Charity registration number 1125817 Company registration number 06333232 (England and Wales) READING FC COMMUNITY TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
READING FC COMMUNITY TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees DR Downs NA Coupe D Hall PS Batth SJ Cooke A Tow J Evans G Odell S Gomarsall {Appointed l March 2024) {Appointed l February 2025) Charity number 1125817 Company number 06333232 Registered office Select Car Leasing Stadium Junction 11 M4 Reading RG2 OFL Auditor Myers Clark Egale I 80 St Albans Road Watford Hertfordshire WD17 IDL Bankers HSBC Bank PIC 26 Broad Street Reading Berkshire RGI 2BU Solicitors Bates Wells Braithwaite 10 Queen Street Place London EC4R IBE
READING FC COMMUNITY TRUST CONTENTS Page Trustees, report Statement of trustees, responsibilities Independent auditor's report 8-11 Statement of financial activities 12-13 Balance sheet 14 Statement of cash flows 15 Notes to the financial statements 16-27
READING FC COMMUNITY TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 JUNE2024 The trustees present the annual report and financial statements of the charity for the year ended 30 June 2024. The accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the charity's memorandum and articles of association, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). las amended for accounting periods commencing from l January 20191 OBJECTIVES AND ACTivmES The charity's objectives as set out in the constitution are to assist in advancing education, to promote or assist in promoting community participation in healthy recreation, to provide or assist in the provision of facilities for recreation, to provide or assist in the interest of social welfare and with the object of improving the conditions of life for those whom the facilities are provided, to relieve sickness and disability and to preserve and protect health, and to promote any other purpose which is charitable according to English Law. The aim of the charity is to have a positive influence on young people and the wider community through football and is expressed through its logo 'Care Develop Educate,. The Trust also makes pledges to its local community. These are as follows.. l. pledge to young people: Create g positive learning environment Enhance development Provide football development opportunities at all levels of the game Promote role models Develop understanding, of and within, the game Help build confidence, self-esteem and promote personal development Improve individual performance Encourage healthier lifestyles 2. pledge to the Community: Create and maintain stronger links between the local community and the football club Promote and develop a wide range of facilities Help to support safer, stronger and more secure communities Using football as a vehicle we will educate our local communities Support volunteering and providing employment opportunities Increase participation in football and active recreation Provide wider community usage of the club Support the development of individuals and groups regardless of their race, culture, religion, gender, ability, sexual orientation, ethnicity or social status 3. pledge to those existing and potential partners: Bring together traditional and non-traditional football activities and environments Help identify pathways leading to additional training, volunteering and career opportunities Inspire innovative football activities and opportunities Promote, enhance and develop good working relationships Provide a professional and positive working environment
READING FC COMMUNITY TRUST TRUSTEES. REPORT (CONTINUED){INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 JUNE2024 In furtherance of these aims the charity undertakes a variety of activities Wlth children and young people within three main streams of activity.. Schools Pmgramme The charity works very c105ely with the schools in its area, bringing football, healthy lifestyles and education programmes into schools, using football as a vehicle to drive the importance of education and other life skills. A number of these artivities are free to participants with some of them requiring fees to attend activities. After School clubs - l-hour football/multi-sport coaching sessions njn on a weekly basis throughout the year Lunch time clubs- superyised football/multi-sport sessions run on a weekly basis throughout the year PPA - delivering sports/PE sessions in schools to cover teachers whilst they are in their planning, preparation and assessment time [PPAI Workshops - providing a variety of sport or lifestyle based sessions Premier League Primary Stsrs - activities delivered in and out of school to increase the level of PE provision within primary schools, up-skill teacherslteaching assistants and work alongside children in their core subjects Iliteracy, numeracy and PSHEI to help motivate and inspire them School football/multisport festivals and tournaments cluster or individual schoo15 coming to the stadium and playing events in the training dome or on the 3G pitch facilitated by the Trust Inset days- school day football based sessions Choices schools Intervention sessions with targeted pupi55 based around sport in primary and secondary Mentoring programme - I to I mentoring work with targeted pupils helping to tackle any behaviour issues within school Out of schoolartivities The charity runs a series of coaching and training 5e55ions for boys and girls that are run in the evenings, weekends and school holidays. Soccer Schools - football coaching that is provided to young people between the ages 5-13 in all school holidays Development centres additional football coaching over 30 weeks throughout the year for 5-14 year old5 Advanced centres- additional football coaching over 30 weeks throughout the year for under 7s - 15$, on invitation only [talented playersl Elite centres - as before but of no cost to the player5 Ithe better talented players] Girls only Elite centres - 4 age groups of gir5s [Under Ils, 135, 155, 17s], train lce a week and play Saturday morning Ino costl Girls Development squads- 3 age groups Iunder 115, 135 and 15sl mirroring the Elite programme, but only playing during school holidays.
READING FC COMMUNITY TRUST TRUSTEES. REPORT (CONTINUED)UNCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 JUNE 2024 SocialJnclusion The charity runs a series of activitie5 for young people betmeen the ages of 12 to 19, including those who are not in education, employment or training IN EET), offenderslex-offenders or educational under-achievers.. PL Kicks- Premier League Kick5 uses the power of football and sport to inspire young people to reach their potential. The programme creates opportunities for young people who are at risk of anti-social behaviour, youth violence and/or from high-need areas to regularly engage in football, sport, mentoring and personal development opportunities. Launched in 2006 as a collaboration between the Premier League and the Metropolitan Police to create safer and more inclusive communities, Premier League Kicks has had a significant impact on people and places for almost 20 years. Over 600 participants are now registered on the project funded over a 3-year period by the Premier League. PL Inspires - Premier League Inspires is a personal development programme, developed by the Premier League and professional football clubs, and supported by the Professional Footballers, Association {PFA). It is predominantly delivered in secondary schools and pupil referral units. Launched in 2019, the programme uses the power of football to inspire young people aged 11-18 at risk of not reaching their potential, to develop the personal skills and positive attitudes needed to succeed in life. Premier League Inspires empowers participants to develop personal, social, employability and life-skills, through a series of regular face-to-face group sessions, mentoring, workshops and social-action projects, providing pupils with the help they need now and supporting them to plan for their future. PL Targeted Kicks- working one-on-one with some of the more targeted children who have the potential to cause serious violence or anti-social behaviour. RAP - Reading Alternative Provision education intervention programme run at the stadium for children from various schools, care homes, foster homes, local authorities who are or may be at threat of being excluded from their school. Act Now - funding for 12 months from Brighter Futures for facilitating and delivering the roles of custody coach for under 18s through out the Thames Valley area. Apprenticeships giving young people with very limited academic qualifications the opportunity of participating on an education course with a high sport element. Reading College - in partnership with the college, we facilitate and teach level 2 and 3 courses in football in the community to students from 16-19 year5 of age. Royals Cast Chat- one-on-one mentoring seNice for referred young people who are struggling with their mental health and wellbeing. Step to Succes5 - a program which supports young people in Reading and surrounding areas who are struggling with school attendance or facing other challenges, helping them overcome barriers to success through a variety of activities and support. The charity delivers sessions and projects under the EDI (Equality, Diverslty and Inclusion) department in conjunction with other charities, groups, disability organisations, the football club and our main two stakeholders PLCF (Premier league Community Fund), EFLT (English Football League Trust). Activities include Delivering coaching sessions in special education needs schools ISENI Delivering projects for adults with disability and learning difficulties Football coaching sessions specifically for certain disabilities - Downs syndrome, deaf, blind and learning difficulties Football tournaments and festivals for children from SEN schools Working alongside participants trom the LGBTQ+ community Supporting grassroots football clubs to become inclusive, helping to sustain the development of disability football within the Berkshire area Working in partnership with the Berks and Bucks FA to develop grassroots coaches in working with disabled footballer5, and supporting them to gain their FA coaching disabled footballers award. These activities are sUPPOrted by grant funding allowing free participation.
READING FC COMMUNITY TRUST TRUSTEES, REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR EAIDED 30 JUNE2024 The Trust staff have also delivered the following courses/activities to our local community: Sports Leaders Award Anti-bullying workshop Healthy lifestyle Respect workshops Numeracy and literacy Volunteer development Drink aware Critical incident training Fire safety Drug awareness workshops Public benefit The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in the planning and operations of all its current and future activities. In particular, the Trustees have given due regard to public benefit when setting the level of fees to participate in activities. ACHIEVEMENTS AND PERFORMANCE Social Inclusion increasing work output again over this 12-month period, Reading Alternative Provision proving again to be very popular with schools and local authorities. Looking to extend RAP to a farm, giving young people the opportunity of working with animals. Sports Participation looking to increase our provision into both public and private schools and colleges. Apprenticeships very successful with the department, looking to recruit more in September 2025. EDI - SEND holiday camps have been hugely successful with the trust winning the contracts of both local authorities (Reading and Wokingham) to deliver these activities within Berkshire. CCOP (Capability code of Practice) introduced by the PLCF and the EFLT which rates CCO'S on 16 Specific headings relating to the governance of the Trust- Reading FC cr rated Very Good. FINANCIAL REVIEW During the year the charity raised a total of £2,139,708 (2023.. £1,984,997) to pursue its activities. The charity is aiming to hold sufficient unrestricted reserves to facilitate the existing charitable activities for 6 months. This would enable the Trust to generate appropriate supplementary additional income should funding from existing sources be reduced. In no circumstance will the reserves fall below the normal level of three months support costs. At 30 June 2024, the charity held £661,172 {2023: £660,374) in unrestricted reserves. This equates to approximately 67 months of support costs (2023.. 30 months). This is greater than our stated policy and is being used to finance future growth. PLANS FOR FUTURE PERIODS The Trust will continue with the existing programmes, as well as with new initiatives including.. Working in partnership with a local farm to extend alternative provision. PLCF Fans Fund working to increase fan base with alternative groups - ethnic minority, SEND, girls and women, LGTBQ+. Act Now- taking over from the Custody coach, funded by Brighter Futures working with under 18s in custody. CCOP - maintaining current level and aspiring to reach exemplary level Maintain current health of the Trust- Governance, Finance and Safeguarding Ensure EDI {Equality, Inclusion and Diversity) are core to all policies and procedures within the Trust. Looking to review Community Trust Strategy.
READING FC COMMUNITY TRUST TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 JUIVE2024 STRATEGIC DIRECTION - The Action Plan READING FC Visi State C3ie- C¥elop- E¢Jucati" COMMUNITY TRUST Pth4dean In£luten¥ltt¥nffle1 ¢h•tuxrt4ws to meet evolwngcomrnunity rttds Ihrou8h. R&sinK AspiTaiJon5 EIty Atitudt Nurture EDI as• c(Yerf& ¥ffl#h kadlr4 Fc*tW C paytne I Lq'J.:.èl..4 STRUCTURE. GOVERNANCE AND MANAGEMENT The charity is constituted as a company limited by guarantee. not having a share capital and is govemed by a memorandum and articles of association. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: DR Downs AM Reaney NA Coupe D Hall PS Batth M Bradley SJ Cooke ATOW S Hussain J Evans G Odell S Gomarsall {Resigned 29 September 2024) (Resigned 24 November 2023) (Resigned I September 2024) {Appointed l March 2024) (Appointed l February 20251 The sole member of the charity is Reading Football Club Limited. Members undertake to contribute a sum not exceeding £1 to the assets of the charity if the charity is wound up whilst a member, or within 12 months of ceasing membership. The trustees are appointed by the member. New trustees are selected on the basis of the skills and experience they have and receive induction from existing trustees as required. The charity has 43 permanent and 44 casual members of staff. The trustees met four times during the year to decide on policy and procedure. The day to day management of the charity is undertaken by the charity's general manager.
READING FC COMMUNITY TRUST TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 JUNE 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT (CONTINUED) The charity occupies premises and uses furniture and equipment that belongs to Reading Football Club. The charity makes a financial contribution to Reading Football Club to cover costs. Auditor A resolution proposing that Myers Clark be reappointed as auditors of the company will be put to the Annua General Meeting. The trustees, report was approved by the Board of Trustees. nj+ NA Coupe Trustee Dated.. 17 March 2025
READING FC COMMUNITY TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 JUNE2024 The trustees, who are also the directors of Reading FC Community Trust for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare f inancial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resource5, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to-. select suitable accounting policies and then apply them consistently; obseNe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed, subject to any material departures disc105ed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
READING FC COMMUNITY TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF READING FC COMMUNITY TRUST Opinion We have audited the financial statements of Reading FC Community Trust (the 'charity'l for the year ended 30 June 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and note5 to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charitable company's affairs as at 30 June 2024 and of its incoming resources and application of resources, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) GSAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the aud/t of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue a5 a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant section5 of this report. Other information The other information comprises the information included in the annual report other than the financial Statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not expre55 any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or othetwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, report, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the directors, report included within the trustees, report h35 been prepared in accordance with legal requirements.
READING FC COMMUNITY TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF READING FC COMMUNITY TRUST Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities {Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the information given in the financial statements is inconsistent in any material respect with the trustees, report., or sufficient accounting records have not been kept or the financial statements are not in agreement with the accounting records,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of f inancial statements that are free from material misstatement whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed a5 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 assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basi5 of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
READING FC COMMUNITY TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF READING FC COMMUNITY TRUST Use of our report This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Report5) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit worl for this report, or for the opinions we have formed. Myers Clark 20 March 2025 Chartered Accountants Statutory Auditor Egale I 80 St Albans Road Watford HertFordshire WD17 IDL 11
READING FC COMMUNITY TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF READING FC COMMUNITY TRUST The extent to which the audit was considered capable of detecting irregularitie5 including fraud In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following,. The nature of the industry and sector, control envi ronment and business performance including the design of the remuneration policies, key drivers for trustee remuneration, bonus levels and performance targets,. results of our enquiries of Management about their own identification and assessment of the risks of irregularities; any matters we identified having obtained and review the charitable company's documentation of their policies and procedures relating to,. identifying, evaluating and complying with laws and regulation and whether they were aware of any instances of non-compliance,. detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations-, the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management override. M/e also obtained an understanding of the legal and regulatory frameworks that the chantable company operates in, focusing on provisions of those /aw5 $7nd regulations that had a direct effect on the determination of material amounts and disclosures in the f lnancialstatements. The key laws and regulations we considered in this context included the UK CompaniesAct. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty- These included the Employment law. To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions,. assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias,. and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial statement disclosures to underlying supporting documentation,. reading the minutes of meetings of those charged with governance,. and enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.1/ www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. 10-
READING FC COMMUNITY TRUST STATEMENT OF FINANCIAL ACTivrriES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE2024 Unrestricted Restricted funds funds Total 2024 Total 2023 Notes Income from: Donations and legacies Charitable activities Other trading activities 70,270 1,683,445 52,210 70,270 2,017,228 52,210 37,886 1,901,518 45,593 333,783 Total income 1,805,925 333,783 2,139,708 1,984,997 enditure on: Raising funds 73,449 73,449 67,086 Charitable activities 1,731,678 329,893 2,061,571 1,872,535 Totsl resources expended 1,805,127 329,893 2,135,020 1,939,621 Net income for the year/ Net movement in funds 798 3,890 4,688 45,376 Fund balances at l July 2023 660,374 13,225 673,599 628,223 Fund balances at 30 June 2024 661,172 17,115 678,287 673,599 The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complie5 Wlth the requirements for an income and expenditure account under the Companies Act 2006. 12-
READING FC COMMUNITY TRUST STATEMENT OF FINANCNL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDrruRE ACCOUNT FOR THE YEAR ENDED 30 JUIVE2024 Statement of Financial Activities - Prior Year Detail Unrestricted Restricted funds funds Total 2023 Income from: Donations and legacies Charitable activities Other trading activities 37,886 1,575,231 45,593 37,886 1,901,518 45,593 326,287 Total income 1,658,710 326,287 1,984,997 enditure on: Raising funds 67,086 67,086 Charitable activities 1,539,581 332,954 1,872,535 Total resources expended 1,606,667 332,954 1,939,621 Net incoming resources before transfers 52,043 {6,667} 45,376 Gross transfers belmeen funds Net income/(expenditure) for the year / Net movement in funds 52,043 (6,667) 45,376 Fund balances at l July 2022 608,331 19,892 628,223 Fund balances at 30 June 2023 660,374 13,225 673,599 13-
READING FC COMMUNITY TRUST BALANCE SHEET ASA T30 JUIVE2024 2024 2023 Notes Fixed asset5 Tangible assets 13 483,763 89,802 Current a55etS Debtors Cash at bank and in hand 14 163,333 569,380 121,447 963,057 732,713 1,084,504 Creditors: amounts falling due within one year 15 {538,1891 1500,707) Net current assets 194,524 583,797 Total a55ets less current liabilities 678,287 673,599 Income funds Restricted funds 16 17,115 13,225 Designated fu nds General unrestricted funds 17 30,122 631,050 32,462 627,912 661,172 660,374 678,287 673,599 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2024, although an audit has been carried out under section 144 of the Charities Act 2011. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements under the requirements of the Companies Act 2006. The director acknowledges hi5 responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies re9ime. The accounts were approved by the Trustees on 17 March 2025 NA Coupe Trustee Company Registration No. 06333232 14-
READING FC COMMUNITY TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30JUNE2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 22 12,027 262,785 Investing activities Purchase of tangible fixed assets {405,7041 (46,390) Net cash used in investing activities (405,704) (46,390) Net cash used in financing activities Net {decrease)/increase in cash and cash equivalents {393,677) 216,395 Cash and cash equivalents at beginning of year 963,057 746,662 Cash and cash equivalents at end of year 569,380 963,057 15-
READING FC COMMUNITY TRUST STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 30 JUIVE2024 Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimate5 and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Accounting policie5 Charity information Reading FC Community Trust is a private company limited by guarantee incorporated in England & Wales. 2.1 Accounting convention The accounts have been prepared in accordance with the charity's memorandum and articles of association, the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021~ (as amended for accounting periods commencing from l January 2016). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below. 2.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustee5 continue to adopt the going concern basis of accounting in preparing the financial statements. 2.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 2.4 Incoming resources Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 16-
READING FC COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE2024 Accounting policies {Continued} 2.5 Resources expended Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on the accruals basis. 2.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment10sses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Leasehold improvements Fixtures and fittings Motor vehicles 21 years straight line 10 years straight line 4 years straight line The gain or loss arising on the disposal of an asset 15 determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. Capitalisation policy The charity defir]es a f ixed asset as a purchase or gift which provides ongoing benefit to the charity where the purchase price, including non-recoverable VAT, exceeds £1,000, with an expected life longer than 3 years. tems below this value and expected life should be treated as an expense. 2.7 Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 2.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with bank5, Other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 2.9 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instrumentslssues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basi5 or to realise the asset and settle the liability simultaneously. Basic financialassets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a f i nancing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 17-
READING FC COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE2024 Accounting policies (Continued) Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilitie5 classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Inancialliabilities Derecognition of f Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 2.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 2.11 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Donations and legacies 2024 2023 Donations and gifts Grants 35,270 35,000 6,386 31,500 70,270 37,886 Donations and gifts Donations from institutions Donations from individuals 16,494 18,776 934 5,452 35,270 6,386 Grants English Football League Trust 35,000 31,500 35,000 31,500 18-
READING FC COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30JUNE2024 Charitable activities Schools Out of school programme activities Social inclusion Total 2024 Totsl 2023 Services provided under contract Performance related grants Other income 225,685 164,050 10,044 396,967 2,950 1,046,448 166,783 4,301 1,669,100 333,783 14,345 1,566,990 326,487 8,041 399,779 399,917 1,217,532 2,017,228 1,901,518 Analysis by fund Unrestricted funds Restricted funds 235,729 164,050 396,967 2,950 1,050,749 166,783 1,683,2145 333,783 399,779 399,917 1,217,532 2,017,228 For the year ended 30 June 2023 Unrestricted funds Restricted funds 218,030 151,373 328,594 190 1,028,607 174,724 1,575,231 326,287 369,403 328,784 1,203,331 1,901,518 Performance related grants Premier League Charitable Fund English Football League Trust Other 164,050 2,250 700 158,564 5,900 2,319 324,864 6,600 2,319 325,620 667 200 164,050 2,950 166,783 333,783 326,487 Other trading activities 2024 2023 Golden Gamble Mascots Birthday parties Training courses 24,589 9,035 9,612 8,974 18,481 14,345 7,754 5,013 Other trading activities 52,210 45,593 19-
READING FC COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUIVE2024 Raising funds 2024 2023 Golden Gamble MasCOt5 Birthday parties Training courses Support & governance costs 31,334 13,014 12,839 12,257 4,005 32,215 13,447 8,815 6,458 6,151 Fundraising and publicity 73,449 67,086 73,449 67,086 Charitable artivities Schools programme Out of school activities Social inclusion Total 2024 Total 2023 StafF costs Depreciation and impairment Direct costs 330,061 267,511 993,179 11,743 198,828 1,590,751 11,743 346,669 1,329,998 2,340 350,179 43,056 104,785 373,117 372,296 1,203,750 1,949,163 1,682,517 Share of support & governance costs (see note 10) 21,658 21,330 69,420 112,408 190,018 394,775 393,626 1,273,170 2,061,571 1,872,535 Net movement in funds 2024 2023 The net movement in funds is stated after charging/lcrediting): Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 12,527 11,743 10,740 2,340 Trustees None of the trustees {or any persons connected with them) received any remuneration or benefits from the charity during the year. No travel expenses were paid in respect of trustees (2023.. £nil}. During the year no donations were made to the Trust by trustees12023'. £nil). -20-
READING FC COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EJVDED 30 JUNE2024 10 Support & governance costs 2024 2023 SUPPORT COSTS Salaries Travel and subsistence Printing, postage and stationery Telephone IT support Legal & professional Project sundries Training, kit and other staff costs Other costs 51,928 2,804 4,333 688 1,167 2,781 3,495 7,425 29,265 150,742 3,680 1,412 695 1,125 2,795 3,068 1,934 19,978 GOVERNANCE COSTS Audit 12,527 10,740 116,413 196,169 Analysed between Fundraising Charitable activities 4,005 112,408 6,151 190,018 116,413 196,169 Governance costs includes payments to the auditors of £12,52712023- £10,740) for audit fees. 21
READING FC COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUIVE2024 11 Employees Number of employees The average monthly number employees based on headcount during the year was: 2024 Number 2023 Number Permanent staff Casual coaches and staff 43 48 30 87 78 Employment costs 2024 2023 Charitable activities.. Wages and salaries Social security costs Other pension costs 1,454,120 111,655 24,976 1,205,143 103,590 21,265 1,590,751 1,329,998 Raising funds.. Wages and salaries Social security costs Other pension costs 44,957 2,875 712 28,207 1,994 429 48,544 30,630 Support & governance costs.. Wages and salaries Social security costs Other pension costs 46,159 4,740 1,029 134,684 13,220 2,838 51,928 150,742 Total employment costs 1,691,223 1,511,370 The number of employees whose annual remuneration including benefits in kind was £60,000 or more were.. 2024 Number 2023 Number Within the range of £60,000 - £69,999 Within the range of £80,000 - £89,999 12 Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. -22-
READING FC COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EJVDED 30 JUNE2024 13 Tangible fixed assets Leasehold Assets under improvemènts construction Fixtures and fittings Motor vehicles Totsl Cost At l July 2023 Additions Transfers 83,820 397,946 (481,766) 23,402 7,758 13,520 120,742 405,704 481,766 At 30 June 2024 481,766 31,160 13,520 526,446 Depreciation and impairment At l July 2023 Depreciation charged in the year 17,420 2,987 13,520 30,940 11,743 8,756 At 30 June 2024 8,756 20,407 13,520 42,683 Carrying amount At 30 June 2024 473,010 10,753 483,763 At 30 June 2023 83,820 5,982 89,802 14 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Other debtors Prepayment5 and accrued income 122,789 976 39,568 105,082 976 15,389 163,333 121,447 15 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other creditors Accruals and deferred income 56,175 10,743 471,271 38,236 35,090 427,381 538,189 500,707 -23-
READING FC COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE2024 16 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. Movement in funds Incoming Resources resources expended Balance at I July 2023 Transfers Balance at 30 June 2024 Out of school activities Schools Programme Social inclusion Capacity Building 2,950 164,050 166,783 (2,950) (164,050) {162,893) 6,604 6,621 10,494 6,621 13,225 333,783 1329,893) 17,115 Prior Year Detail Movement in funds Incoming Resources resources expended Balance at I July 2022 Transfers Balance at 30 June 2023 schools Programme Social inclusion Capacity Building 151,183 175,104 {151,1831 (181,771} 13,271 6,621 6,604 6,621 19,892 326,287 (332,954) 13,225 17 Unrestricted funds Movement in funds Balance at I Incoming Resources July 2023 resources expended Transfers Balance at 30 June 2024 Designated fvnd$ Info Bus Classroom 23,100 9,362 23,100 7,022 {2,340) 32,462 12,3401 30,122 General unrestricted funds 627,912 1,805,925 (1,802,787) 631,050 Total unrestrirted funds 660,374 1,805,925 (1,805,127) 661,172 -24-
READING FC COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIVDED 30 JUNE 2024 17 Unrestricted funds (Continued} Prior year detail Movement in funds Incoming Resources resource5 expended Balance at I July 2022 Transfers Balance at 30 June 2023 Info Bus Classroom 23,100 11,702 23,100 9,362 {2,340) 34,802 {2,340) 32,462 General unrestricted funds 573,529 1,658,710 11,604,327) 627,912 Total unrestricted funds 608,331 1,658,710 (1,606,667) 660,374 18 Analysis of net assets between funds Unrestricted Restricted Total Fund balances at 30 June 2024 are represented by.. Tangible assets Current assets111iabilities} 483,763 177,409 483,763 194,524 17,115 661,172 17,115 678,287 Unrestricted Restricted Total Fund balances at 30 June 2023 are represented by.. Tangible assets Current assets/{liabilitiesl 89,802 570,572 89,802 583,797 13,225 660,374 13,225 673,599 -25-
READING FC COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUIVE2024 19 Operating lease commitments At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: 2024 2023 Within one year Between two and five years In over five years 29,866 55,896 127,088 21,245 26,906 212,850 48,151 20 Related party transactions Remuneration of key management personnel The remuneration of key management personnel was as follows- 2024 2023 Aggregate compensation 153,289 164,001 Transactions with related parties The company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company. Ultimate controlling party The immediate parent company is The Reading Football Club, by virtue of it being the sole member of the company and having sole power in appointing and removing trustees of the company. The ultimate controlling party is Dai Yongge by virtue of havi ng control of Great Shine International Limited, the ultimate controlling parent company of The Reading Football Club Limited. 21 Analysis of changes in net funds The charity had no debt during the year. -26-
READING FC COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE2024 22 Cash generated from operations 2024 2023 Surplus for the year 4,688 45,376 Adjustments for: Depreciation and impairment of tangible fixed assets 11,743 2,340 Movements in working capital.. Uncrease)/decrease in debtors Increase in creditors (41,886) 37,482 31,882 183,187 Cash generated from operations 12,027 262,785 -27-