reglstrntlon Nmber 1125817 registration 06333232 (England and Wale5) READING FC COMMUNrrY TRUST ANNUAL REPORT AND FINANaAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
READING FC COMMUNtTY TRUST LEGAL AND ADMINISTRATIVE INFORMATION TrUee5 DR Dcws Rear NA Cout D Hall PS Batth SJ Cwke A Tow S Hussain J Evar6 IApFx)inted I September 22) (Apwinted l March 20231 (Appointed l March 20231 (Appointed 2 Jur* 2023) Charity nuTnber 1125817 Company nnber IA333232 Reglstered offlce Seled Car LeasiThJ Stsdium JuTKlion 11 Readir#J RG2 (FL Auditty aark Egale I 80 St Alban5 Roa Watford Hertfordslmre WDI7 IDL Bankers HSBC Bank Ilc 26 Broad Str RealirKJ Beh1 RGI 2BU Solldto Bates Wells Bt3ttFwRite 10 (&een Street Ple LoThJon EC4R IBE
READING FC COMMUNrrY TRUST CONTENTS Trustees. rewrt Statement of trustees. resrxinsibilities IrKJependent auditor's report 8-11 ststerrent of finanoal &tiwtie5 12-13 Balance sheet 14 Staternent of cash Ib 15 Notss to finarKral staterr*nts 16-27
READING FC COMMUNrrY TRusr TRUSTEES. REPORT ONCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30JUNE2023 The trustees present annual retxNt finarKial Staterrnts of the crity forthe year ended 30 JurE 2023. The accounts have been prepared in accordarKe with accountity wliaes set out in note 2 to the accounts and comply with the charity's memordrKlurn and articles of asscKiatiory Companies Act 2W6 and 'Accounting and Fieporting by Charities.. Statement of Re(omrnerKlffl Practice applicable to ch3rities pparing their accounts in accordance wth the Financial ReFK)rting Stsndard applicable in the UK and Republic of Ireland (FRS 102)" las amended for accounting peri¢xls cOM*r1j from l January 19) OBJEThS AND AcmirnES The charitys objectives as set out in the cor6titution a to assist in advancing education, to promote or assist in promoting community participation in FEalthy recreatK)n, to provith (K $1St in the provision of facilities for recreation, to pro%qde or assist in the interest of s(Kial welfare wth the objert of improving the Conditio of life for those whom the facilities are prowded, to relieve sickness and disability and to preseNe and protect healt aThJ to promote any other PUfFKise which is charitable according to Erglish Law. The aim of the charity is to have a posilsve irrfIuen on yrxjng ppIe arKI the community through fcKJtball and is express through its logo'care Devek>p Educate.. The Trust also makes pledges to its local community. TW are as foll l. pledge to young peoplv. Create a positNe leamiro eMronffIt Enhance developnt Prowde football devel(ynerrt opporturNties at all lÉvels of the gan ProtTKJte role moxlels Develop under5tarKling, of and withirL the game Help build confidence, self-esteem arKI PrOK)te personal developnt Improve tr117dUal performan Encouraje healthier Irfee5 2. pledge to the Comrnnty. Create arKI maintain stroryr links lknveen the local CLYnrruJnity and the f(M)tball club Protnote and develop a wide raThJe of f1]ItieS Help to SUPFK)rt safer, stronger and rThJre seojre comnmjnities Using football as a vehicle we wll educate IcTrl COTnmuniti Support volufrteering arvj provK4ing ryloyrrent opportunities Increase participation in fwtball and a(tive rreation Prov7de lder cOmrjnity usage of dub Support the devekTrprrEnt of indmduals and groups regardless of tsEir race. culture. religion, geThler, ability, sexual orientatto ethnicity or Axial status 3. pledge to th¢)se existing and tentIal partne BrirHJ together tTadttiona1 and non-traditional fcM)tball actiwbes and enwronrr£nts Help identify Pathw leading to addilional trainiru vdunteerir#J and career opportunitie5 Irspire innovative football actwtties arKJ opportunities Promote, enhance and develop good working relationship5 Provide a professional arKI pSIve working erfvironnEnt
READING FC COMMUNrrY TRusr TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30JUNE2023 En furtherance of the aiffls tFE charity undertakes a wariety of aCtltieS with children and young people within three main streams of actiwty. Sthools Programn The charty work5 very closely with tlE schools in its area, bringirMJ football, althY lrfeswes and education programmes into schools, Lsing football as a vehicle to drtve the impM)rtance of education and other life skill& A mber of these activities are free to participants wth some of trtm requiring fees to attend actNitie& After Sthool dubs- l-hour footbalvmutti-sport Coh1r#j sessiorG run on a weekty basis throUgh(t the year Lunch time clubs- supervised fwtball/rrrtJlti-swrt ses90ns wn on a basis ttrwhout the year PPA - deliverirKJ sFK)rt51PE session5 in sch(KJ15 to cover teathe whilst they are in their plannin preparatKJn a1 assesstyent t1 IPPAI - Work4Ky5 . pfovKling a variety of sport or lifestyle bed se5siorG PreThAer League prIry Stars - Ktiwties delivered in aThJ (Krt of sclKoI to in(rease the levd of PE provision h1n Priry schLKTrls up-skill tehSneaChlng assistants work alongside children in their core subjects Iliteracy, nUnracY PSHE] to Felp moltvate arKI inspire . School footbalVmultispct festivab ar¥1 twmanwts - duster or individual sclK)ols comiry to the stadium and playing events in trainiTrJ dome or on the 3G pitch facilitated by the Trust . knset da-srA11 dayfootball based sessiorL . thokes - Intervention sessions with targetcyj WFyls based arwnd sport in Primary and secondary schwls . Mentoring pn>granTh - I to l ff£ntorir#J th targetsd pupib llpiThJ to tsce any behawour Issues wthin 5chcK)I Outolxhoola£tivities The charity runs a series of coachirKJ trainiThJ se$sr6 for tw arKI gids that are in the evenings, weekends and SChCK holKla Soccer Schools - football coaching that is prcmded to youThJ tphe betWn the 4e5 5-13 in all SC01 holidays Develop111t centrÈs- athjitional f(x)tbl coachirMJ over 30 ¥NEeks throLwJhout the year for 5-14 year olds . A(fvanced cenlres- athlitional fwtball coaching over 30 weeks thr(wlKXrt t1 year for urxler 7s- 15$ on invitation only Italented playersl Ellte centres-as before but of no cost to Flayers lthe better tslented player51 Girls only Elite centres- 4 age groups of gids lUnr Ils. 13& 15% 17$], train t a week and play Saturday mming Ino c05tl Glrls D£•4dopnnt squads- 3 age gr1p$ IUNJer Its, 13$ and 15sl mirroring the Elite prtsJramme, but only playing during SCI1
READING FC COMMUNrrY TRusr TRUSTEES. REPORT (CONTINUED)(INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 30JUNE2023 StYialInclusion The charity run5 a series of actNitie5 for YOU pEople ltren the ages of 12 to 19. IrKIlir#j t)se are not in education, eMploYTTt ortraining INEET). offender51eX-offeTrje or edUCatal underachievers: PL lfjcks- a project which offers youro people evening fcK>tball coaching and competitior6, street dance, filrTK music rksp5 arKI sessKJn5 coveriThJ lifestyle issues such as dnjg awareness and t daryer of weapons. 60) partKipants are ncw registered on the project fuTrJed over a 3 year period by Premier League PL Targeted ck$- workir4J one on ore with son of the more tsrgeted ttLildren wh) have the potential to Cause serious violerKe or anti-sLKial LEhavxr. RAP- Rthidlng Alternafjve ProNislM - edLKation intervention programme run at stadium for children from various schools care h)rn, foster hor5, knal auttK)rities who are or rrkay be at that of Ilg excluded from Sctr. DIVERT- working alongside Thar5 Valley Police fuTrliro is PvIded for a Custoty Coath to work OLrt of 2 IcKal Police stations EntOrIng fit tirre offernlers from 18- 24 years of age. SCL Traineeshlps- giviTrJ youTrJ Peop with very limited acathnNc qualffications tr opportunity of participating an edu(ation cwr5e th a high sport dement Reathng Cdlege- in partnership the cdlege we faalitate arvj teach level 2 3 courses in football in the community to students fft)m 1fv19 years of age. oyals Cast Chat- I to I nntoriThJ ser for referred your¥J Feople who are struggling %Mth their mental heatth arkd welltrin The charity delivers sessiors a1 projects ur%ler EDI (Equalty, DiVety arKI Inclusion) departrnent in conjuKtion with other charities, groups, disabilty organisatior6, the football dub aThJ our main t stskeholde - PLCF (Premier league Ccxnmunty Fur), EFLT (English Football League Trust). Activities irlUde- Delivering coachirg sessions in Sla1 education schcK)Is ISEM Delivering projects for luItS With di58bility arKI leaming difficulties Ftball Ch1j session5 spe(ificalty for certain disabilities- D¢)n5 syrKlroryE, deaf, blirKI and learning diffiCuleS Football toumaments arKI fe5tiwals for chiklren from SEN ScTrs Working aloThJside participarrts from the LGBTQ+ community Supporting grassri)ots football clubs to becorr IluVe. helping to Sustain the develOpent of disabilty fwtball- within the Perkshire area Working in partrErship th the Berks and Bucks FA to (loP grdssrwts c(whes in rkIng with disabled footballers aTrJ suppNknry them to gain their FA ChIr¥3 disabled footballers avtar These actw(ties are supported by grant furKling all0vn9 f participatio The Trust staff have also delivered fdlcming courseslactiwties to our Ictsl community. . Sports Leaders Award Anti-bultying workshop Healthy life5tye . Respect workshops Numeracy and literacy Volunteer development Drink aware Critical incident training Fire safety Drug awareness worksho
READING FC COMMUNrrY TRUST TRUSTEES. REPORT (CONTINuED)NcLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 30JUNE2023 The Trust stafl have also deliverel follwng course5/itIeS to (Kjr t1 community. Sports Leader5 Award IntrcKluction to fcx)tball coh1 Anti-bullyirKJ workth)p Healthy lifestyle . Respect workshops Numeracy and literd - Volunteer developffnt Drive awane$S Critical incident trdining Fire safety . Drug awareness wJrkSpS Publicbenefrt The Trustees hwe referred to guidarKe Contai in the Charity Commission's general guIdare on public benefit when rewewirvJ the charitys airTS arxl oE4ectNes a1 in the planning arKI operations of all its current and future actwttie& In particular, Trustees gNen the regard to wblic lneffit when settirKJ the Ve1 of fee5 to participate in activities. ACHIEVEMENfs AND PERFORMA S(xial Inclusion - irKreasing wort cKrtput again over this 12-mnth perit Reading Atternative Prowsion proving again to very popular ¥h sclKM)Is and l¢xal autt¥Jritie5. S)rts Participation - ireaSe in numbers of kKcer sclKK)ls $ie chIldn are participatiThJ back after Covid demand in general has teen very ligh sirKe thildren are able to participate in face-to-f activities. EDI- SEND holiday camps have trn helY successful with trust winning contrKts of lknh local aLrthorities (Reading and Wokir¥Jharnl to deliver these artwitie5 Within Berkshire. CCOP Icapability code of Practice) - intrcKhJced by the PLCF and tre EFLT which rates CCO'S on 16 spEcific headirvjs relatirvJ to governano of the Twst- Reading FC CT rated Very G¢yxl. FINANaAL REVIEW During the the charity raised a total of £1,984,997 (2022 £L527.887) to Purs its artiwtits. The charity is aiming to hold suffiaent unrestiicted reseNes to facilitste tl e$tIng charTtable actNities for 6 ftnths. This would enable Trust to generate appropriate supplerrEntsry additional income shixjld funding from existir¥J sources reduced. In rKTr urcurn5tare wll reserve5 fall bekm IIE rvjrmal of three nthS supwrt costs. At 30 June 2023, the charity held £EÉO,374 11122: £E4)8,3311 in unrestrtted serv. This equates to approximately 30 months of supp)rt costs12022'. 23 Th)nthsl. This is greater than our stated policy and is being used to finarKe the relocation of our social IlUsion departrrEnt PLANS FOR FLMJRE PEIUODS The TTUSt will continue with the existiry programw. as well a5 %Mth new initiatNe5 including.. Relocation of social irlUsion departrytnt to S(KJth Reading leisure cerrtre - Cotnrnunity Trust will self-fund the project to the trJildiTrJ cost of £3Ed),(IXI, planning to iM)ve in by January 2024. PLCF project PL Inspires- new funded project Ly PLCF working wth colKirts of students in secondary schools to help achieve their full potential. Custoty coach- funding directly from Thames Valley Police over a 3 year period to deliver the project in house wthin the social indusK)n department- £50,(KL) per year working out of 2 Police station CCOP- maintainiThJ current Ve7 aspiring to exemplary level Maintain current health of the Trust- Govemance, FinarKe and Safeguarding Ensure EDI (Equalty, Diversity arKJ IrKlusionl are CO to all tK)Iictes atxl ped5 wthin tFE TrusL
READING FC COMMUNrrY TRUST TRUSTEES. REPORT {CONTINUED)UNCLUDING DIRECTORS. REPORT) FOR fHE YEAR ENDED 30 JUNE2023 STRATEfAC DIREclloN . The Adlon Plan srRucfuRE. GOVERNANfE AND MAPi4GEMEP The charity is corstituted a5 a cofflpany limited Ery guarante¢ mt having a share capital and is governed ty a memorandurn and wtides of a59xiation The trustees. are also the director5 for the purFue of company l&¥. and seNed during the year and up to the date of signature of the financi4 5tatemert5 DR Downs AM Rearw Stabler NA Coupe D Anthony D Hall PS Batth M Biadley G Connol SJ Cooke A Tow S Hussain J Evans (Regned 14 April 23) (ResigrEd 13 FeLKuary 2023) (Resigned 24 N0vemLr 2023) IRe5igrEd 27 February 20231 (Apwinted I SeptemiEr 20221 (Appointed l March 2023) (Appointed l March 20231 (Appointed 2 June 20231 The sole member of tFE charity is Reading Football Club knmrted. Members undertake to contribute a Sum not exceediry £1 to the assets of the charity if the charity is up whilst a meMr, or within 12 months of ceasing membeh1p. The trustee5 are appointed by the n*mber. New tnjstees are seknted on the basts of the skills and experience they have and receive iTrJuction from existirvj trustees as rEquire(L The charity has 48 pErmanent and 30 casual mem of staff. The trustees mei four tirres during the yearto thcide on KM)licy proc&lure. The day to day management of the charrty is undertaken by the charitys gerra1 manager.
READING FC COMMUNrrY TRusr TRUSTEES. REPORT {CONTINUED)(INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 30JUNE2023 srRucfuRE. GOVERNANCE AND MANAGEMENT (CONTINUED) The charity occupies premises and uses fvrniture and equiprnent that beloTrJs to Realing Football Club. The charity makes a financial contribLrtion to REaling Frtball Club to cfftr cos Auditor A resolution prop05irrfJ that Wers Clark be reappointed as audito of the company will be put to theAnnual General Meetin The trustees, report wa5 approved by the of Truste Trustee Dated: 4 January 2024
READING FC COMMUNrrY TRUST STATEMENT OF TRUSTEES. RESPONSIBILrriES FOR THE YEAR ENDED 30JUNE2023 The tnjstees wkn are also direuors of Rea(fij FC Community Twst for the purpose of compary law, are responsible for preparing Tnjstees, Report arKI ihe financkal statements in accordarKe wth applicable Law aThJ Untted Kingdom AccountiThJ StarKlards Iunited nl0 Generally P£cepted A(Clntirj Prtice). Company Law requires the trustee5 to prepare finarKial Statents for eh finarKial year which give a true and fair view of the state of affairs of the charity and of tlE incoming resources arKI application of reSoUrs, includiThJ the income and experKliture. of the Charitab companyfor that year. In prepariro these finala1 statements, the tn1si are required tr. - Selt suitable acccyJntiry polictes a1 then athtrn corsisienttr. - observe methods arKI prlPleS in Chatities SORP. - make judgements and estimates tFot are rea50naL4e prudent state whetlEr applicable UK AccoxJntirvJ Standards 4ve been subj.ert to any material departure5 disdosed arKI explained in the finanoal %taterTErrts,' a1 - prepare financial ststemenls on the goir4J concem basis unless it is inappropriate to presun* that the chyrity wll continue in operatiorL The trustees are reswnsible for keepiThJ adequate accountirwj rordS that disc105e wth reasonable accuracy at ary time the financial FKJSition of the charty and enable them to ensure that the financial stateMts comply with the Companies Act 2C¥. They are also responsible for safeguardiry tFE assets of the tharity awj hee for taknng reasonable steps for the prevention detection of fraud and other irregularities.
READING FC COMMUNITY TRusr INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF READING FC COMMUNtrY TRUST Oponlon We have audited the finanaal statements of P£ading FC Community Trust lthe'charity) for the year eThJed 30 June 2023 which cotnprise the statewent of fInarla1 actiwties. balarKe sFEeL tIE stateTnent of cash flows and notes to the financial statements. induding signrfKant accountir4J pOIleS. The financial reporting framework that has been applied in their preparation is applicai4e law arKI United Kin9mi Accounting Standards. including Financial RewrtiThJ Standard 102 rhe Financial Reparting Srandard applKable in the UK and Républic of Ireland Iunited KiThJdom Generally Accepted Accountiro Practice}. In our Hnl0, the finanoal 5tennt. give a true and fair vieN of the state of tr cF&aritsble cofflpatys affair5 as at 30 June 2023 and of its incoming resources and application of resoJrces, for year ttn en(kd,. have tEen propety prepared in accordance with United knrKJ(kyn Generalty Accepted Accounting Pr1., and have been prepared in accordance wth the requirernents ofthe Companies kt 2(. Basis for nIOn We conducted our aLrfIt in CordanCe wtth Intemati0rn41 StstKlards on AlItIrj IUK) USAS (UK)) and applicable law. Our responsibilities under tFM)se staTKlards are further described in Auditor5 responsibilitses for the audit of the finannal statements sertion of our retK>rt. We are itKl4Endent of charity in COrdanCe wth the ethical requirements that are relevant to our audit of finanoal ststerrnts in the UK ind¢xling the FRC'S Ethical Stsndard, arKJ we have fvlfl1d (Kjr other ethical SpOrtsIbilItieS in accordance wth te requirpments. We believe that tlE aL#Jit eviden we obtai1 is suffioent arKI appropriate to prowde a basis for r opinion. Condusions relating to golng a)ncern In auditirg the financial staterytnts we corKluded that trustees. use of the going concem basi5 of accountiThJ in the preparation of the finatKial statements is appropriate. Based on the work we have tErfomd. not identified any matertal urertaInlieS relating to events or conditions that, irKliwdualty or collectivety, may cast signtflcant doubt on charitys abilty to continue as a going concern for a period of at least tWee rrK)nths from the finala1 staterr£nts are authorised for issue. r respcwsibiltttes arKI the reSpsIbIlitieS of the tnte resW to goiry concem are described in the relevant sections of this report Other Infonnatt• The other inforTllation comprises the inf0Mtion ir(luded in the annual fepK¥t ottrr than the finarKial stements arKI our audttols report thereon. The tnjstees are responsible for the otIr inforrnation contai1 within the annual reFxJrt. Our opinion on fironcial state[ts d(E5 not cover other information and we do not expre55 any form of assurdnce conclusion thefeon. Cxjr FX)n$ibIlity s to re1 tFE Ottrr information and, in doing so, consider whether the otFEr inforrTWtiofi is rnaterially irKonsistent wth t finarKial statements or our kno¥edge obtained in the c(KJrse of the aLEdit or otherwise appear5 to materially misstated. If identify sud) material inconsstencies or apparent material misstatements, we are required to deterrnine whetrer this gNes rise to a material misstaternent in financial statements thefrselves. If, based on WO we hwe perfoffli&l, we conclude that there is a rnaterial mi55tsternent of thi5 OtFEr inforrnation, we a required to report tlK4t fact We have nothing to rerM)rt in this regard. Opinions on other matters pre*yibed bythe Cornpanles Act 2006 In our opinion, based on the work undertaken in the course of audit the information given in the trustees, report which indudes the director5. report prepared for the purposes of compary law, for the finarKial year for whKh the finarKial statements are ppared is consistent wtth the finanoal statements and the directors, reFX)rt included within the trustees. lert has in prepared in accordaKe with legal requirement&
READING FC COMMUNrrY TRUST INDEPENDENT AUDThOR'S REPORT (CONTINUED) TO THE TRUSTEES OF READING FC COMMUNrrY TRUST Matters on thich we are required to report by exception We have nothing to rep)rt in respect of followng matters in lation to whith the Charities (Accounts and Reports) Regulatior6 28 reyuire us to rep)rt to you if, in our opinion: the information given in the finarKial 5tateffEnts is lKonstent in arry m3terial respect with the Irustees, reporL or sufficierrt accounting recoftls have not been kert or the financial statements are mt in agreement with accountiTrJ records: or we have not received all the infomiation exFAanations we require for our audit Re5ponsibilitiÈs of trustÈÈs As explained MO fulty in the statement of tNstees' rpOr61bil1ties. the trustees. who are also the directors of the charity lor the purFM)se of compary law. are respor51b for the preparation of the finanoal statements and for being satisfied that thw give a true and fair view, arKI for such intemal control as the trustees detemiine is necessary to enalje the preparation of finar(ial $tateftnts that are free from material misstatent whether due to frnud or error. In preparing the financial statements, the trustees are resFxYsible for assessing the charitls ability to continue as a going Core disclosirvJ a5 applicable, tter5 relatexl to goirNJ concem and usiThJ the goi concem basis of accourrtiThJ unless the trustees either irrterKI to liquidate charitsble compary or to ase 0rationS or have no realistic alternative txjt to do so. Audltor's responslbllltles for the alft of the finandal ststem We have bn appointed as auditor under section 144 of the Charitbes Act 2011 and port in accordar(e wth the Act and relevant regulations made or h3r0 effect therwnder. Cxjr objertives are to obtain reasonable aSYjrdn atout ther the finartal statements as a whole a free from material tnis5tatement whether due to fraud or error. arKI to issue an auditorfs th3t includes our opinion. Reasonable assurance is a high level of aSSurae Ixjt is mt a guarantee that an audit coThlucted in accordance with ISAS (UK) will aaS detect a material mIs5taterTnt wtrEn it 5t& MisststerTEnts can arise from fraud or error and are considered material if, irKIwKlually or in tr* aggregate. tw could aSonablY be eX[tted to influence the economic decisions of users taken on the basis of tFEse finarKial staternents. The extent to which our prc(8Jures are Capab of detectirwj iThegularitie5, includir¥J fraLKI 15 detsiled LEIOW.
READING FC COMMUNtrY TRusr INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE TRUSTEES OF READING FC COMMUNrrY TRUST The extent to whith the au(rrt was r(Thidwed rapable of detectirwj irregdarities inding fraud In ident-rfyng arKI asse55ir¥J the risks of material misstatement in resW of irregularities including fraud a1 rKTrn-compliance wth laws atThJ regulations V corGi&red the f10rj The nature of the industry arKI se(tor, control environrytnt arKI Ixjsiness performance including the design of the remuneration policies, key drivers for trustee remuneratiory bonus levels and perforniae targets,. results of our erM]uiries of M3na3ement abcrtrt t1r CPMI identrfication assessment of the risks of irregukrities,. ary matters we identified haviTrJ obtained the charitsble compan5 documentation of their policie5 and pr(Kedu5 relalitu to,. identifyirKJ, evaluating and complwro wth aThJ regulati(m and whether they were aware of any instan5 of non-complia[,. detecting and respondiThJ to the risks of fraud aThJ whetFEr have kTKwllge of any actual, suspted or alleged frdud., the Fntemal controls estsblished to mitigate risks of fraud or nort-compliance wth laws and reguLations,' the matters discussed anKJr¥J the audit eYoagerrEnt team regarding how WI fraud Tnight occur in the financial statements and any potential indi(atoYs of fraLkJ. A5 a result of these prcedr we C(Klder&I the opportunities and irKentives that rw exist within the organisation for fraud. In cofflmon wth all aLKtits urKler JSAS (UK). we a atso required to rforn specific procedures to respond to risk of manageftnt override. We also obtained arp understanding of the legs18nd regulatory h3meworks that the rhantable company operates in, focusiiig on prob75ions olthose la5 and wulatsons that hada direct effect on the determination of materialamounts anddisclosures in the finanaalststements. 7he keylaws andregulations we consideredin this conteXtindud rhe UKcompansArt In addition, we considered pro$10 of otr laAs aThJ regulatior that do not have a dir effect on the financial statements but compliarKe with which may fi1ndatal to compaWs ability to opErate or to avoid a material perlty. These ilUded the EmployTrent law. To address the risk of fraud thrwgh manajement bias a1 overrKIe of controls, we: perforrrd analytical procedures to identify ary unusual or UxpErted reLItK¥ishi tested joumal entries to identify uru5ual trans¢10 assessed thther judgeffwts arKJ assuniptiors made in detemiirir¥J the Kcountir#J estimates were indicative of FN)tential bias,. and investigated the rationale behirKI signrfKant or urKsual trartK)n% In response to the risk of itTegularrties and non-complian with I5 aiKI rewlations, we dessgned procedures which incIed, iJt were not limited to: agreeiry financial statwnent disclosures to erIrJ supp)rtJ"ThJ th(umentation: reading the minutes of meetings of those charged wrth governance,. and enquiring of manaJement as to actual arKI potential litigation arKI clairr& There are inherent limitations in our audit prClureS described atM)ve. fr)re remcwed that laws and regulations are from financial transactior4 the less likety it s that we would LEcome aware of rv)n-compliance. Auditing standards also limit the audit procedures requir io identify non-compliarKe with and regulations to enquiry of the directors arKI otr man•Jernt inswion of regulatory and legal correspondence, if any. Materkil misstatements that arise due to fraud be Iwder to detect th3n those that arise from error a5 they may invOe deliberate c0ncealffnt or collusion. A further description of our re5[K>rlbII[tses is available on tFe Financial Rew)rtirYJ Cou11'S website at. http&// wvvw.frc.org.uk/auditorsreswnsibilities. This description for6 part of our alit0S report 10-
READING FC COMMUNrrY TRUST INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE TRUSTEES OF READING FC COMMUNrrY TRUST Use of our report Thi5 report 15 made solely to the charity's trvstee% as a body, in accordance wth part 4 of the Charitie5 (Accounts and Reports) Regulations 2(X)8. Our audit work has been undertaken so that we might stète to the thèiity's ttU5tee5 those matters we are required to slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or a55ume responsibility to anyone other than the charity and the charity5 tnjstees as a body, for our audit worl for this reporL or foT the opinions we have fornied. Myers lark 31 January 2024 Chartered Accountsnts Statutory Auditor Egale I 80 St Albans Road Warford Hertfordshire WD17 IDL 11
READING FC COMMUNrrY TRUST STATEMENT OF FINANaAL AcrivmES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30JUNE2023 Totsl 2023 Total 2022 funds 4>tes Donatiors and legacies Charitable tltIeS Otr trajing tIvitieS 37,886 L575.231 45.593 37,886 I,q)L518 45.593 44,531 1,456,280 27,076 326,287 Total income L658,710 326,287 L984,gJ7 L527,887 dltwe or Raisiry funds 46,413 Charitable activities L539.581 332,954 1872,535 1,474,426 LE.F7 332.954 L939,621 L520,839 InC¢x{eyPe11tUre) for the 52,043 (6,E67) 45,376 7,CK8 Fund balan at l July 2022 f£B.331 19.892 628,223 621,175 Fund balances at 30 June 2023 fA).374 13,225 673,599 628,223 The stateEnt of financial Ktivities indudes all gairs losses rerogned in the year. All income aThJ experKIitU derive from continuiTrJ NitIe& The ststement of finarKkHI actiwtie5 also corTwlie5 With the requIrets for an income a1 expenditure account vler the Companies kt 2( 12-
READING FC COMMUNrrY TRUST STATEMENT OF FINANaAL AcnvrriES (CONTINUED) INCLUDING INCOME AND EXPENDifuRE ACCOUNT FOR THE YEAR ENDED 30JUNE2023 ststement of Finala1 Activitses. Prlor Year Detsll Totsl 2022 funds funds Donations and legacies Charitable actiwties Other trading tltIeS 44,531 L120.951 27.076 44,531 L456,280 27,076 335,329 Total Income L191558 335.329 L527.887 ditswe (. Raiyr4 funds 46.413 4&413 Charitable actimties L132.727 34L699 1.474.426 Total Tesources exed L179.140 341,693 L520,839 Net IncomIng/{rt90IlVJ) resowcos before tran5Fers 13.418 16.3701 7,048 Gross transfers fu15 Net In¢ome/(experrflltyrel fty the Net 13,418 {&3701 7,048 Fund balances at l July 2021 594.9L3 2&262 621,175 Fund balances at 30 June 2022 .331 19.892 628,223 13-
READING FC COMMUNTTY TRusr BALANCE SHEET ASA T30JUNE2023 2023 2022 Flxed assets Tangible assets 13 89,802 45,752 Debtors Cash at bank in hand 121.447 %3.057 153.329 746,2 LCB4.51 899,gJl Creditor& falllrvJ due wlthln onè year 15 15(D.7071 1317.520) Net current assets 583.797 582,471 Total assets less current Ikbllities $73,599 628,223 Restrirted funds 16 13.225 19,892 Designated fund5 General unrestricted fvjnds 17 32462 627.912 34.802 573,529 Ef£l.374 Eth,331 673.599 628,223 The company is entitled to tFE exemption from the audtt requirernent contaij in section 477 of tke Companies Act 2CNJ& for the year ended 30 ju 23, aItIgh an aLKlit has been carried out under section 144 of the Charities Act 2011. No Ember of the company has dep)sited a rK)tice, pursuant to section 476, QuI an audit of these finarKial stett5 ufKler the requirents of Companies Act 2. The director aCknoedge5 his re5pmJibil[tS for compln9 %ith requireryErts of the Companies Act 2(K6 wth respect to cOUntIng records ar preparation of financial statennts. These financial statements have teen prepared in aCcOrdae th pr{ls1Or applicable to companies subject to the small companies regift. The accounts were approved by the Trustees on 4 January 2024 J4 NA Coupe Trustee Conyany Reglstrauon Nfy 06333232 14-
READING FC COMMUNrrY TRUST STATEMENT OF CASH FLOWS FOR fHE YEAR ENDED 30JUNE2023 2023 2022 Cash generated from operations 22 261785 41,714 Investing artivities Purchase of tangible fixed assets (4Q39)) 137.43 Net cash used In Investlng actlvftles 14&3901 137,430) Net cash used in finandrrfj activrtsÈs Net Increase In cash and cash equivalents 216.395 4,284 Cash and (ash equiwdlents at beginnirg of year 746,£62 742,378 Cash and 5h equivalents at end of ar 3.057 746,662 15-
READING FC COMMUNrrY TRusr
STATEMENT OF CASH FLOWS {CONNuED)
FOR THE YEAR ENDED 30JUNE2023
Crftical accwrting esiimates and Judgen*ts
In tFE application of the chartils cOU[rtit¥j px)licie4 the trustees are required to make JudgentS estimate5
artyj assumptions aLKXrt carrying aftnt of assets a1 liabilities that are not readily apparent from other
sources. The estirnates and asscoat£
READING FC COMMUNrrY TRUST NOTES TO THE FINANaAL STATEMENTS FOR THE YEAR ENDED 30JUNE2023 Accounting polldes (Continued) 2.5 Resources expthded abilities are recognTSed a5 8(peThJiture as S( as there is a legal or cortstrurtive obligation committing the charity to that eXnditure, It is probabie that settlement will be required and the amount of the obligation can be measured reliably. Al eXpeIltU is acc(yJnted for on the accrua15 basis. 2.6 Tangible flxed assets TarvJible fixed assets a initialty measurexl at cost subsequenty measured at cost or valuatiory net of dep(lation and ary impaiTment losse& Depreciation is recognised so as to vnite off ci)st or valuation of assets less their residual values over their useful lives on the following b Fixtu5 aThY fittiws Motor vehicles 10 year5 Straight lir 4 years straight li The gain or1055 arisiThJ on the dFx)saI of an asset is detemiir£d as tTr differen Len the sale proceeds and the carrying value of the assrt arKJ is (0)nised in tlE statement of finarKial actMtie& At each reporting end date, charity rem the CaY1rj amounts of its tsngible assets to determine tr the is ary irKlication that tknse assets suffered an impairrrnt los& If any such indication exists the recoverable amunt of the Set is estimated in order to determirE the extent of the impairment loss Irf aryl. 2.8 Cash and cash eqUalentS Cash and cash equNalents inCle cash in ha, detJsits held at call wtth banks other short-term IiquKI investments wth original maturtlies of three nth$ or less bank overdrafts. Bank overdraft5 are shown wtthin [roWiJS in current liabilitie 2.9 Flnancial Instrnents The charity has elected to apply the proviyons of SeCtn 11 'Basic Firkincial Instruments. Sertion 12 'Other FInarla1 Irstruments Issues. of FRS 102 to all of its financial in5trurrnts. Financial inStrUEnts are recojnsed in the charitys baa sheet en the clkarity becorTES paty to the contractual provtsTrons of the instrument Financsal assets and liabilities are oftsel with the net arTKyJnts presented in the finarKial Staterrts, when the is a legally enforceable right to set off recojnised arunt5 and there is an intention to settle on a rEt basis or to realise the a55et and settle the1ts3bility MUltaneWS1y. Basic financlalassets Basic financial assets, which IrKIle debtor5 and cash bank balances are initially rrasured at tran$tIOn price irKluding trarartIOn costs and are subsequently carried at arrK)rtised cost using the effective inlerest method unless the arrar¥Jement constitutes a finatKirvJ transactior¢ where the transaction is measured at the present value of the future rereipts discounted at a markel rate of interest Financial assets classified as receivable wthin one year are rK)t arnOrted. 17-
READING FC COMMUNrrY TRUST
NOTES TO THE NANaAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30JUNE2023
ounting policies
(Contlnued)
saC finantialliabilities
Basic financial liabiltties includirrfJ creditors and bank loans are inttially recognised at trartstion price unless
the arrangement constitutes a finarKirvJ tranStIO where debt in5tnJmerrt is measured at the present
value of the future payments discounted at a nK4rket rate of interest Finanoal liabilities classrfied a5 payable
thin one year are not amortised.
Trade creditors are obligatior6 to pay for gLK¥Js or servtces that been acquired in the ordinary course of
operatK)n5 from suppliers. AN[rtS payable are classified as cUrnt liaknlities if payTnent is due ¥Mthin one
year or less. If noL they are presented as mn
READING FC COMMUNrrY TRUST NOTES TO THE FINANaAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30JUNE2023 Chafitable actlvlde5 Total 2022 2023 Semces provided uThler contract Performance related grants OttEr income 213,116 151,373 4.914 328,394 L025,480 L566,990 3) 174,724 326,487 3,127 8,(Al L120,834 329,768 5,678 369.403 328.784 L203,331 l)1,518 1,456,280 Analysis by fund Unrestricted fur*ls Restricted funds 218,030 151,373 328,594 L02&fA)7 174,724 L575,231 326,287 369,403 328.784 L203,331 IlS18 For the year ended 30 Je 2022 Unrestricted furKIs Restricted furds 164.659 13L231 261,745 694,547 203,898 L120.951 335,329 295.U) 261.945 898,445 1,456,280 Performance related grants Premier League Charitable FurKJ English Football League Trust Other 151.373 19J 174.057 325.6X) 267,(B2 61686 2(K) 151.373 174,724 326,487 329,768 Other trathng activhles 2023 2022 Golden Gamble Mascots Birthday parties Training courses 18,481 14,345 7,754 5,013 23,067 3,824 185 Other trading artivities 45,593 27,076 19-
READING FC COMMUNrrY TRusr NOTES TO THE FINANaAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE2023 Rai5iry funds 2023 2022 Golden Gamble Mascots Birthday parties Training coutses sUprt & gOVernar costs 32,215 13,447 8,815 6,458 6,151 2&456 7,420 3,482 7.055 Fundraisir¥J and wblicity 67.086 46,413 67,086 46,413 Charltablè arti¥itie5 Sthook (Xrt of sla1 Induslon Totsl 2023 Total 2022 Staff costs Depreciation and impaimient Direct Costs 25&529 146.8 926,Ea) L329,998 976,3E6 5,720 268,217 ,271 91.936 2fA,972 350,179 241.745 L133,972 L682,517 L250.303 Share of support & govemarre costs I note 91 34,641 27,2 8,081 I,018 224,123 341,441 269.041 L262053 L87Z535 1,474,426 t movenwnt In fvnds 2023 2022 Net movernent in funds is stated after charg1(credIti) Fees payable to the companls aLKlttor for ttE aKlit of the comparty's finala1 statements Depreciation of owned taryible fixed assets 10,740 10,2 5,720 -20-
READING FC COMMUNrrY TRUST NOTES TO THE FINANaAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUJVE2023 Support & govenkince costs 2023 2022 SUPPORT COSTS Salaries Travel and Subsistere Printing, postage arml statiorery TelepFKTrne IT support Legal & profelOnal Project sundries Training, kit and thr staff costs Otr costs IY),742 185,040 6,866 762 622 2041 2,334 1,402 8,449 13,462 1,412 695 L125 2,795 L934 19,978 GOVERNANCE Cs Audit IQ740 10,2(Kl 1%,169 231,178 Anatysed tets¥een Fundraisir¥J Charitable actimties &151 I,018 7,055 224,123 1%.169 231.178 GovernarKe costs irKludes payyrents to the aLKlitor5 of £10,74012022- £10.2CM)) for audit fees. 10 Trustee5 None of the trustees lor wsons COnted with ttrpm) ary remuneratKJn or ber from the charity during the year. No travel expenses were paid in 5[tt of tnlstees13). £nilX During Jpar w donations %%Ere male to the Tnjst try IJu5tees12022: £nill. -21-
READING FC COMMUNrrY TRUST NOTES TO THE FINANaAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30JUNE2023 11 Employees The average rnth numbeT emphwes b&ed on heount durirwj theyear was: 2023 Nunthr 2022 Number Permanent staff PefTpatetic coaches a1 stsff 25 78 71 2023 2022 Charitable actimties.. Wages and salaries ial vurity costs Other pensi costs L205,143 103,5 2L265 896,134 66,755 13,477 L329,998 976,3f RaisiThJ funds.. Wages arKI salaries Social securtty costs Other pension costs 28.207 21,778 1,261 352 429 30,630 23,391 Support & governan cosfs Wages and salarie5 sla1 securty costs Other pension costs 170,942 10,287 2,391 13,220 2,838 150.742 183,63) Total employnnt Costs L511,370 L183,377 The number of employees whose anrmjal reMratiOn iUdI LEnefits in kind was £60,cm or rIK? were: 2023 Number 2022 Numbèr Within the ran of £60,(KA)- £69,999 Within the range of £70,(KM) - £79,999 12 Taxation The charity s exempt from tax on irK0* arKI gaIr fallirg wtthin sertK)n 505 of Taxes Act 1988 or section 252 of the Taxation of Chargeable GaIr Art 1992 to extent that these are applied to tts charitable objects.
READING FC COMMUNrrY TRUST NOTES TO THE FINANaAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30JUNE2023 13 Tanglble fixed a55ets Asts uNlr Fixtyres and Motor vehkles Total At l July 2022 Additions 37,430 4&3 23,402 13,520 74,352 46,3 At 30 June 2023 83,820 23.402 13,520 120,742 DepTe¢iation and irnpalrn*nt At l July 2022 Depreciation cF¥Rrged in the year 15.080 2340 13,520 28,fAKI At 30 June 2023 17.420 13,520 30,940 At 30 June 2023 83,820 5,982 89,802 At 30June 3)22 37.430 &322 45,752 Debtors 2023 2022 Arnourf5 falling due vllthin year. Trade debtors Other debtors Prepayments aThJ accrijed income 105,082 976 15.389 4,309 14,337 121,447 153,329 15 Cre¢knr% fairing due within one ) 2023 2022 Trade ¢reditors Other creditors cruals and defeed irKome 3&236 35,09J 427,381 48,598 9,913 259,CKB 5CIJ.707 317,520 -23-
READING FC COMMUNrrY TRUST NOTES TO THE FINANaAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30JUNE2023 16 Restrfcted fd$ The income furK15 of the charity ir(le restricted furvts comprisiry the fdk)wng urExpended balances of donations and grants held on trust for specrfic purrmw: M0veTht In funds Balance at I 1miln9 Resources JY 2022 resources exed Trnnsfers Balance at 30 June 2023 Schools Prcxjramme Social inclusion Capacity BuildirrfJ 151,183 175,104 1151,1831 1181,7711 13.271 &621 621 19,892 1332,9541 13,225 Prlor Year Detsil Moveftwt In funds Trnnsfers Balance at 30 June 2022 JY 2021 resources e¥pended Out of Sch( actiwties Schwls Prryjramme SLKial inclusion Capacity 8uildirKJ {2) 1131,2321 1210,268) 131,232 X)3,8 19.641 621 13,271 6,621 2&262 335,330 1341,7fKII 19,892 17 Unrestricted funds Balance at I Incomlng Resour¢e5 July 2022 resources Transfers Balance at 30 June 2023 Designated funds Info Bus Classroom 211(L) IL702 23,1 9,362 (2,340} 34.802 (2.340) 32,462 General unrestslcted funds 573,529 L658,710 {1,604,327) 627,912 Totsl unrestrirted funds L658,710 ILFJA,667) ),374 -24-
READING FC COMMUNrrY TRUST NOTES TO THE FINANaAL STATEMENTS (CONTINUED) FOR fHE YEAR ENDED 30 JUNE2023 17 Unrestrlcted funds (Cortinued) Prfor yr dttall BalaJKe at i Resour¢es Trnnsfer5 Balance at 30 June 2022 Info Bus Classrcx)m 2&480 14.042 I3,3) 12,3401 23,100 IL702 40.522 15,7201 34.802 General unrestrkted fund5 554,391 L192,558 11,173,420) 573,529 Total unrestrlcted 419,656 L192.558 11,179,140) &J8,331 Totsl Fund balances at 30 Jur£ 2023 a e$ented ty. TaTrJible osets Current assets/lliabiif(iesl 89.802 570,572 89,802 583,797 13,225 6EIJ,374 13,225 673.599 Totsl Fund balance5 at 30 Jure 3)22 are presented ty. TanglIe assets Current assets/llialylitie51 45,752 562,579 45,752 582,471 19,892 (Q8.331 19,892 628.223 -25-
READING FC COMMUNtrY TRUST NOTES TO THE FINANaAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE2023 19 OperatiThJ lease comn4tnw At the reporting end date the charrty h&1 IxJtstandir¥J Commithnts for future rnsnirnurn lease payments under wn-carKellable operating leases which fall due as foll(%vs'. 2023 2022 Within one year Between two a1 five 2L245 16,891 7,089 4&151 23,983 Related party transacllons The remuneration of ty management rSonnel is as fdlo 2023 2022 Aggregate coMpet)n 164,(M)i I32,(7 Transactlons with related parties The cofflpany has tsken advantJJe of exemption in FRS 102 from reqUint to disclose transactions with group companies on the grou that consolidated financial statements are prepared by the ultimate parent compary. Ultlmate axrtrnlllng party The immediate parent compary is The ReadiThJ FcKJtball Club. by virtue of it beirg the sole member ot t company and hamro sole FKW4er in appointiThJ retiN)ving trustee5 of the compary. ultimate controllirKJ party is Dai Yongge by of hawThJ control of Great Shine Intemational rnited, the ultimate controlliThJ parerrt company of The ReIlrO FcKJtball aub Limited. 21 Anatysis of thange5 in net ld$ The charity no debt durirrfJ the year.
READING FC COMMUNrrY TRUST NOTES TO THE FINANaAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30JUNE2023 2023 2022 Surplus for the year 45,376 7,048 Adjustments for. DePCIatIOn and impaim*nt of tsngible fix8J assets 5,720 Movements in workirvj capital: DeCrease/lincaSe} in debtor5 Increase in creditors 31,882 183.187 154,579) 83,525 262,785 41,714 -27-