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2023-06-30-accounts

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

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 2023

CONTENTS Page
Reference and administrative details of the Charity, 1
its trustees and advisors
Report of the trustees 2 - 10
Independent Auditor’s Report 11 - 13
Statement of financial activities 14
Balance sheet 15
Statement of cash flows 16
Notes to the financial statements 17 - 25

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 2023

Trustees and Directors J R Rudkin
S V Whelan
J Byrne – resigned 6thJune 2023
A M Kapur
A Beddow
N Oakley – appointed 6thSeptember 2022
R Nixon – appointed 7thDecember 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

1

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 JUNE 2023

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 2023 (“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 – resigned 6[th] June 2023 A M Kapur A Beddow N Oakley – appointed 6[th] September 2022 R Dixon – appointed 7[th] December 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.

2

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 JUNE 2023

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:

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’.

Risk management

The Trustees have a risk management strategy which comprises:

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:

We are Leicester

Leicestershire is made up of vibrant, multicultural, resilient communities; enriched by its diversity.

Leicester City in the Community comprises charitable Trustees and diverse people supported immeasurably by Leicester City Football Club; all of whom are proud to Engage, Inspire and Empower our communities and the people within them.

Despite the immense togetherness and pride demonstrated in our changing communities, many have faced unprecedented challenges including being adversely impacted by Covid19 pandemic, the relentless cost-of-living crisis and a growing range of inequalities prevalent in areas of high need.

3

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 JUNE 2023

We aim to listen and understand and respond to communities on a local level. Despite working within changing contexts including social and economical pressures and the change in league status of LCFC; our approach has not and will not change.

We continue to deliver in communities of high need, develop targeted interventions for those who need us most and respond to the changes and challenges we face.

Leicester City in the Community cannot make an impact alone and neither do we want to. We aim to add value and capacity; enhancing rather than duplicating and working in partnership with an array of incredible partner organisations to ensure we truly work together to make a real difference, change behaviours and demonstrate social value.

Our brilliant people are diverse; and once we are fully diverse and inclusive, we will look like Leicester. Although different we have a common set of shared values. We all, regardless of role, Engage, Inspire and Empower through demonstrating Togetherness, Respect and Pride.

26% of our people are former participants or volunteers. We have exceeded our original target and we intend to continue to do so. Leicester City Football Club transfer significant amounts of apprenticeship levy to both us and other community and voluntary organisations to enhance employability and promote learning and development. Equality, Diversity and inclusion runs throughout everything we do. Afterall ‘We are Leicester’.

We understand our responsibilities to listen, learn and prompt conversations that promote cohesion, reduce inequalities and support wellbeing.

We are beginning to understand and reduce the impact of food poverty through collaboration and find our place within the tackling climate change agenda.

Our revised strategy will focus on delivering a range of targeted interventions, continually diversifying, and responding to change and uncertainty while engaging Community Influencers to ensure our delivery is in the right place, at the right time, engaging, inspiring and empowering the right people.

There is a place for everyone at Leicester City in Community. We will continue to focus on supporting the wellbeing of our people and our participants; aiming to create a measurable sense of belonging that continues to embed togetherness, respect, and pride.

This Director’s Report shows just a snapshot of our work that maximises the use of the brand name ‘Leicester City Football Club’; it’s assets, people, players, and generosity.

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:

4

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 JUNE 2023

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

EDUCATION

The purpose of Education theme is to inspire children, young people and young adults across Leicester and Leicestershire to improve attainment and change attitudes towards learning.

Highlights include:

Premier League Primary Stars

Premier League Primary Stars, funded by the Premier League Charitable Fund (PLCF), uses the appeal of the Premier League and professional football clubs to inspire primary age children to be active and develop important life skills, through the delivery of a range of interventions including English, Maths, PSHE and PE.

UEFA GOALS

UEFA GOALS (Growth, Opportunity, Achievement, Learning, Success), funded by UEFA Foundation for Children, is a targeted programme that works with secondary age pupils who have Social, Emotional and Mental Health (SEMH) needs.

Young Carers Programme

Leicester City in the Community’s Young Carers programme, funded by Leicester City Council and National Lottery Awards for All, aims to support children and young people who help to look after a relative with a disability or illness, by boosting their confidence and instilling pride in their progress.

Foxes Friday

Foxes Friday is a targeted programme designed by Leicester City in the Community to support primary age children to develop their social and emotional skills, raise self-esteem and increase confidence, and consists of one-to-one mentoring and weekly group-based activities.

5

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 JUNE 2023

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.

Highlights include:

Premier League Kicks

Premier League Kicks, funded by the Premier League Charitable Fund, 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 areas of high need to regularly engage in football, sport, mentoring and personal development opportunities.

Twinning Project

The Twinning Project, funded by The Twinning Project, is a partnership between the HM Prison and Probation Service (HMPPS) and professional football clubs, and is delivered by Leicester City in the Community staff in HMP Stocken in Rutland.

The project is designed to help reduce reoffending upon release by supporting prisoners to gain qualifications enabling them to gain employment more easily.

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.

Project 15

Project 15, funded by the Premier League and Professional Footballers’ Association (PLPFA), is delivered in partnership with Women4Change in St Matthews, and Team Hub in New Parks, and aims to provide families with targeted support and access to services that would otherwise find hard to access. The project takes a holistic approach to support, with sessions being tailored to the needs of the families with an aim to increase mental and physical wellbeing and reduce socialisation.

6

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023

Active Women

Active Women, funded by the Football Foundation’s Active Through Football initiative, works with women aged 18-49 in the St Matthews and Highfields area of the city by delivering a range of programmes and sessions. Working predominantly with the South Asian and Somali communities, the five-year project strives to increase access to more community activities, increase physical and mental wellbeing, reduce obesity and social isolation, and develop employability skills.

Food Poverty

Food Poverty is a new focus area for Leicester City in the Community and our approach aims to support individuals and families who are unable to afford or have access to food to make up a healthy diet, an issue which has increased because of the COVID 19 pandemic and the cost-of-living crisis.

Highlights include:

FOOTBALL DEVELOPMENT

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

Highlights include:

Football Camps 2,226 participant bookings 31% female participants 18% from diverse ethnic communities

Skills Centres

937 participant bookings 25% female participants 32% from diverse ethnic communities

7

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 JUNE 2023

FINANCIAL REVIEW

The Trustees would like to highlight that Leicester City Football Club Trust Limited has made positive progress within the 2022/2023 financial year. The Charity has made a financial surplus of £107,778 in unrestricted funds.

The organisation is pleased to report the extension and acquisition of additional levels of restricted funding through continued support from Premier League’s Charitable fund (despite a change in league status for LCFC) and partnerships with additional grant funders secured. 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 £400,176 at 30 June 2022 to £372,067 at 30 June 2023.

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 2022/23 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:

Education

Funding from Heritage Lottery will enable us to grow and develop our Outdoor Learning offer. We will continue to engage and develop participation and learning opportunities for care experienced children and young people, and young carers.

Community

Funding from the National Citizens Service will enable us to grow and develop our offer for Active Girls and for Refugees and People Seeking Asylum. We will continue to invest in and develop our network of Community Hubs, located in the heart of the communities that we serve.

Targeted Interventions

As part of our new organisational strategy, we will develop a new Targeted Interventions theme which will enable us to develop projects and programmes that meet specific identified needs, promote behaviour change and deliver measurable impact.

8

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 JUNE 2023

Environmental Sustainability (ES)

LCitCs Environmental Sustainability Action Plan continues to support our efforts to champion, raise awareness and educate our staff, participants and communities on the impact of climate change and environmentally sustainable practices.

Equality, Diversity and Inclusion (ED&I)

Finally, yet arguably most importantly, LCitCs Equality, Diversity and Inclusion Action Plan is informed by data, insight and engagement with our communities and continues to drive and support our inclusive ethos. There is a place for everyone at LCitC. Ultimately we want to create a measurable sense of belonging for our people and our participants alike and once we are fully equal, diverse and inclusive we will ‘look like Leicester’.

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:

9

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 JUNE 2023

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:

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. 

25/01/2024

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

A M Kapur signed on 25/01/2024, 21:04:58 GMT Chair of Trustees

10

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 period ended 30 June 2023 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:

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.

11

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:

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:

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:

12

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

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 26/01/2024, 13:52:27 GMT

Mrs L G Parkes FCA FCCA Senior Statutory Auditor for and on behalf of The Rowleys Partnership Ltd Statutory Auditor, Chartered Accountants Date: ……………………….. 

25/01/2024

13

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 2023

Note 2023 2023 2023 2022 2022 2022
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds Funds Funds
£ £ £ £ £ £
INCOME FROM:
Donations and subscriptions - 231,991 231,991 113,000 161,373 274,373
Charitable activities:
Grants 5 234,500 1,067,886 1,302,386 230,000 880,743 1,110,743
Soccer schools, coaching 307,920 29,063 336,983 295,847 32,507 328,354
and courses
______ ______ ______ ______ ______ ______
TOTAL INCOME 542,420 1,328,940 1,871,360 638,847 1,074,623 1,713,470
______ ______ ______ ______ ______ ______
EXPENDITURE ON:
Charitable activities
Direct costs 6 271,641 1,460,599 1,732,240 233,314 1,270,805 1,504,119
Support costs 7 34,277 25,174 59,451 18,344 20,785 39,129
______ ______ ______ ______ ______ ______
TOTAL EXPENDITURE 305,918 1,485,773 1,791,691 251,658 1,291,590 1,543,248
______ ______ ______ ______ ______ ______
NET INCOME/ 236,502 (156,833) 79,669 387,189 (216,967) 170,222
(EXPENDITURE)
Transfer of funds (128,724) 128,724 - (135,227) 135,227 -
______ ______ ______ ______ ______ ______
NET MOVEMENT IN 107,778 (28,109) 79,669 251,962 (81,740) 170,222
FUNDS
TOTAL FUNDS AT 1 JULY 913,584 400,176 1,313,760 661,622 481,916 1,143,538
2022
______ ______ ______ ______ ______ ______
TOTAL FUNDS AT 30 1,021,362 372,067 1,393,429 913,584 400,176 1,313,760
JUNE 2023
______ ______ ______ ______ ______ ______

All activities relate to continuing operations.

The notes on pages 17 to 25 form part of these financial statements.

14

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

BALANCE SHEET AT 30 JUNE 2023

Note 2023 2022
£ £ £ £
FIXED ASSETS
Tangible 10 2,674 3,342
CURRENT ASSETS
Debtors 11 60,663 69,252
Cash at bank 1,713,985 1,645,020
_____ _____
1,774,648 1,714,272
CREDITORS: AMOUNTS FALLING 12 383,893 403,854
DUE WITHIN ONE YEAR
_____ _____
NET CURRENT ASSETS 1,390,755 1,310,418
_____ _____
NET ASSETS 1,393,429 1,313,760
_____ _____
FUNDS
Unrestricted funds 14 1,021,362 913,584
Restricted funds 15 372,067 400,176
_____ _____
TOTAL FUNDS 1,393,429 1,313,760
_____ _____

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

25/01/2024

The financial statements were approved by the Trustees on ………………… and were signed on its behalf by:

signed on 25/01/2024, 21:04:58 GMT A M Kapur

Company registration number 06443209 and Charity registration number 1126526.

The notes on pages 17 to 25 form part of these financial statements.

15

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
Total funds Total funds
£ £
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income for the reporting period 79,669 170,222
Adjustments for:
Depreciation charges 668 835
Decrease in debtors 8,589 2,470
(Decrease) in creditors (19,961) (36,924)
NET CASH PROVIDED BY OPERATING ACTIVITIES 68,965
 136,603
CASHFLOWS FROM INVESTING ACTIVITIES:
Purchase of fixed assets - (4,000)
- (4,000)
CHANGE IN CASH IN THE REPORTING PERIOD 68,965 132,603
CASH AT THE BEGINNING OF THE REPORTING PERIOD 1,645,020
 1,512,417
CASH AT THE END OF THE REPORTING PERIOD 1,713,985 1,645,020

16

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

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.

17

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

(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.

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.

18

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

(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.

5. Grants
2023 2023 2023 2022 2022 2022
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds Funds Funds
£ £ £
£		 £
£
Premier League Charitable Fund 234,500 665,923 900,423 230,000 688,631 918,631
Other grants - 401,963 401,963 - 192,112 192,112
_____ _____ _____ _____ _____ _____
234,500 1,067,886 1,302,386 230,000 880,743 1,110,743
_____ _____ _____ _____ _____ _____

19

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

6. Charitable activities –
direct costs
2023 2023 2023 2022 2022 2022
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds Funds Funds
£ £ £ £ £ £
Staff costs (note 8) 207,234 1,102,373 1,309,607 168,522 991,043 1,159,565
Coaching expenses - - - - 20 20
Facility hire 14,980 70,682 85,662 6,463 57,881 64,344
Motor and travel expenses 4,236 40,695 44,931 2,102 42,707 44,809
Equipment/Kit 12,484 97,227 109,711 13,015 72,234 85,249
Sundries 32,707 149,622 182,329 43,212 106,920 150,132
_____ _____ _____ _____ _____ _____
271,641 1,460,599 1,732,240 233,314 1,270,805 1,504,119
_____ _____ _____ _____ _____ _____
7. Charitable activities –
support costs
2023 2023 2023 2022 2022 2022
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds Funds Funds
£ £ £ £ £ £
Post, stationery and 4,524 2,690 7,214 - 1,985 1,985
advertising
Telephone 3,450 21,844 25,294 2,701 17,903 20,604
Depreciation 28 640 668 35 800 835
Bank charges 6,393 - 6,393 4,679 97 4,776
Governance costs:
Auditor’s remuneration for 10,500 - 10,500 9,840 - 9,840
audit services
Other fees 9,382 - 9,382 1,089 - 1,089
_____ _____ _____ _____ _____ _____
34,277 25,174 59,451 18,344 20,785 39,129
_____ _____ _____ _____ _____ _____

20

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

8. Staff costs 2023 2022
£ £
Wages and salaries 1,178,669 1,060,155
Social security costs 100,074 74,659
Pension costs 30,864 24,751
_____ _____
1,309,607 1,159,565
_____ _____

One employee received more than £80,001 (2022: one over £70,001).

The average number of employees during the year was 46 (2022: 43). The average number of casual staff, employed in the delivery of the various projects, was 14 (2022: 6).

Redundancy payments were made during the year of £5,489 (2022: £nil).

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 £93,732 (2022: £83,464).

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 (2022: £nil).

No expenses were reimbursed to the trustees during the period (2022: £nil).

21

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

10. Tangible Fixed Assets Motor Office
Vehicle
Equipment		 Equipment
Total
£ £ £ £
Cost
_____ _____ _____ _____
At 1 July 2022 and 30 June 2023 4,000 1,371 1,496 6,867
_____ _____ _____ _____
Depreciation
At 1 July 2022 800 1,311 1,414 3,525
Charge for the period 640 12 16 668
_____ _____ _____ _____
At 30 June 2023 1,440 1,323 1,430 4,193
_____ _____ _____ _____
Net book value
At 30 June 2023 2,560 48 66 2,674
_____ _____ _____ _____
At 30 June 2022 3,200 60 82 3,342
_____ _____ _____ _____
11. Debtors 2023
 2022
£
 £
Trade debtors 20,088 37,460
Other debtors and prepayments 40,575 31,792
_____ _____
60,663 69,252
_____ _____

22

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

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 2022
Amounts released from previous years
Resources deferred in the year
Deferred income at 30 June 2023
13.
Financial instruments
Financial assets measured at amortised cost
Financial liabilities measured at amortised cost		 2023
2022
£
£
30,611
20,450
12,141
297,489
25,974
20,018
5,017
258,985
23,202
93,860
_____
_
383,893
403,854
_____
___
258,985
(258,985)
297,489
_____
297,489
_____
2023
2022
£
£
1,774,648
363,443
1,714,272
383,836

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

  1. Summary of funds
ummary of funds
At Income Expenditure Transfer At
01/07/22 (note 16) 30/06/23
£ £ £ £ £
Restricted funds:
Analysis per note 15 400,176 1,328,940 (1,485,773) 128,724 372,067
Unrestricted funds:
General funds 913,584 542,420 (305,918) (128,724) 1,021,362
_____ _____ _____ _____ _____
1,313,760 1,871,360 (1,791,691) - 1,393,429
_____ _____ _____ _____ _____

23

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

15. Analysis of restricted funds

At Income Expenditure Transfer At
01/07/22 (note 16) 30/06/23
£ £
£		 £ £
Premier League Charitable Fund 349,113 734,734 (888,030) 128,724 324,541
(including matched funding)
Other Funding 51,063 594,206 (597,743) - 47,526
_____ _____ _____ _____ _____
400,176 1,328,940 (1,485,773) 128,724 372,067
_____ _____ _____ _____ _____

Purpose of main restricted funds

Premier League Charitable Fund

Other Funding

16. Transfer between funds

During the period £128,724 was transferred from unrestricted funds to restricted funds. This transfer was match funding to expand projects:

17. Analysis of net assets between the funds

2023 2023 2023 2022
Unrestricted Restricted Total Total
Funds Funds Funds Funds
£ £ £ £
Fixed assets 114 2,560 2,674 3,342
Net current assets 1,021,248 369,507 1,390,755 1,310,418
_____ _____ _____ _____
1,021,362 372,067 1,393,429 1,313,760
_____ _____ _____ _____

24

LEICESTER CITY FOOTBALL CLUB TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

18. Commitments under operating leases

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

2023 2022
£ £
Within one year 7,920 7,920
Within 2-5 years 1,980 9,900
_____ _____
9,900 17,820
_____ _____

19. Related party transactions

During the period Leicester City Football Club Limited collected income of £16,440 (2022: £4,800) and paid expenses of £152,673 (2022: £632,468) on behalf of the Charity. During this period £140,130 (2022: £631,585) was repaid by the Charity. At 30 June 2023 £12,141 (2022: £5,017) was due to Leicester City Football Club Limited by the Charity.

During the period Leicester City Women’s Football Club Limited paid expenses of £127 to the Charity for equipment. There were no balance outstanding at the year end.

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

During the period the charity received income of £19,150 (2022: £29,607) 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.

During the period the charity paid expenses of £15,450 to Leicester Riders Foundation for delivery, venue hire and equipment. There were no balance outstanding at the year end.

A M Kapur, a trustee of the Charity, is also a trustee of The National Forest Company and a Patron of Leicester Riders Foundation.

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 £30,864 (2022: £24,751).

25