slatement of financial activities so as to prc*Juce a constant Periodic rate of charge on the net obligation outstandlng In each perfod. 2.12 Operatlng leases Rentals paid under operating leases are charged to the Statement of financial a¢tiviti88 on a stralght line basls over the leas8 term. 2.13 Fund accountlng General funds ar8 unrestricted fvnds which are avaFlable for us8 at the discretion of the Truste8s In furth8rance of the general objectives of the Charity and whith have not been designated for other purposes. Designatad fund8 comprlse unrestricted funds that have been set aslde by the Trustees for particular purposes. The aim and use of 8ach designated fund is set out In the notss to thè financial statements. Restricted funds are funds which are to be used in accordance wlth specific restrictions imposed by donors or which hav8 been rais8d by the Charity for paCular purposes. The costs of raising and adminlstering such fvnds are charged agalnst the spedfic fund. Th8 aim and use of each restricted fund is sat out in the notes to the financial statements. Paga 24
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Criucal accountlng e$limates and arnas of Judgment In the applicatlon of the Charftys accounting polrci8S, the trustees are required to make Judgements, 8Stimates and assumptions about the &grrying amount of assets and liabilities Ihat are readily apparent from other sourc£s. The 8stimat8s and assodated assumptions are bas8d on hlstorical experfen and other factors that ar8 considered to be relevant. Actual results may differ from these estimates. The estlmates and undedying assumptions are revlewed on an ongoing basis. Revisions to accounting estimates are recognised in the period which the estimate is revised where the rovision affects only that period, or in the périod of the revision arKI future periods where the revision affects both current and fvture periods. Critical accounting estimates and assumptions: The Charity makes estimates and assumptions conc8ming the future. The resulting accounting 8stimates and assumptions will, by definition, seldom equal the related actual results. Ther8 ar8 no eslimates and assumptlons that hav8 a slgnfficant rlsk of causing a material adjustment to the Ganyng amounts of assets and liabililies withln the next financial year. Page 25
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from donations andlogacles Unrestrlcted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Grants 342.308 349.783 692,091 696.804 Total 2023 125.930 570,874 696,804 Income frorn charitable actlvltles Unrestrfcted funds 2024 Totsl funds 2024 Tot funds 2023 Education. health & wellbeing & football development prtsjrammes 819,331 819,331 1.083.932 Total 2024 819,331 819,331 1.083.932 Total 2023 1.083,932 1,083.932 Incomo from other tradlng athitios Income from fundraising ovents Unrestrlctad funds 2024 Totsl fiAnds 2024 Total funds 2023 Fundraising Income 16,324 11324 15.464 Total 2023 15,464 15,464 Page 26
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION {A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Investment Incomo Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Bank Interest 1.680 1,680 706 Total 2023 706 706 Analysls of expendlture on charltable activitios Summary by fund typo Unrestrfcted Restrlcted funds 2024 Total 2024 Tot 2023 2024 Educatlon, health & w811being & football developmént programm88 1.140,668 343.311 1,483,979 1,628.518 Total 2023 1,330,611 297,907 1,628.518 Anatysls of expendlture by activities Actlvltlos undertaken directly 2024 Support Total funds 2024 Totsl fvnds 2023 2024 Education. health & wellbelng & foolball development programme5 1.095.395 388.584 1.483,979 1,628,518 Total 2023 1,237.826 390.692 1,628,518 Page 27
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company limlted by guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Anatysls of axp•ndituro by activltles {conllnued} Anatysls of dlrnct costs Charity programme Totsl funds 2024 Total funds 2023 Staff Costs Accommodation Hir8 of Facilities Hire of Services Footballs. Equipment, Tops & Prizes 737,784 32,541 287.222 16.065 21.783 737.784 32,541 287222 16.065 21.783 T61,767 45. 767 357.177 19.7T4 53.341 1,095.395 1.095,395 1,237,826 Page 28
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company limftad by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analys1$ of expondlturn by a¢tlvltles (conllnued) Anatysis of support costs Charity programme Total fund¥ 2024 Total funds 2023 2024 staff Costs Depreciation Advertising Motor Expenses Accommodation Sundry Expenses Telephone Stsff Training and HR 136.677 35.130 13,575 18,013 658 22,980 9,503 6.525 136,677 35,130 13.575 18.013 175.274 22.622 7,878 9,041 2,785 1T.088 10.03T 17,270 22,980 9.503 6,525 k IL,, Management Fee Bad Debts Postage AC0ntan¢Y Bank Charg8s and Paypal Fees Repalrs and Renewals Hire of Facilities Hire of Services (Profityloss on the Sale of Tangible Assets Travel Hire Costs Unifomis 40,000 3,476 481 18,102 24,894 8,302 10.000 9.478 541 16.714 13,535 40,000 3,476 1,221 13.529 18,154 8,317 10.000 4.003 1.951 27.978 2,648 18,102 24,894 8,302 10,000 9.478 541 16.714 13,535 388.584 388,584 390.692 Page 29
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Net Incomel(Exp•ndlture} This is stated after charging: 2024 2023 Depreciation of Tangible Fixed Assets: -owned by the Charity Operating Leas8 Payments Audltors, Remuneration - Audit 35,130 5A31 9,150 22.622 11,948 8,800 49,711 43.370 q1. Audltors. remuneratlon 2024 2023 Fees payable to the Chartty's auditor for the audit of the Charitys annual accounts 7,300 Fe payable to the Charity's auditor in respect of: All non-audit sérvices not induded above 1,560 Page 30
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Staff costs 2024 2023 Wages and Salaries Soclal Security Costs Contribution to Defined Contribution Pension Schemes 797.875 63.541 13.045 850,266 70,485 16,290 874461 937,041 There were no redundancy payments made durlThJ the current year, but dug to restructurFng at the Charity there was a r8dundancy payment made during the prior year amounting to £496, . The average number of persons employed by the Charity during the y8ar was as folh)ws.' 2024 No. 2023 No. Average 56 The averag8 h8adoxnt expr8SS8d as full-tirne equivalents vms: 2024 No. 2023 No. Full time equivalent 31 37 No employee received remuneration arnounng to more than £60,000 in elther year. Durfng the year. th8 lolal remuneratlon (Induding employevs pension) paid to the key management of the chaiity was £83,767 (2023: £104,975). 13. Trustees. remuneration and expenses Durfng the year. no Trust8es received any remuneratlon or other ben8fits (2023- £NIL). During the year ended 31 August 2024. no Tnjstse expenses have been incurred (2023- £NIL). Page 31
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company Ilmlted by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 1& Tangible flxed assets Long-tem? leasehold Plant & property machinery Motor vehlclos Fixtures & fittlngs Office equipment Total Cost or valuatlon At 1 September 2023 Additions Dlsposals 825,265 13,137 30,166 894464 33,536 (1.37n 3A07 30,129 (1,377) At 31 August 2024 825,265 29.303 30,129 13,137 28.789 926,623 Depreclatlon Al 1 September 2023 Charge for the 15,188 13,200 6.263 14,408 49.059 21,852 3239 6,026 1,330 2,683 {836) 35.130 {836} On disposals At 31 August 2024 37,040 16,439 6,026 7,593 16,255 Net book value At 31 August 2024 788.225 12.864 24,103 12,534 843,270 At 31 August 2023 810,077 12,696 6,874 15.758 845.405 Page 32
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 1& Debtors 2024 2023 Duo wlthln one year Trade debtors Other debtors Prepayments and accrued income 38,158 53,017 54,047 121,998 37.932 35.694 145,222 195.624 16. Credltors: Amounts falllng du• within one year 2024 2023 Bank loans Trade creditors other taxation and Social security Obligations under finance lease and hire purchase contracts Other creditors Acc¥uals and deferred income 7,954 51,752 17.540 6.889 120,915 19.934 8,959 50.888 17.710 50.537 143,597 215,985 2024 2023 Deferred income at 1 Saptemb8r 2023 Resources deferred during the year Amunts released from previous period5 35,877 35.171 (35,8771 36.434 35,8T/ (36.434) 35,171 35,877 The monies indud8d within d8f8rred Income relate to income r8ceiv8d for events taklng place post year end. Page 33
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION {A company limited by guarantee) NOTES TO THE FWANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Credltors: Amounts falllng duo after more than one year 2024 2023 Bank loans Net obligations under finance188se and hire purchase contracts 161,634 14,000 169,928 175,634 169,928 Included within bank loans is a loan, provlded by Natlonal Westminster Bank Plc. Interest is charged at 3.2% plus the base rate and the balanc8 Is expected to be repaid in full by May 2037. The k>an is secured by a fixed and floaling charg8 ovar the assets of the Charfty. The aggr8gate amount of Ilablllties payable or repayable vtholly or In part rn0 than fve years after the reporting date Is: 2024 2023 Payable or repayable by In5tallm8nts 122.104 133.244 122,104 133,244 Page 34
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Slatement of funds Statament of funds - current year Balance at 1 September 2023 Balancè at 31 August 2024 Transfers inlout Income Expenditure Unrestrlctsd funds Deslgnated funds Annual sfte upgrades and repairs Foundatron 3G Plt¢h Sinking Fund New Building Leasehold Improvements Shrewsbury Facilty Maintenan Ludlow Facility Maint8nanc8 17,692 17,692 50.000 85.752 6.057 25.000 (85,752) {6,05n 75.000 4364 273 (4,364) 4,652 4,925 164,138 (66,521) 97.617 General funds General Funds 186,033 1,179,643 {1,140.668) 63,763 288,771 Total Unrestrfcted fiinds 350,171 1.179,643 (1.140,668) (2.758) 386.388 Page 35
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION {A company limited by guarantso) NOTES TO THE FWANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Stalemenl of funds (conllnued) Restrlctsd funds DWP Shropshir8 Youth Hub Skybet Shropshire Council CIL Funding Changing Rooms Football Fijundation Changing Rooms Walker Trust EFL Business Infrastructure Grant DWP Back in the Gam8 Grass Pitch Ludlow (Football Foundation) Premier Leagu8 Primary Stars PLCF Fan Engagement Fund PL Kickz UK SPF Emerging Talent Centre Lintel Trust Minibus Other small grants 42.174 10.000 (34188) (3,302) 4684 10.000 243.111 (3.289) 239.822 244188 4.884 (13,950) (279) 230338 4605 10.000 (1,608) Q392 4616 4.616 3,n7 9,800 35,000 10N17 35.000 160,432 25.000 5,OlXI 7.160 (9,480) (64,673) {5.143) (30,8221 (160,432) (32.999) 3,857 29,673 5374 (4178) 7,999 (5,000) 14,916) 1.722 (3,966) 502258 349.783 1343,311) 2,758 511.488 Total of funds 852N29 1,529.426 (1.483,979) 897,876 Page 36
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Statemont of funds (contlnued) Statement of funds - prfor year Balance at 1 September 2022 Balance at Transfets 31 August In/out 2023 InGome Expenditure Unrestrlcted funds Deslgnatsd funds Annual site upgrades and repairs Foundation 3G Pitch Sinking Fund New Building Leasehold Improvements Shrewsbury Facility Maintenance Ludlow Facility Maintenanc8 17,692 17.692 25.000 89.064 6,05T 25,000 (3.312) 85.T52 6,Q57 5,235 (871) 273 4,364 273 t43.048 21,090 164, 138 General funds General Funds 258. 197 1,226,032 (1.330,611) 32.415 186.033 Total Unrestrfcted funds 401,245 1.226,032 (1.330, 611) 53,505 3,171 Page 37
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company limited by guarantse} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Statement of funds (contlnued> R8strictsd funds Kick Cancer Lingen Davies Shropshire Counril CIL Funding Changing Rooms Football Foundation Exercise on Referral Changing Rooms Walker Trust DWP Back in the Gam8 Grass Pitch Ludlow (Football Foundation) Fubjre Generations CIN Premler Leagu8 Prrmary Stars PL Kickz Emerging Talent Centre Shropshira Council Prescribing Shropshire Council HAF Other small grants 11,774 (2,391) (14,583) 246.400 (3,289) 243.111 250,IMI 118,26T (5.872) (25,086) (118) 244, 188 10.485 (103,666) 4.884 4,616 4,731 6,826 (6.941) (5.863) 3.737 16.492 35,000 38, 750 25,000 1.167 46.054 13.518 (16.492) (55,364) (44,239) (44,499) 2Q,364 5,489 19,499 (5.880) (29. 721) (8.507) 4.713 (16,333) (7.982) 4.693 1.722 282.796 5TO.8T4 (297,907) (53,505) 502.258 Total of funds 684.041 1. 796,906 (1,628.518) 852,429 Page 38
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 AUGUST 2024 18. Statoment of funds (continued) Dosignated Funds Funds are d8signated for futur8 upgrade aThJ repair works at all sit8s maintained by the Charity. Unrestrlcted Funds Includ85 core running costs and all programme activity not funded by restricted monies. Rostrict8d Funds Education & Employability DWP Shropshire Youth Hub - programrne helping young people to find employment. DWP Back in the Game- form8r programme aimed at helping those out of empbyment back into the workforc8. UK Shared Prosperity Fund - programme supporting young people to get work ready. Premler League Primary Stars- a national programme utlllslng the national appeal of the Premi8r League and professional football to inspire chlldren to leam, be active. and d8V81op important lrfe skllls. PL Ki¢- a national programrne utilising the power of football and the value of sports participation to develop young people in hrgh41eed areas. Facilities. Events & Core Shropshire Council CIL Fundlng - funding from the Community Infrastructure Levy to support the ¢on8truction of the new 3G pitch and thanging rcK)ms. Football Foundation - grants to support the constructlon of the changlng room building and for the upkeep of th8 grass pitch at the LLKllow site. Walker Trust- grant provided for charvJing room facilitiés. EFL in the Community- grant to support key infrastructure needs. PLCF Fan Engag8ment Fund - grant for the ervJagement with minority fan groups in the community. EFL Skybet Fund - to support and engag8 With adults in the community through thè medium of football. Lintel Trust- grant to support the purchase of a minibus. Hardship Fund Lintel Trust (within 0th8r small grants)- grant lo support those affect by hardship in the community lo enable them to aCsS the Foundation's programmes. Football & Participation Emerging Talent Centre- FA grant which funds session to encourage giris to engage in footbari training and matches. Short Breaks (WFthin other small grants}- supporting disability participants in the community viith sessions designed to provide respite for parents and carers. Health & W811belng Veteran Anned Forc8s Hub (within other small grants)- used to create a °Mllitsry Hub. to allow veterans to reminisce, share stories and access th8 services on offer. Page 39
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 19. Summary of funds Summary of funds - current year Balance at 1 September 2023 Balance at Transfers 31 August Inlout 2024 Ineomo Expendlture Deslgnated funds General funds Restricted funds 164138 186,033 502258 (68,521) 63,763 2,758 97.617 288.771 511,488 1.179,643 (1,140,668) 349,783 (343.311) 852,429 1,529,426 11,483,979) 897,876 Summary of funds - prlor year B818nc8 at 1 Septemb8r 2022 Balance at 31 August 2023 Transfers IoUt Income Expenditure Designated funds General funds Restrict8d funds 143.048 258, 197 282, T96 21,090 32,415 (53,505) 164, 138 186.033 502,258 1,226,032 {1,330,611) 570,874 (297.907) 684,041 1,796.906 (1,828,518) 852,429 20. Anatysis of net assots between funds Anatysis of net assets between fund5 - current period Unre8trf¢ted Restrlcted funds funds 2024 2024 Total fund5 2024 Tangible fixed assets Current assets Creditixs due within one year Creditors due in more than one year 203.622 639,648 843.270 332.409 41.428 3n.837 (135.643) (7.954) (143,597) (14.000) (161.634) {175.634} Total 386.388 511,488 897,876 Pag8 40
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Anatysls of net assets between fiinds (continued) Analysls of net assets belween funds - prf¢x perfod Unresfricted Rgstdcted fvnds funds 2023 2023 Total funds 2023 Tanglble fixed assets Current assets Creditors due wtthln one year Creditors du8 in more than one year 181,289 377,978 (209,096) 664,116 845,405 14,959 392,937 (6,889) (215.985) (169,928) (169,928) Total 350,1 TI 502,258 852,429 21. Reconcillation of net movement in fund5 to net cash flow from operating actlvltles 2024 2023 Net Income for the perfod (as per Ststarnent of Financial Activltles) 45.447 168,388 Adjustments for". Depreciation charge5 Divldends. interests and rents from invèstments Deueasel(increase) In d8btor5 Increase/(decrease) in creditors 35,130 (1,680) 50,402 (61,133) 22,622 (706) 9,989 1T.649 Net cash provldod by operatlng actlvilies 68,166 217,942 Anatysls of cash and rAsh equlvalents 2024 2023 Cash in hand 228.615 197.313 Total cash and cash equivalents 228,615 19T,313 Page 41
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION {A company limlted by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 23. Analysls of changes In net debt A11 Sepl•mbor 2023 Ca$h flows At31 August 2024 Newfinance 1gas•8 Cash at bank and In hand Debt due within 1 year Debt due after 1 year Finance leases 197,313 (6,889) (169.928) 31,302 (1,065) 8.294 228.615 17.954) (161.634) {20A04) (20,504) 38,531 (20.51M) 38.523 24. Contlng8nt liabllltles The assets of the Charity are pledged as security with The Foolball Foundation. as part of their facilities agre8menl wtth AFC Ludlow. Opgrating lease commilments At 31 August 2024 the Chaiity had commilJnents to make future mlnimum lease payments under cancellable operating leases as folloNvs: 2024 2023 Not later than 1 year 5,431 Pag8 42
SHREWSBURY TOWN FOOTBALL CLUB FOUNDATION (A company Ilmlted by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Rélated party transaclions During the year Throgmorton A880cxatss Wealth Management Ltd. in which a Trustee is a dlrector. paid £2,200 to the Charity for Gala Dlnner tick8ts and auctron prizes (2023.. £2,435 for annual communty sponsorshlp). There wer8 no balances outstanding at year end. During the year Shropshire Homes Ltd, in whkh a Trust88 is a dlrector. paid £1,800 to the Charfty for Gala Dinn8r tl¢kets and auction prize8 (2023: £3.308 for annual community sponsorship). Ther8 were no balances outstandlng at year end. Durfng th6 year Dyke Yaxley, in which a Twstee is a director. paid £700 (2023: £700) to the Charity for Gala Dlnner tickets. The Charity incurred expenditure of £466 {2023: £403) to Dyke Yaxi8y for the provislon of professional sarvlce8. There were no balances outstanding at year end. Durfng the year Shrewsbury Town Football Club, in which a Trustee during the year was th8 Chief Executlve offir, spent £28.972 {2023: £58,941) with th8 Charity on facility hlre and recharges. The Charity incurred expenditure of £140.484 (2023.. £137,107) to Shrewsbury Town Football Club for the provision of professional s8rvl¢es, hire of facilitles and a long tem lease on a new building for the Charity. At 31 August 2024 balances outstandlng owing from th8 Club were £5,333 (2023: £17,370). In addition to the above the Charlty also has Iwo leases in place wlth Shrewsbury Town F)tball Club: Lease 1- For th8 Foundation Offlces (fonnety the Shropshire FA Building). the lease Is for 74 years from 29 April 2022 and £250,000 w8$ paid by th8 Foundation to the Club with the lea89 providing for a peppercorn rent. L8as8 2- For the Medla & Training Sutte, the leas8 is for 52 years from 7 February 2022 and £53.000 was pd by the Foundation to th8 Club wlth the lease provlding for a peppercom rent. During th8 year the Charity paid out £Nil (2023: £9.376) to Little Rascals. of which a Truste8 is involved. the paym8nt last year relat8d to incom8 from a charity football match. During the y8ar The Lintel Trust. In vthich a Trustee is a director, awarded a grant of £52,000 (2023.. £nil) to the Charlty. £29.250 of the grant was r8ceiv8d in 2024. During the year Shr8wsbury Town Women's Team, in which a Truste8 is a director. spent £9,817 (2023". £nil) with the Charity on faGIIIty hlre and team ktt. An amount of £640 was dua at the year4nd. Lyn Towers is an employee of the Charity arKI was appointed as a Trustee in th8 y8ar. She reIved remuneration of £14,460 under her employment contract during th8 year followng her appointment as Trust88 on 22 December 2023 (2023: £nil). No In)Me was received from any Trustees for a fundraising go day in th8 y8ar (2023 '. £83). Pag8 43