2022-06-30-accounts - Leicester City Football Club Trust Limited

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LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

Charity Number 1126526

Registered Number 06443209 England and Wales

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

FOR THE YEAR ENDED 30 JUNE 2022

CONTENTS	Page
Reference and administrative details of the Charity,	1
its trustees and advisors
Report of the trustees	2 - 9
Independent Auditor’s Report	10 - 12
Statement of financial activities	13
Balance sheet	14
Statement of cash flows	15
Notes to the financial statements	16 - 24

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISORS

FOR THE YEAR ENDED 30 JUNE 2022

Trustees and Directors	J R Rudkin
	S V Whelan
	J Byrne
	A M Kapur
	A Beddow
	J A Hewson - resigned 7thJune 2022
	N Oakley – appointed 6thSeptember 2022
Registered office	King Power Stadium
	Filbert Way
	Leicester
	LE2 7FL
Company registered number	06443209
Charity registered number	1126526
Auditor	The Rowleys Partnership Ltd
	Chartered Accountants & Statutory Auditor
	Charnwood House
	Harcourt Way
	Meridian Business Park
	Leicester
	LE19 1WP

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 JUNE 2022

The Trustees present their annual report together with the financial statements of Leicester City Football Club Trust Limited ("the Charity") for the year ended 30 June 2022 (“the year”). The Trustees confirm that the report of the Trustees and financial statements of the charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to Charities preparing their financial statements in accordance with the Financial Reporting Standard) applicable in the UK and Republic of Ireland (FRS 102) (effective 1 October 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Leicester City Football Club Trust Limited was incorporated under the Companies Act 2006 as a company limited by guarantee governed by its Memorandum and Articles of Association dated 3 December 2007. It was registered as a charity with the Charity Commission on 31 October 2008 (charity no: 1126526). The liability of the members is limited to an amount not exceeding £10.

Organisation

The Charity is operated by a Board of Trustees. The Board of Trustees meet as a minimum quarterly and it provides strategic guidance and governance. The Trustees are continually seeking to broaden the mix of experience and skills within the Board of Trustees in order to enhance the operation of the Charity and to facilitate the growing range of projects being delivered. To manage the day to day operations of the Charity the Trustees have appointed a ‘Head of Community’ who has delegated authority within specified limits, for operational matters including finance, employment and strategic development of the Charity. All areas of the Charity's operations and developments are reported upon by the Head of Community during the Trustees' meetings.

Directors and Trustees

The directors of the Charity are its Trustees for the purpose of charity law. Throughout this report they are collectively referred to as the Trustees.

The Trustees who served the charity during the year were as follows:

J R Rudkin S V Whelan J Byrne A M Kapur A Beddow J A Hewson – resigned 7[th] June 2022 N Oakley – appointed 6[th] September 2022

Trustees’ recruitment and inductions

The Board of Trustees seeks to build on the Board’s current skills mix when appointing new Trustees who bring new knowledge and impetus to the Charity. Specific specialisms are assigned to individual trustees, such as culture and ethos, finance and safeguarding.

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 JUNE 2022

New Trustees are invited and encouraged to attend the various activities and operations of the Charity and to meet team members to familiarise themselves with the organisation and the context within which it operates. The Trustees are also guided by professional advisors and the Head of Community to ensure they have a full understanding of areas such as:

The obligations of the Trustees under charity and company law
The main documents which set out the operational framework for the organisation including the Memorandum and Articles of Association
Recent copies of minutes of meetings
The business plan and recent financial performance of the organisation
Future plans and objectives

Related parties

Leicester City Football Club Limited (“LCFC”) has supported the Charity both financially and through facility, accounting and administration support over the year. Susan Whelan is also a Director and Chief Executive of LCFC.

The Premier League Charitable Fund has the responsibility of supporting community programmes by offering the opportunity to apply for funding to provide themed activities in addition to evaluating the Charity’s ‘Capability status’.

The Charity has worked in partnership during the year on projects with The National Lottery Community Fund, Children In Need and Barclays 100 v 100 for example.

Risk management

The Trustees have a risk management strategy which comprises:

An annual review of the risks the charity may face.
The establishment of systems and procedures to mitigate those risks identified.
The implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.

The Charity has a comprehensive ‘Risk Register’ which meets the Premier League’s ‘Capability Status Code of Practice’ criteria. ‘Risk’ is a standing item on every Trustee’s meeting agenda. The ‘Risk Register’ is therefore reviewed every two months. The greatest risks are identified as:

Safeguarding. The Charity employs a dedicated full time ‘Designated Safeguarding Lead’, has established a ‘Safeguarding Forum’ and has a nominated Trustee with responsibility for ‘Safeguarding’. No safeguarding incidences warranted reporting to the Charities Commission during this financial year.
Finance. The Charity is aware that it needs to diversify its income streams and is focussing on local and National funders and is working with 16 grant funders currently.
League status. Whilst LCFC continue to play in the Premier League the Charity enjoys the financial benefits of this. League status cannot be influenced by The Trust either directly or indirectly so diversifying income and developing an investment strategy can alleviate the impact of this potential risk.
Pandemic. The Charity is now aware that Covid19 is a risk and is reflected in the updated register.

OBJECTIVES AND ACTIVITIES

The Charity’s objectives (the Objects) are for the benefit of the public generally and in particular, the inhabitants of Leicestershire and its surrounding areas as follows:

to promote community participation in healthy recreation by providing facilities for the playing of association football and other sports capable of improving health.

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 JUNE 2022

to provide and assist in providing facilities for sport, recreation or other leisure time occupation of such persons who have need for such facilities by reason of their youth, age, infirmity or disablement, poverty or social and economic circumstances or for the public at large in the interests of social welfare and with the object of improving their conditions of life; and
to advance the education of children and young people through such means as the Trustees think fit in accordance with the law of charity.

The Trustees confirm that they 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 planning future activities.

ACHIEVEMENTS AND PERFORMANCE

The 2021/22 season has proven to be another successful year for Leicester City Football Club Trust as we continue to grow our presence across the city and county with a focus on community hubs, exclusive access to LCFC Training Ground, significant new funding secured to engage diverse communities, and successful delivery of health and wellbeing, community, and education activities supporting our charitable goals.

Our partnership with Team Hub CIC has gone from strength to strength thanks to significant capital and revenue funding being secured to develop community assets and activities that directly benefit residents in the New Parks area. A total of £266,000 enabled the installation of a brand new Cruyff Court facility and additional local funding nearing £60,000 has established New Parks as our leading community hub site.

A comprehensive community access programme has provided 1,426 regular participants exclusive access to the new LCFC Training Ground in Seagrave, north Leicestershire. Children and young people attending Premier League Kicks, Premier League Inspires and, Premier League Primary Stars have had the opportunity to sample the state-ofthe-art facility while taking part in football tournaments, workshops, and volunteering. Adult participants attending MatchFit funded by the Premier League and Professional Footballers’ Association Community Fund were also in attendance, as were participants representing a wide range of activities provided in a school and community setting.

A new programme from Sport England and The Football Foundation has enabled us to secure funding from The National Lottery. Starting in the Wycliffe area of the city in year one, the 5-year Active Women project aims to positively engage women 18 to 49 years into football related activity, supporting participants to ‘increase levels of physical activity’ and ‘build resilience to improve wellbeing’ as well as providing training, volunteering and, in time, local work.

Activities that ‘reduce inequalities’ will feature heavily in our updated strategy set to launch in 2023. Food poverty has become a major focus with more communities now depending on food banks and food pantries than ever before. Our relationship with Samworth Brothers and Levy UK as well as funding from both Leicester City Council and Leicestershire County Council has enabled us to provide individuals and families access to free activities and food donations provided in a community setting and at King Power Stadium – in total, 900 families accessed just two ‘pop up pantry’ sessions held at the football ground in 2022.

We have continued to provide meaningful activities for children and young people made possible through sustained partnerships with primary and secondary schools and a range of national and international funders including the UEFA Foundation, the Royal Society of Chemistry, and BBC Children in Need to name a few. Activities have been able to ‘raise levels of aspiration’ and ‘develop employability skills and confidence’ with participants from our most underrepresented groups with vulnerable children and young people accessing one-to-one mentoring support, female primary school pupils taking part in science and young people with disabilities making great progress with employment training and experiences.

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 JUNE 2022

FUNDRAISING

As a charity we do not participate in fundraising activities, but we are aware of reporting requirements published by the Fundraising Regulator and if in the future we did participate in these activities we would implement the reporting requirements and follow the guidelines.

EDUCATION

The purpose of our Education theme is to;

Inspire children, young people and young adults across Leicester and Leicestershire to improve attainment and change attitudes towards learning.

It is imperative that our programmes are accessible regardless of age, background, ethnicity, social economic status, gender or ability.

Achievements in 2021/22:

PLCF Primary Stars

7,983 children engaged
65 teachers supported
71 targeted interventions
16 anti-discrimination workshops
10 social action projects

PLCF Inspires and Inspires Plus

403 young people engaged
256 session hours delivered
10.28 average contact hours

Work for All and Get Started (employability)

43 young people engaged
256 session hours delivered
18.30 average contact hours

COMMUNITY ENGAGEMENT

The purpose of our Community Engagement theme is to;

Engage all communities to provide activities and programmes that respond to local challenges and need.

It is imperative that our programmes are accessible regardless of age, background, ethnicity, social economic status, gender or ability.

Achievements in 2021/22:

PLCF Kicks and Youth Power

2,011 participants engaged
20 percent female
6 percent stated having a disability
1,972 sessions delivered

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 JUNE 2022

Holiday Activity and Food

1,972 sessions delivered
101 sessions hours delivered
25 days delivered

HEALTH AND WELLBEING

The purpose of our Health and Wellbeing theme is to;

Empower all communities to lead physically active, healthy lifestyles, whilst promoting positive wellbeing.

It is imperative that our programmes are accessible regardless of age, background, ethnicity, social economic status, gender or ability.

Achievements in 2021/22:

PLPFA MatchFit

912 participants engaged
588 sessions delivered
36 events delivered
41 percent female
47 percent from diverse ethnic communities
12 percent stated having a disability

Active Women

70 participants engaged at launch event
101 participants in the first month of delivery
25 participants attended the first Positive Pause event

FOOTBALL DEVELOPMENT

The purpose of our Football Development theme is to; Provide suitable football activities for individuals across Leicester and Leicestershire.

It is imperative that our programmes are accessible regardless of age, background, ethnicity, social economic status, gender or ability.

Achievements in 2021/22:

Football Camps

1, 738 participant bookings
44 percent female
25 percent from diverse ethnic communities

Skills Centres

941 participant bookings
10 percent female
43 percent from diverse ethnic communities

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 JUNE 2022

FINANCIAL REVIEW

The Trustees would like to highlight that Leicester City Football Club Trust Limited has made positive progress within the 2021/2022 financial year. The Charity has made a financial surplus of £251,962 in unrestricted funds.

The organisation is pleased to report the extension and acquisition of additional levels of restricted funding through the parent club continuing to be a Premier League member and shareholder. This has enabled the Charity to extend its reach and impact across the communities of Leicestershire addressing national and local agenda through the power of football. Restricted funds held decreased from £481,916 at 30 June 2021 to £400,176 at 30 June 2022.

The Charity has continued to operate under strict financial control, whilst ensuring projects are delivered effectively and meeting the Charity’s minimum quality assurance operating standards. Areas of improved financial performance have been achieved through closer monitoring and clearer financial procedures. Taking into consideration the higher proportion of PL grant aid the Charity has continued to grow its operational structure, which has resulted in an increase of overheads the Charity has had to account for. Throughout the 2021/22 year this has been carefully managed with the primary focus on serving the local community through the delivery of the projects detailed above.

FUTURE PLANS

The Head of Community will:

Review, revise and relaunch our Community Strategy following an extensive consultation process.
Diversify income including partnership working with both National funders (Barclays, Sport England and Football Foundation) and local funders (Samworth Brothers, Leicester City Council etc).
Continue to improve the quality and diversity of programmes and therefore increase measurable outcomes.
Raise the profile of the Charity both internally within LCFC and external – both locally and nationally.
Further implement a facility plan across Leicester in partnership with a variety of organisations and funders.

Education

Investment secured from Barclays 100 x 100 fund and matched by school contributions will enable more targeted support for vulnerable children and young people in identified geographical areas of Leicester city.

Community Engagement

Sustained investment in programmes that provide food and nutritional information will be key to support our vulnerable communities’ post-Covid. Support to increasing numbers of refuge children, young people and vulnerable adults who are seeking asylum is also a real local need.

Health and Wellbeing

Further developing our partnership with Leicester’s other charities associated with professional sports clubs (United Leicester) will continue to ensure we support community members with both their physical and emotional wellbeing in partnership with NHS Charities Together for example.

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 JUNE 2022

Equality, Diversity and Inclusion (EDI)

The introduction of an Equality, Diversity and Inclusion Action Plan 2020/23 continues to support unique partnerships with identified individuals and communities, and detail measurable targets to drive specific services and activities.

Environmental Sustainability (ES)

The introduction of an Environmental Sustainability Plan will raise awareness and engage our community members in this important agenda.

RESERVES POLICY

The Trustees have examined the Charity’s requirements for reserves in light of the main risks to the organisation. It has established a policy whereby unrestricted funds not committed or invested in tangible fixed assets held by the Charity should be no less than 12 months of the unrestricted expenditure of the charity to ensure that there are sufficient reserves so that the Charity can continue as a going concern during any adverse period.

GOING CONCERN

The Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

TRUSTEES' RESPONSIBILITIES STATEMENT

The Trustees (who are also directors of Leicester City Football Club Trust Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year.

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP 2019 (FRS 102);
make judgments and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 JUNE 2022

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees confirm that:

so far as each trustee is aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and
the trustees have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information.

AUDITOR

The auditor, The Rowleys Partnership Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

SMALL COMPANIES NOTE

In preparing this report, the directors have taken advantage of the small companies’ exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the Board of Trustees on…………………….………. and signed on its behalf by: 20/12/2022

A M Kapur

A M Kapur signed on 20/12/2022, 13:59:46 GMT Chair of Trustees

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

Opinion

We have audited the financial statements of Leicester City Football Club Trust Limited (the ‘charitable company’) for the year ended 30 June 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 2022, and of its incoming resources and application of resources, including its income and expenditure, 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) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the trustees 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, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

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 (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and the directors’ report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 8, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant which are directly relevant to specific assertions in the financial statements are those related to the financial reporting frameworks (UK Generally Accepted Accounting Practice, the Companies Act 2006) and the relevant tax compliance regulations in the jurisdiction in which the company operates;

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

We enquired of management, whether they were aware of any instances of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud;
We assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur;
Our testing considered unusual or unexpected journal entries on a sample basis;
We evaluated the assumptions and judgements used by management within significant accounting estimates and assessing if these indicate evidence of management bias;
We tested significant transactions, in particular the evaluation of the business rationale for any which appear unusual or outside the company's normal course of business;
We assessed the appropriateness of the collective competence and capabilities of the engagement team by understanding the practical experience with audit engagements of a similar nature and complexity, plus ensuring the team had appropriate and relevant training of the financial reporting framework and the relevant tax compliance regulations specific to the entity;
We reviewed the financial statements and tested the disclosures against supporting documentation; and
We communicated relevant matters to all members of the audit team to ensure they understood the risks specific to the entity and the audit procedures planned to mitigate these.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-andassurance/

Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-ofauditors-responsibilities-foraudit.aspx. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

signed on 20/12/2022, 15:08:54 GMT

Mrs Lisa G Parkes FCA FCCA Senior Statutory Auditor for and on behalf of The Rowleys Partnership Ltd Statutory Auditor, Chartered Accountants

20/12/2022

Date: ………………………..

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 30 JUNE 2022

	Note	2022	2022	2022	2021	2021	2021
		Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
		Funds	Funds	Funds	Funds	Funds	Funds
		£	£	£	£	£	£
INCOME FROM:
Donations and subscriptions		113,000	161,373	274,373	-	75,960	75,960
Charitable activities:
Grants	5	230,000	880,743	1,110,743	339,087	834,414	1,173,501
Soccer schools, coaching		295,847	32,507	328,354	216,392	6,967	223,359
and courses
		______	______	______	______	______	______
TOTAL INCOME		638,847	1,074,623	1,713,470	555,479	917,341	1,472,820
		______	______	______	______	______	______
EXPENDITURE ON:
Charitable activities
Direct costs	6	233,314	1,270,805	1,504,119	187,102	1,040,051	1,227,153
Support costs	7	18,344	20,785	39,129	37,774	21,690	59,464
		______	______	______	______	______	______
TOTAL EXPENDITURE		251,658	1,291,590	1,543,248	224,876	1,061,741	1,286,617
		______	______	______	______	______	______
NET INCOME/		387,189	(216,967)	170,222	330,603	(144,400)	186,203
(EXPENDITURE)
Transfer of funds		(135,227)	135,227	-	(261,328)	261,328	-
		______	______	______	______	______	______
NET MOVEMENT IN		251,962	(81,740)	170,222	69,275	116,928	186,203
FUNDS
TOTAL FUNDS AT 1 JULY		661,622	481,916	1,143,538	592,347	364,988	957,335
2021
		______	______	______	______	______	______
TOTAL FUNDS AT 30		913,584	400,176	1,313,760	661,622	481,916	1,143,538
JUNE 2022
		______	______	______	______	______	______

All activities relate to continuing operations.

The notes on pages 16 to 23 form part of these financial statements.

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

BALANCE SHEET AT 30 JUNE 2022

	Note		2022		2021
		£	£	£	£
FIXED ASSETS
Tangible	10		3,342		177
CURRENT ASSETS
Debtors	11	69,252		71,722
Cash at bank		1,645,020		1,512,417
		_____		_____
		1,714,272		1,584,139
CREDITORS: AMOUNTS FALLING	12	403,854		440,778
DUE WITHIN ONE YEAR
		_____		_____
NET CURRENT ASSETS			1,310,418		1,143,361
			_____		_____
NET ASSETS			1,313,760		1,143,538
			_____		_____
FUNDS
Unrestricted funds	14		913,584		661,622
Restricted funds	15		400,176		481,916
			_____		_____
TOTAL FUNDS			1,313,760		1,143,538
			_____		_____

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on ………..…………… and were signed on its behalf by: 20/12/2022

A M Kapur

signed on 20/12/2022, 13:59:46 GMT A M Kapur

Company registration number 06443209 and Charity registration number 1126526.

The notes on pages 16 to 23 form part of these financial statements.

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2022

	2022	2021
	Total funds	Total funds
	£	£
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income for the reporting period	170,222	186,203
Adjustments for:
Depreciation charges	835	44
Decrease in debtors	2,470	9,417
(Decrease) in creditors	(36,924)	(17,015)
NET CASH PROVIDED BY OPERATING ACTIVITIES	136,603	178,649
CASHFLOWS FROM INVESTING ACTIVITIES:
Purchase of fixed assets	(4,000)	-
	(4,000)	-
CHANGE IN CASH IN THE REPORTING PERIOD	132,603	178,649
CASH AT THE BEGINNING OF THE REPORTING PERIOD	1,512,417	1,333,768
CASH AT THE END OF THE REPORTING PERIOD	1,645,020	1,512,417

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

1. General information

Leicester City Football Club Trust Limited is a company limited by guarantee. It is incorporated in England and its registered office is King Power Stadium, Filbert Way, Leicester, LE2 7FL.

2. Accounting Policies

The principal accounting policies are set out below:

(a) Basis of preparation of financial statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (issued 1 October 2019) – Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Leicester City Football Club Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are presented in sterling (£).

The following principal accounting policies have been applied:

(b) Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from the date of authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

(c) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of management and support costs.

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

(d) Income

All monetary donations and gifts are recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Grants, including grants for the purchase of fixed assets, are recognised in full in the Statement of Financial Activities in the period in which they are receivable. Where grants are related to performance these are accounted for as the charity earns the right to its consideration. Where such income has been received in advance of the relevant expenditure having been incurred, the income is held in the balance sheet as deferred income to be released as the expenditure is incurred.

Government grants receivable in relation to the job retention scheme are recognised as income over the periods necessary to match them against the related costs which they are intended to compensate, on a systematic basis.

Income from soccer schools, coaching and courses is accounted for when earned.

The value of services provided by volunteers has not been included.

(e) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure includes any VAT not recoverable and is reported as part of the expenditure to which it relates.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities. It includes both costs that can be attached directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs comprise those costs associated with the constitutional and statutory requirements of the charity.

(f) Pensions

The charitable company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

(g) Fixed assets

Fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at the rate of 20% on a reducing balance basis.

(h) Debtors

Debtors are recognised at the settlement amount after any discount offered.

(i) Cash at Bank

Cash at bank includes short term highly liquid investments with a short maturity of three months or less from the date of acquisition on opening of the deposit or similar account.

(j) Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

(k) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3. Judgements in applying accounting policies and key sources of estimation uncertainty

Certain of the amounts included in the financial statements involve the use of judgement and/or estimation. The judgements and estimates are based on the trustees’ best knowledge of the relevant facts and circumstances and have regard to prior experience, but actual results may differ from the amounts included in the financial statements. Information about such judgements and estimation uncertainty is contained in the accounting policies and/or the notes to the financial statements and the key areas are summarised below:

Deferred income

The trustees calculate deferred income based on contractual terms for each individual grant or service agreement and review those calculations every year.

4. Legal status

The Charity is a company limited by guarantee. The members of the company are the trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £10 per member.

Grants
	2022	2022	2022	2021	2021	2021
	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	Funds	Funds	Funds	Funds	Funds	Funds
	£	£	£	£	£
						£
Premier League Charitable Fund	230,000	688,631	918,631	230,000	677,575	907,575
The National Lottery Community	-	-	-	-	50,000	50,000
Fund
The Football Association	-	-	-	-	60,000	60,000
Coronavirus Job Retention	-	-	-	109,087	-	109,087
Scheme
Other grants	-	192,112	192,112	-	46,839	46,839
	_____	_____	_____	_____	_____	_____
	230,000	880,743	1,110,743	339,087	834,414	1,173,501
	_____	_____	_____	_____	_____	_____

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

6. Charitable activities – direct costs

Charitable activities – direct costs
	2022	2022	2022	2021	2021	2021
	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	Funds	Funds	Funds	Funds	Funds	Funds
	£	£	£	£	£	£
Staff costs (note 8)	168,522	991,043	1,159,565	137,035	907,079	1,044,114
Coaching expenses	-	20	20	-	2,130	2,130
Facility hire	6,463	57,881	64,344	6,804	26,808	33,612
Motor and travel expenses	2,102	42,707	44,809	1,148	9,243	10,391
Equipment/Kit	13,015	72,234	85,249	6,288	75,181	81,469
Sundries	43,212	106,920	150,132	35,827	19,610	55,437
	_____	_____	_____	_____	_____	_____
	233,314	1,270,805	1,504,119	187,102	1,040,051	1,227,153
	_____	_____	_____	_____	_____	_____

7. Charitable activities – support costs

Charitable activities – support costs
	2022	2022	2022	2021	2021	2021
	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	Funds	Funds	Funds	Funds	Funds	Funds
	£	£	£	£	£	£
Post, stationery and	-	1,985	1,985	897	2,876	3,773
advertising
Telephone	2,701	17,903	20,604	18,989	18,714	37,703
Depreciation	35	800	835	44	-	44
Bank charges	4,679	97	4,776	231	100	331
Governance costs:
Auditor’s remuneration for	9,840	-	9,840	9,360	-	9,360
audit services
Other fees	1,089	-	1,089	8,253	-	8,253
	_____	_____	_____	_____	_____	_____
	18,344	20,785	39,129	37,774	21,690	59,464
	_____	_____	_____	_____	_____	_____

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

Staff costs	2022	2021
	£	£
Wages and salaries	1,060,155	949,662
Social security costs	74,659	70,403
Pension costs	24,751	24,049
	_____	_____
	1,159,565	1,044,114
	_____	_____

One employee received more than £70,001 (2021: one over £60,000).

The average number of employees during the year was 43 (2021: 41). The average number of casual staff, employed in the delivery of the various projects, was 6 (2021: 10).

No redundancy payments were made during the year (2021: £5,280).

Key management personnel

The key management personnel of the charity comprise of the trustees and the Head of Community who is responsible for the day to day running of the charity. The total employee benefits (including employer pension contributions and employer national insurance) received by key management personnel of the charity amounted to £83,464 (2021: £79,957).

9. Payments to trustees

No trustees, who are the key management personnel, or a person with a family or business connection with a trustee, received any remuneration during the period, directly or indirectly from the Charity (2021: £nil).

No expenses were reimbursed to the trustees during the period (2021: £nil).

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

10.	Tangible Fixed Assets	Motor		Office
		Vehicle	Equipment	Equipment	Total
		£	£	£	£
	Cost
	At 1 July 2021	.	1,371	1,496	2,867
	Addition	4,000	-	-	4,000
		_____	_____	_____	_____
	At 30 June 2022	4,000	1,371	1.496	6,867
		_____	_____	_____	_____
	Depreciation
	At 1 July 2021	-	1,296	1,394	2,690
	Charge for the period	800	15	20	835
		_____	_____	_____	_____
	At 30 June 2022	800	1,311	1,414	3,525
		_____	_____	_____	_____
	Net book value
	At 30 June 2022	3,200	60	82	3,342
		_____	_____	_____	_____
	At 30 June 2021	-	75	102	177
		_____	_____	_____	_____
11.	Debtors		2022	2021
			£	£
	Trade debtors		37,460	23,897
	Other debtors and prepayments		31,792	47,825
			_____	_____
			69,252	71,722
			_____	_____

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

12.
Creditors: amounts falling due within one year
Trade creditors
Social security and other taxes
Amounts due to Leicester City Football Club Limited
Deferred income
Accruals
Deferred income
Deferred income at 1 July 2021
Amounts released from previous years
Resources deferred in the year
Deferred income at 30 June 2022
13.
Financial instruments
Financial assets measured at amortised cost
Financial liabilities measured at amortised cost

2022
2021
£
£
25,974
20,018
5,017
258,985
27,673
17,696
29,057
356,854
93,860
9,498
_____
_
403,854
440,778
_____
___
356,854
(356,854)
258,985
_____
258,985
_____
2022
2021
£
£
1,714,272
383,836
1,584,139
423,082

Financial assets measured at amortised cost include trade and other debtors and cash at bank. Football Club Limited, deferred income and accruals.

Summary of funds
	At	Income	Expenditure	Transfer	At
	01/07/21			(note 16)	30/06/22
	£	£	£	£	£
Restricted funds:
Analysis per note 15	481,916	1,074,623	(1,291,590)	135,227	400,176
Unrestricted funds:
General funds	661,622	638,847	(251,658)	(135,227)	913,584
	_____	_____	_____	_____	_____
	1,143,538	1,713,470	(1,543,248)	-	1,313,760
	_____	_____	_____	_____	_____

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

15. Analysis of restricted funds

				At	Income	Expenditure	Transfer	At
				01/07/21			(note 16)	30/06/22
				£	£	£	£	£
Premier	League	Charitable	Fund	444,142	854,164	(1,084,420)	135,227	349,113
(including	matched	funding)
Other Funding				37,774	220,459	(207,170)	-	51,063
				_____	_____	_____	_____	_____
				481,916	1,074,623	(1,291,590)	135,227	400,176
				_____	_____	_____	_____	_____

Purpose of main restricted funds

Premier League Charitable Fund

Funding for Primary Stars, Kicks, Kicks Targeted, PL4 Sport, Active Leaders, Enterprise Challenge, PL Girls, Refugee, Our City our Children, Health, Dare to be Youth Programme, PLPFA High Schools, RASP, PLPFA Foxes Den, United Leicester, Inspire and PL Works, Disability

Other Funding

Funding for NCS, Children In Need, Man V’s Fat, Children In Need, LCC Communities Fund, Prevent, Sport England, NHS Charities, UEFA, Young Carers, Active Through Football SOL Foundation and Cruyff Court.

16. Transfer between funds

During the period £135,227 was transferred from unrestricted funds to restricted funds. This transfer was match funding to expand projects:

PL Primary Stars £85,765
PL Inspires £31,657
PLPFA Inspire £17,805

17. Analysis of net assets between the funds

	2022	2022	2022	2021
	Unrestricted	Restricted	Total	Total
	Funds	Funds	Funds	Funds
	£	£	£	£
Fixed assets	142	3,200	3,342	177
Net current assets	913,442	396,976	1,310,418	1,143,361
	_____	_____	_____	_____
	913,584	400,176	1,313,760	1,143,538
	_____	_____	_____	_____

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

18. Commitments under operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

			2022	2021
			£	£
Within	one	year	7,920	-
Within	2-5	years	9,900	-
			_____	_____
			17,820	-
			_____	_____

19. Related party transactions

During the period Leicester City Football Club Limited collected income of £4,800 (2021: £29,238) and paid expenses of £632,468 (2021: £1,303,527) on behalf of the Charity. During this period £631,585 (2021: £1,369,500) was repaid by the Charity. At 30 June 2022 £5,017 (2021: £29,057) was due to Leicester City Football Club Limited by the Charity.

S V Whelan, a trustee of the Charity, is a director of Leicester City Football Club Limited.

A M Kapur, a trustee of the Charity, is also a trustee of The National Forest Company. During the year the charity received income of £29,607 (2021: £Nil) from The National Forest Company for salaries and expenses relating to the Outdoor Learning Programme. There were no balances outstanding at the year end. A M Kapur had no involvement with setting this partnership up between the two charities.

20. Pension commitments

The Charity operates a defined contribution scheme through an externally managed pension scheme. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £24,751 (2021: £24,049).