qiJtor•d numbv. 00025987 Ch4rlty number.. 1126799 Wolvwhompton Wand•Y•rn Foundatlon Tru8tses' report and flnanclal statements For the year ended 31 May 2022 rfADAINS ACCOUNTANTS
W¢hv•rhampton W•nd•r•Ys Found•tlon IA comp•ny Ilmlt•d by guJrnnteol Cont•nto Page R•f•rnnc• and admlnhtratlvo dotall8 ofthfr Charfty. IIB TNIte Ind advl•eT• Tru•t•g¥' rnport Ind•p•nd•nt •udltorfB r•port on th• fln•ncl•l 8tatsm•nts 9-12 8t•t•m•nt of Ilnanclal actlvltl•s 13 14 Stat•n•nt of flow• 15 Not to th• fln•ncl•l •t&t•m•nt* 18-34
Wolvpthampton Wandgr•rn Foundat IA eompany Ilmlt•d by gu•rnntog1 Raf•r•n and •dmlnkntrativ• detaih of thg Chafity. Its Tru*tee• •dvl••r• For th• y•ar •ndod 31 May 2022 K Roger5, Chor M Wild N Malhotra Ireslgn•d 31 August 20211 A Pur$$ell C Tonks R SkirrDW A Khan lapOnted 7 October 2021) Company r•glst•r•d number 06625987 Chority roglstsrod numbor 1126799 Regl•tsr•d office Mollneux Stsdlum Waterloo Road Wdvarhampton WV14QR Comp•ny •6¢v•tsry Muckle SecTel8ry Mited Head al Foundation Wlll Clowel Ind•p•nd•nt Judltor Dains Audit Llmlted 15 Calmore Row Blmlngham 83 2BH Bankws B8r¢tays Bank PLC 15 Colmore Row Blrmkngham 83 2BH SollcltOfS Muckle LLP Time Central 32 Gallowgate Newcastl8 upon Tyn• NE148F Page I
Wolverhampton W•ndaMY Found•tlon (A ¢ompany IlmSted by guar4nts•) Tru•tsoJ' r•port For tho year èndod 31 May 2022 The TrLtstees present Ihdr annual report together th the atjdlled flnanclal statement8 of the Chadty for the year 1 June 2021 to 31 May 2022. The Amual report serve5 the prSeY of both a Trustees. rèport ¥nd dlreclorB' report under cL¥np8ny18w. The Trugtees confirm that the Annual report and flnanclal 8talements of the charitable company ¢ompty wlh tho current ststui¢ry requirements, the requirements of the Charable companls governing document and the provlglens ol the Slatemonl of Recommended PrgCti¢e ISORPI applcable lo chariues preparing thelr accounts In accordance with the Finanaal Reporting Stsndard 8pplicablg In the UK and Republ1¢ of Ireland IFRS1021 {effective 1 January 20191- Slnce the Charity qualffies as 8rnall under section 382 of the Companles Act 2006, ihe Strate¢ report requlred of medlum 8nd large Companleg under the Companies Act 2006 (Strategic Report and Direclor8' Report) R6guJallon8 2013 ha8 k)oen omthd. I•r¥bOW Wolverharnpt¢n Wanderers Foundatlon IWWF) IB the offidal tharlty ef Wolverh8mplon Wanderers Footbo11 Club I'wolves'l. WWF works collaboratlvely wlh a number of local partner8 ¥thlth have helped lo focus. Inlorm and lolnl-fund the dellvèry af WWF'S core charitable objectives. Partners include the football club owner5 Fosun, Wolverhampton's Public Htalth Team & ClinScal Commisgloning Group. City of Wolverhampton College. University ol Wolverhampton and Wesl Mldlands Poll¢e. WWF a180 YrkS wllh nallDnal organlsalSon$, includlng the Premier League Charftable Fund. The Prtsfe¥8lonal Footballers A880d0, The Engli8h Footb8N League Trust 8nd The Fottlball A$soclation. Wolverhampton Wanderers Foundallon like to thank Wclves fvn$ and Nglar contributor8 to the charity, whether 11 be those supporters purchasing Wofverhamplon Wanderers Foundation 3thritiei, voluntetrs or publlc donations. The eontinued backing and generoslty 1$ much appreclaled. This kind ol sUPPCrt is Crucial for the ongDing SU#¥ of WeAverhampton W8ndw8r8 Founrlallon and the 5ucoessfvl implementation ol its slrateglc plans. Key 3lr8tsglc partnors h8ve 17dped to shape and drive the charily'y core obiectives, whlch direclty meet tt Citys rnost pressing needs. These are: Health & Welbelng, Coheslon & InclugSon gnd Educaon & Skllls. The Wofverh8mplon Wandertts Foundation Trustees have fuly revlebd these oblecfjves- and conunue to do 80 vla the quarleTly me8tlng8- and ballgve they remg5n as the most largotod and approprlats areas olfocus for Wolverhampton Wanderers Foundation. Wolverhampton Wanderern Fovndalion 15 l•gaNy separate frryn Wolves FC. However, the Club and the Foundallon are inextricably Ilnked, and Wolves FC conUnuo9 to provide free ofnce 9pace and ae$s to prolg99iong5 gervlces IHeBlth & Safèty, Safeguarding and IT, foT example). Payroll seCeS are cwrfed out ty the Cb and then approprfate 5BI8Tles are u053 charged to the Foundatlon 18ee note 111. The wl8tlon8hlp betss*8n tha football cl5 and chaiity is established and defin throtsgh a structured Service Level Agreement. The CkEb'8 5LlPPOrt helps to mitigate and adequatety control many ol the ri8k5 that the chanty f8ce8. However, the TfuBtees are ConnU8Y revle%%4ng thts risk3 that tt may enUnter In the future, The Tru51ee¥ rneel qu8rt•rty to review the governance. 51raleglc dIreC'¢n ¥nd priorffjes ol Ihe Foundation. All meellngs are fully mlnuled 8nd on regular occasions the TTUBtees recefve a presenlallon from a WWF member of staff on a partiCLAar area of the Foundation. D8y to day manHg¢rnent of the Foundalkjn l& dellvered by Wll Clo5 - Head ol Walverhampton Wanderer8 Fwndatlr)n. Pgge 2
Wolvorhampton W•ndoroY¥ Foundat6on (A comp8ny Ilrnlt•d by guarnnte•l TnrnteB•' r•port Icontlnuodl Forthe year indfjd 31 May 2022 Obl•edv•• ¥Gtiviti • Ourml8•1on To U80 iho p¢Mr ol Wolv•s lo molwate, educate and InBplr• 10¢81 p8ople and comrnunlde8 8¢ro88 Wolverhampton to change thelr Ilves for Ihe b¢tter. • Ourvilu ProgreBifve- amÈitiou8 creative imiovalive Oetennlned- ovmeTyhlp decSsfveness consl$tent Unlly. connected famlty togethern Humblg- considered cDn8iderate re8P8Ctful 8rfght- inBpirfng engaglng Intelllgenl ObJoctlv•8 H•althlar. mor• 8rtlv• people. Ufèlonll leamlng and 8klll•. 8afo, strong 4¢dv• communltièj The key objectives of the ¢hgrty 88 8•t out In the conllitution are-. To piomole ¢ommunlty partlclpallon In hgalth iecreatlon by provldlng fale8 lor the plafvg of a88ocl8tlon lootball and other gPOrt8 capgble of Improvlng health. To prode anfl asBlst In prdIng lacSNii88 for 8POrt, r8crealK>n or other lel&ure Ilme occupatlon ol 8uch persons vtho have th8 need lor Such facllMo8 by reason of thelr youth, age, Infirmty or dlgablement, poverty or $oGlal and eaonomlc drGum61ances or for the puk41c at larg¢ In the Interests of soclal wdlare and th (he object ol Improvlng thelr condlllon6 olllfe., To advance the education of chlldren young p•opl• through such Mea a$ Ihe IrusteeB ihlnk fll In accordance the law of chartty., 8n ny other tharIta• purpo$8 a¢cordlng lo th•18w of England and Wale8. The TNslees havè tyven careful con8lderatlon to the Charfty Comm1885on'8 Juldance on wbllc benefll vthen Setting ils aims and activ96. In partlcular, the 1iuslees con51der how planned actiMUes conlrlbultr to the Founthl18 alms and oblectlve8 Ihey have Set. Pggo 3
Wolv?rhmpton Wnd¢r•r4 Foundatlon IA Ihnlt•d ty gu•rnnt•o1 TruIts. r•port {c¢)ntlnu•d) For tha y•ar 8ndod 31 M•y 2022 A¢hl•voments ind p•rfomiance R•vS•w of actlvlt1é9 Actlvrtles are aligned the objeclivey ol the Fwndstion. AJI proiecU8clivty performance is man¥ged through structured planning, d8t8 capture, pertomiance 18rgel¥, monltorlng rews 8nd 438essmenl, which ly standard prpceB8 applled. R¢Forts are pre5pnlgd to iruBlegs fur reW al board me8llngs, qu frequenty (h perfom70n¢8 ag8Sn8t Kay Perfom)ance Indi¢ator8 and Red Amber Green IRAGI ratings. Project SucsS is measured Ihrough a Tange of indicalorB. which are diBC1155ed and a3se55ed with Iruslee8. WWF dellvern multiple projects, vllh cornplex KPI'S that have been developed through Inill81 project pl8nnSng and slruclLsre of quality as5uran¢e. Many projects are also supp¢)rted by sleerlng groups, whlch brtng together parthers and lu1er8 to 88iess perfomi8nce and rnonltor mre88. COVID.1g Throughout the 2021122 financlal ye8r, WolveN Foundation ¢ontlnu•d to be chollang&d by lh8 impact ol th Pgndemic and 113 effect on the Irk delivered by the charfty. With re6trictkJns Irnw8ed by guvemmBnl, Wolve8 Foundallon regularly adapted Its projert dellvery lo meet these Ilrnilalions, th every attempt always belng made to support local peoplè, vknerever and vth•iever posglble. During this chall¢n9ing period Wolve5 Foundation was very proud to cpnlinue to defiver ¥eyspJns and ¥eNce¥ to Ihole local people 0$e lives were 8dversdy impBcted by the p8ndern. During this Ilme, the 5UPPOrt of the board el tr¢J5tee&, the footb411 club ¥nd many IDc•l partners was •$$ndal for staff and all people who benefll from the charl$ work. From J•nuary 2022, the Impath of Covid 19 an 8taff, sessions and delivery decreased, bul Still remahed present nd wa¥ a constant conslderat+on wllh our work. Wolves Foundallon look8 forward 10 4 perkd po81 covir>19, with fewer reslricuons to its work, alkwAThJ the chaTty to BUPPOrt even more lo(xl people through our diverne project offerSng acro98 the aty. • Thank• WhilBI lully dependent on the ¢tsntlnulng partnor8hlp and support of Wolverhampton W8nder8rs Football Club, Wolverhampton Wandwer5 Foundalrm and the Board of Trustees are Sndebled once again to all tho8e have mgde 8 91gnlfl¢anl ci)ntribution lo the Foundallons progress over the past 12 months. The football bodles which provided valuable aB3iStance to the Foundatton during the year Included The Premler League, The Prole8slonal Footballers A530oallon and the EFL Tru8L The TfUSlee8 would like lo thank all Foundètson $l•ff far thoir dedlcalSon and hard wort( throughout an¢)ther succeg8ful period, vthich has resulted in excellent Tesult3 once agaln. The TN$tee8 would Ilke to place on M¢ord thelr skn¢ere thanks to Fosun, th8 OY•nors of Wolverhampton Wanderers FC for It8 conllnued 9UPPQrt. Pago 4
Wolv•rh•mpton Wandwars Foundatlon IA company lknltod by guarants•l Tru¥¢•n' roport Icontlnu•d) Far the y•or •nd•d 31 May 2022 Flnanclal rovI•w • Golng concem After making enqulrtes, thtr tru81808 have a reaTh#bIe expeGt8fjon that the charAy h85 gdequaie re8our¢g$ to ¢onlinue in operational existence for the fcre5eeable future. Thus, they conilnue to adgpt th? gaing concem bg81s of occounlng In preparfng the annual flnanclal stalemenll. Further det#llJ regerdlng the adopty'on of the goSng ¢¢•M b•$is ¢an be found kn the 8taternent of a¢countkng pollcie6 in ihe flnanclal statements. R•vlow of fln•nGlal P10 WWF Is fijlty nde'rtten by W(ths FC. The alm13 IAat the Charty18 to be ulttmalety 8eif-8uf1kftl. Currently, WF unre5tr1cled reserv8s stand al £1.178,95712021,' £808,127). The resirf¢t•d re8erve8 81and al £817,920(221'. £842,570) whlch relate8 io extemaly funded projerts of worf(. The end0Ment fund con51sls of the Wolves FoundOn hnna a8set, whlch fo11tsng depreclatlon chargeB haB A nel book va¢ of £409,93112021'. £445,292). staff costs 81 £1,076,282 12021.. £751.884) repreB8nts a hlgh pruporl¢on of WWF'8 total c08ts. or th18 flgure, k•y marbagement perqonnel remuneration represents £347,45612021'. £339,755). Principal 8ourceB of income for WWF Include donallone gnd grants from The Pramler Leaquè Charltgble Fund, The Professional Footballers Associalrth, EngWJh Footb811 League TrusL The Football Foundation. The Chprty would Ilke to thank Ihem forthelr conllnued 8UPPOrt, Rg¥•rv•$ polley The Tnjstees aSm 13 to bulld reserves WCh would cOr WVWF'5 operating c051s for a >&month period in lin• wfth the Ch8ritle8 Cornmi88lon'$ recommendadon8. The unre8lrKted gener81 fund (free re9wve81 al 31 May 2022 was £1,080,999 {2021- £733,773). The unrestrlcted reserves poslllon lor the ye8r ealculal88 lo the vglue of 3 monthg operstlng costs averall. It 1$ thg intention of the chaiity to conlinue lo grow the Te81rICted re8erve¥ in line 1th the recommendaOn from the ¢h8ritles commission. Page 5
Wolv•rhampton Wande¥ors FodatIon IA compary Ilmltad ty guarnntee TruBt•••' r•port Icontlnuodl For th• yo•r •nded 31 May 2022 • Rlgk manag•ment The trustees have ¥ rb8k management 8lr8te9y, l¥ managed by.. Quarterfy. mlnuted TrusteeB meetlngs., Trustee8 Idanlty the maln ri8k8,' And Collaague8 from the Foundalon- and WoEve8, vthere WWF 3h8re8 8er¥l¢e$ vlth thg charlty- are Invltsd lo present details on Iheirtuncllonal area and the proce$so8 and precedure$ In place. M8naglng the safeguarding ol chlldren gnd adults at rS$k 1$ one of the ¢QTe prlnciples of the charfty- The wel belng 8nd weKare of all Indlvlduals particlpoting In a¢tlv5I8s or •ng8gln9 the dub Is pararnounL All Safeguarding proMsi¢Jn 15 overseen by Sta Pursell (Head of Legal WWFC and WWF TTUSteel. The WWFC Head ol Safeguarding work5 clogely the Foundation on 811 matters related. Should an incident or SU8plclon ol an in¢ldenl accui, the Inddenl 1$ documented and referred for WWFC Head ol Safeguardlng and WWF DSO 8ttenlon 8nd duè pro¢èss And procedure foll¢)wed thereafter. Each Incident 18 Invesbgated and all 5tatutw department8 such a8 the Pollce, Lo¢al Aulhorfty Deslgna19d Officer and Social Service8 are Ilalsed th then required. WWFC I WWF are ajsegsed on g118afeguardlng practl¢o8 by the Eng116h Foulball Lgggue, Promler League Ivla 8arnardo'8 Independent rgportl and The FA. Flnanclal rlsk Is alway5 a key prforlty for the Tru8teeB. A key element in the management of fln8nclal risk 08 the 8QtUng ol a re$eFves policy and its regular VIeW by the trvslees. The Twstees alm 1$ lo bulld reseryes leh would cover the Found8llon9 Opèrallng costs for a 3-6 mttnth period In Ihe th the Charltles COMMIlOn,$ recommendauons. Th1818 a medium4erm to IDng-Iprm a8plrallon. The prfndp81 r58ks end un¢ertalnUe8 Identifd and recogn13ed on the an1¥all0.# regigler include.. Unbudgeteil operating Gosts Tequlring reallocation of flxed annual Id9ts', Effect¥ of volatlle economlc envlronmenl on opeTat4ng GDndlllons e.g. hl9h Infiauon cau¥lng 4 deprnclallon In Income., and Changes in admlnl8lrallon or glr•tegfc policy al majorfijndern,. LOB5 of key per81)nnel. WWF hag adopted WWFC'8 HR pracilces and pmctsdure8. WWF 8180 shar•s Ihè Club'8 Health & Safety framework. Rlsk 18 8180 a key locu8 with the CabIl Code of Practlce conducted by ihe ELF Tnjsl ard the PLCF. trusleeB remew 411 risk on an annu81 cyde ithin the board structured 4arter[Y meetings. Risk 16 also highllghted withln meetlngs to deal wlth additlonal need& outslde of the cycle of meellngs. all of 71thich is reported through our CapalIty a$se8$ments, • Prtnclpal fundlng Prindpal 8oureey ol In¢ome lor WWF Include donations and gr8nts from Fr>8vn, End18h Footb811 League Tru81, The FA, The Prernler League Chaiitable Fund, The Professlonal Footballèrs SocIaLl0n and The FCball Foundabon. The Charitywould like lo thank them for their continued support. Pag• O
Wofvath&mptcn Wgndor•rn FOdatIOTr IA company Ilmlt•d by guarnntso} Tru¥t•o9' voport Icontlnu•dl For the year ended 31 May 2022 Structuroi gov•rnan¢• and rnanuym•nt • Con•tliuilon Wolverhampton W4ndoreT8 Foundatlon k a Company Ilmlw by guaranlg9 vAthoul share Gapttal and r8giBlered under the Companies Act. The cumpsnylg governed by Its Memorondum And Arb"clag of Association, dated 20 June 2008. Methodg of appolntment or •le¢tlon of Trugtee• TN51ees are nominated and appointed based on Ihelr 3ultsblllty as decidecl by current membBrn of the Trusla88. They ore Invlled to 4ltend an Induction trainlng proce8s for Ihe running and oppraUon of the Found¥llon. Add5fjanal tralnlng is offered as required. • Orynl•atlonal stru¢turn and d•clsSonwmaklng pollGI•¥ The fOllng1S bo8ed on WWF'8 9overnlng docurnent. Monthly meetlng8 ar• pnnfjd to digcuss the ongolng Invofvment and fvture development ol the 8¢heme vlth the Club's 8enior mo$1 appc4nted offloer.. ACllvlta arranged under the ¥¢heme 11 be Coryordlnaled by & fvIe person Involved In tho scheme. Part- dme Blaff may be uged as and when requlTed'. No per80n Involved In the stheme have any y8soGlatlon any oth8r profe88lonal Football Club,. All staff are emt4oyed by the Foundallan and musl adheie to all procedures Bel out In HR pclicle5', and All heady of a¢tSvty wll rneet wltti the Hgad of Wolverh8mpton WanderèrÉ FOUndaOn on a weekly bas18 to dl8¢U88 ongolng and futur8 actlvty InvofvemenL Mlnutes and adon polnts r8188d at these meetlngs lorm the Mg•nda fwfulure dl8cus$lon I meellngs. • Poy pollcy for k•y m•nogem•nt perJonD81 Relatsd Salary cojts for all WWF 8lalf, Incfudlng key management personnel, are benLm8rked agaln8t Industy ¢cthparlsons anej agreed Ihrough management andlor trustee meetlngs. P890 7
Wolvorh•mpton Wanderors Foundatlon IA eompany Ilmlt•d by gullrnntsol Tru•te89' r•port Icontlnu•d} Forlh• year ond•d 31 May 2022 stat•mont of Trust5. Mbponslbllltlgs The Trustees (who are also the dSrector¥ of the Charily for the wrpose$ of cornpany lawl are responsible for preparing tha Trustees, report and the finan¢Sal stalementx in 8ccordance vAlh 8pplIcae law and United Kingdom AceAJunllng Standard8 Iunlted Klngdom Generally Acceptèd Accounng Pradcèl. Company law requlres the Trustees tts prepare flnanebAI 8talement8 for e8¢h fInaal . Under cornpqny law, the Twstee5 musl not 8pprove the flnancial stal8ments unles8 they are 8alisfied Ihal they give a true and fair vlow of the stale of affaiT3 of the Charity and of Its incoming resources and application of rèsouTces, hckjdlng its Incorne and expenditt6re. for that perlod. In preparlng these Ilnonclal statements, the Trustee5 are required to.. select sultable accounung pollciej and then apply them ¢onslslenUy', observe the rnethods and prlndple8 of the Ch8rStle8 SORP IFRS 102}', make judgements and accounting e3llm8108 that a aSOnable and prudent., stste whether appllcable UK Accounllng Standard$ IFRS 1021 have been fotlowed. sublect to any material departures di3¢1oJed Jnd explalned In lhe1Sn8n¢lal statements., Prepare the fln8nclal 3t8tsments un IhE going concern b9918 unless It Is Inapproprlate to presume that th8 Charty 11 conJnue In bu8lnesg. The Trustees are re5ponslble for keeF4ng 8dequato a¢eounllng records that 8r& suffident lo show and explaln the CharSty's transactions and discloBe with reasonable accuracy at any Ilme the financial pc51tion of the Charity and enable th•m lo gnsure that the linanclal statemènts comply the Companie8 Act 2006. Th&y are al80 respon51ble for safeguardlng the assats ol the Ch8dty and hence fortoklng r&asonable steps for thè prtvenllon and detection of fraud and other iryEgularitte8. 018cloBurn of InforrnatSon to audltor Eoch ofthe pergons who are TruslgBS at the Ilme when th1¥ TnJstee$' report18 8pprov8d h88 ¢onllrm•d that., 80 far 89 Ihal Tru8lee18 aware, ther818 no rel8vanl audll Inforniadon cf whkh tha ¢harltl8 oudllor Is unawa¥e, and that Tru8198 has tBken all th8 8tBP6 that ought lo have been taken as 8 Tiustee In order to be aware of ny rdevanl audlt Informatlon and lo eslablK8h that the chartty's audthr18 8W8re of that Informallcn. Auditov The Iru8tees, h8¥lng been nolfled of the ces$allon of the partnership kno% a8 Dains LLP, SOlVed that Dains Audlt Limlled be appointed as successor auditor vllh effect lrt>m May 2Q22. The de91gnated trust•e$ will prop058 a mulbn reappainung Dains Audit Limited at a meeting of the trustee3. Apyoveil by orr¢er of the members of Ihe toard of Trustees on 12 December 2022 and Slgned on Ihelr behalf by., K Rog•rs Tw$loe Pag• 8
Wol¥•rhmpton Wanderers Found•tion (A company Ilmlttrd by gu•r•nt891 Ind•p•nd•nt •udltorfs Mport to tho M•mborn of Wolv•thimpton Wond•rnrn Foundatlon Oplnlon We have audlted th• flnancSal stsloments of Wolverhampton Wanderern F¢undafjon (the 'charitll for the ye•r ended 31 May 2022 whlch comprf8e Ihe 8t8tem8nt of flnanclal aCtIes, the balance Sheol, th0 8t8lement of ¢a8h flows and the relatad noleg, Includlng a lummary of slgnlfieanl accounbng pollcleB. The finènclal reportlng framewvrk that has been applied in Ihelr preparation ly appllc8bla law and United Klngdom A¢untIng Standards, Indudlng Financlal ReportSng Standard 102 The Finoncial Reportlng Stsndard applIcae in Ihe UK and RepublK Df Ireland, Iuniled Klngdom G•neraty Accepted Accounting Practicel. In opinlon the flnancl•l 8taiemerts', glve a true and fa vlew of the 8tal8 of the chgrftable company's affdrs a¥ al 31 May 2022 and of Sts incomlng reBour¢&8 apll¢alSon of resou94, InGludlng Ilg income and expendrture for the yoar then ended., h8ve been properfy prepared In SOrdanCe th Unlled Kingdom Genvrd]y Ac¢•pted AcGounling Practice., and have been pr?p4red In accordan¢e wlth the requirements of the Companies A¢t 2006. 815 for oplnlon We conducted our audll In acCdanc• wlth International Standards on Atjdlting (UM {ISAs {UKII and 9P1¢able law. Our responslb511les under those stsndards are further des¢ribeil In th¢ Audilofs responslbllllles for the audlt of the ffn4nci81 statements section of our report. We are independonl of the ¢hgrtt8ble ¢ompany In accordance vlth the ethical requlrements Ihat gre relevant to our audit ol the finand#l slal?ment$ In the uned Kingdom. Includlng the Financial Reporting Councll's EthicBI Standard. and we have fulfilled our ¢lher ethl¢81 regpon3*)Illties in accordance th these requlrements. We belleve that the audll ewdence we have obt8ined18 Bufficienl and approprl8te to provide a basis for our opinlon. Concluglonl r•latlng to golng ¢on¢•rn n audllng the flnanclal 8tal?menls, we have conchjded that the Trustees, u$8 of the golng conGern basls of accounting kn the Preparation ol the flnanryal $lat&m•nts 1$ appmpriate. Ba$ed on the work we have performe¢J, we have not Idenufied any material uncertainties relating to events or condi1Son8 thal indlvitlualty or collectNely. may ca8t significant doubt on the charitable cornpany's ability to conunue a8 8 golng concem for a perlod ol al ast h¥elv8 month8 from en the finda1 ststem&nts are aulhorfsed for issue. Our re5ponsibilllg8 and the reBpOnBlblle9 of the Truste08 vllh respect lo golng concem are deBcrfbed In lh• relevant sectlons of this report Paoo 9
Wolvèrhampton W•nd•r•ys Found•tlon IA ¢ompany Ilmlt•d by guarnts•l Indond0Tht audltol¥ report to th• Mbmbarn of Wolvèrhampton Wandornrs Foundatlon Icontlnuedl Oth•r Inforniatlon The other infomatson comprise3 the infomatlon Snduded In th& Annual repart other than the financlal 81•m•nl8 gnd our Audllor's report thereon. The Tru8lees are re8pon8lble for the Qlher Information contained Ihln thè Annual report, Our apinlon on the financlal 5talemenls does not cover the other infonnation and, except to the extent othemge explkn'tly stated in report. do not èxpre38 8ny lorm ol a88urance conclusion Ihereon. OUT responiblHty 18 to read the other Infomiauon and. In dolng 80, consider whether the olh¢r infomiabon is materially inconslstenl wSth the financial 5tatemenl$ or our knovAedge obtalned in the course of the audlt, or OtheSe appear8 to be maledally m183t8led, If we Identlty such m8ted81 In¢onslstencleg or apparpnl material misslalemants, we are required lo determine vthelher thiB gives Ip a rnalarlal rn153tsternenl the Ilnancl41 statements themselves. If, based on the Work we have performed, we ccn¢lude that there Is 8 rnaterlal mSsElatemenl of th18 other Infarrnatlm, we are requlred to report that fact We have nothlng to rèport In Ihll regard. Oplnlon on othèr matters pM¢rfbed by the Companhi Act 2006 In our cpinion, based on the V•Y)rk sjndertaken In the Gwrse of the 8udl the Infomiallon given in the TruBlees' report for the financlal year for vthlch the fln4nchl statements are pr•p8red Is consistent th the financial statements. the Truste&s' report has been prepared In accordance applS¢Able legal requlrements. Mpttom on vthich we •TO r•qulr•d to r•port by •xcoptlon In the Ilghl of our knowledge and understanding of the charitable company and its enMrornent c&talned In tho courge of the aud, we have not Id•nUfied material migStatement9 in the Trustees, report. We have nothing lo report in respect of the follong mattors in relation ta Companies Act 2(hJ6 requireg U8 to report to you if, in our opinion.. adequate ¥c¢ounting records have not been kept, or retums ailequate fvr CAJr wdlt have nal be8n received from branches not Visit by u5,. or thÈ flnanclal statemenis are not in agreement with the accounung record) and IrnI; or ¢ert¥ln dlyclosure8 of TNstees' remunerallon specified by law are nol made.. or we have not receiv all the informallon and explanatlons we reguire for OUT audit., or the Trustees We not enblled lo prepare the financlal statements In accordan¢è vAth the 8mall ¢ompanles regime and take advantage ol the sm811 compan5es' exempl5 In prepartng Ihè Tru8tee8' reptsrt and from tho requirement to prepare a Strategic report. R¢8pon•lbllltlo9 of truyt•py As oxplalned more fulty In the Tnjstees, re¥pon$lbllll•s st8t•m•nt, the Truslee91%th0 gre al$0 the dlrectors of the charitable company for the purposes ol company law> are reBpon8lble for the preparatlDn ol the ffinanckql $latemen15 and fur belng ¥alisfied that they give a true and fair view. and for such Intemal control as the Tru51ees determlne Is neCe9ry lo enable Ihe preparallon ol financlal statements Ihgt Jre free from mglerlal rni8St8temenL vthelher due to fraud or error. In pr¢p8rlng the financial slalements. the Trustee8 are re8ponslble for a88es81ng the charftsble ccmparw's obNty to continue a& a going concefn, di5clo3ing, as appllcable, matters related lo gplng Goncefn and using Ihe going concem b89[8 013ccounting unles5 the Trustee5 eliher Intend to Ilquldate the ch8rlt8ble MpanY or to cease operatlons, or have no reallsllc allernallve but lo do Bo. P8gB 10
Wolverhampton Wanderers Foundation (A company Ilmlt•d by guaMnts•l Indep•nd•nt audltot• r•port to th• IA•mbor• of Wolvorhampton WAnd•rnrn Found8tlon {contlnuedl AudltoV$ r•8poMlbllltI for th• audlt ol tho flnanclal tat•m8nt8 Our objecllv$$ arg 1¢ obtain rea8on¥ble 88suran abtsul eth•r Iln8n¢lal 8tslernenls as a vknolo are free frDm material misststernenl. V1hethe due lo fraud or error, and to issue an Audiloes report that includes our Dpinlon. Reasonable assurance 19 a hlgh level Df assurance, bul18 iiot a guaTantee that an audll conducted In g¢cordance Kith ISAS (UK) will always delocl a material mi¥$lalemenl when 11 gxlsls. Mlsstslemenls can aris& from frAud or error and are considered material rf. indlvldually ar in the aggregate. they could reasonably be expected to Snftuence the econom4c decl8lons of uger8 taken the ba818 of the8e fln8nclal 8tatements. Irregularlbe$, Includlng Iraud, are In8tsncÈ8 of non<ompll8n¢e vllh law8 and regulallco8, WÈ d081gn procedures in line th our responsbi Allies, oullned above. lo delecl material mi55tatement5 in respect of ifTegularflies, including fraud. The extent lo which our wocedures are capa1e of detecting Irregularities, In¢lud5w frgud18 detallgd beFthv.' T approach to IdenUIn0 and as3e551ng the Tisks of material misstatement In respect of irregUlare8, thcluding fraud and noTrcomF4iance Vlith laws and regulations, was as follows.. the senior 8latulory audltor ensured that the engagement team ¢olleclvely had Ihe approprfate competefice. capabllllles and BknIIB lo Idenllfy or Tecognlse In-complIance th aptAlcable lawa and regulationB', we klentlfied the la and regulailon8 apICable to the company ihrough d18CUgslon$ wlth dlrector8 and other mbnagement, and from our ccmrnercial knDwledge and expence of the charlly 8ector,' WB focused on 8peclflc laws and regulallons whlch we COnBldered may have a dlrect mal8fl81 effect on Ihe rinanclal statement8 or the CFeTat6un8 ol the Mpany, including the fjnancl81 portIng leglslallon, Ccmpanie& Act 20, taxaOn legl8latloTh, anll-brlbery, employment, and envlronmental and gnd safety leglslatvJn', we asse8Bed the extent of Compl14n vllh tho laws and regulations Idenlfled above throu maklng enquiries of rnanagemgnl Ind in8pecting legal Eorrgspondence,. and Identified law7 and regvlation¥ were CQTnrnuniraled withln the audit te8m re9artY and the team remakned lert to Instances of non-compli¥nce thruvghoul ihe audfL. ¥Ve asse88ed tha gu$ceptSblllty ol the company's Iln8nclal ytstements to material mlg918tement, In£dIng obtaining an undBTStanding of howfraud mlghl u¢cur. by. making enque$ of management 88 to where they consmlered there wa8 BusceptlbS11ty Ic fr8ud, theSr knovledge of acbjal, sU8pecled and ¥lleg¢d fraud,. and ¢on5idering ihe internal controls In place to mi1Sgale rI8k8 of fraud and nonpcomplkqnce wilh lawB and regulations. To addre98 the M8k of fraud through management bl38 and overrlde of controls, we.. performed #nalyueal proced¢Jres to lddty any unu9ual or unexpocted relathJn¥hlp8', lesled joumal entries lo Idpnlify unu$u¥l Iransactiong,, assesBed thether ludgements and as•umptlon$ made In delemilnlng the a£Unting esbmale¥ %wre Indicative of potential bias., and Investigatsd the rllonale b?hind slgnlficanl or unu$uo1 Iran8action$. P8ge11
Wolv•rh•mptofi Wanderers Foundatlon (A company Ilrnltod by guarnDts01 Ind•pend•rt audltorfs r•port to th• M•mbern of Wofvorh•mpton WandgrnY¥ Foundatlon l¢oniinuodl In response lo the rl$k of irregsJlarflle8 4nd non-compll8nce law8 and rpgulallonB, d•81gn8d prooeduTg$ vthlch included, but were not limited lo.. agreeing Ilnanclal statement dlgdogures to underIWng 8vpportlNJ documentallon; readlng the mlnule4 of meeting5 olthose charged th govern8nce', enqulring of management as 10 act1 and potentlal Ilugallon and clalm8,' and reviewln9 correBponden¢e HMRC, relevant regulators and the CoMpY'S log818d90T8. 8ee8Uge of the inherent limit8tion3 of aud, Ihere 18 È risk thet 411 not detect all IrTegularfUe8, Includlng those Feadlng 10 a materfal ml$gt8tement kn the frnanual statements or ncfrCp1kance wSlh regulation. This risk In¢reases Ihe more that mPlIantre vlth a law or Tegulalion is removed Irom the events and transactions rÉflected in the fln4ncial statements, 88 we 111 b? less 14kely to become aware ol InBtsn¢e8 Ot non-cornpllAnce. The dsk Ss also grgoter regaidng irregularitie¥ ocGurfng due to fraud ratheT than error, a8 fraud Involves intenfjolal concealm8nl, forgery, colluslon, omi38ion or ml$repre88rt8lion. A fvrther descdpuon of our responsibilities for the audrf( of the flnanclgl gtstements Is located on the Flnanc181 Reporting Councifs webSe at.. vfvMfrc.o .vkla rs n21 This descrlption fomis part of Qlsr AdItOr'S reporL Ug• of our f•POrt Thlg repc#l15 rnade Bolely to tha chArftable ¢omp8ry'8 members, as a body, In acCordare vllh Chppter 3 of Part 16 of Ihe Companies Act 2006. Our audit k has b8•n undertaken so that we mlghl slate lo the thsritsble companvs members those matters are requlred to stsle to them In 8n Avdllort3 Teport and for no other purpose. To the fvlle81 extent pamillled by law, we do not accept or assume r•sponsibllity lo anyone other than the chgrftable company and il& memberg, 88 a body, for our audit vrk, foi this report, OT for the oplnlon8 we have lomed. Mark Gurney for and on behalf of Oalns Audlt Llmlt•d statutory auditor) stalulory Auditor Chartered Accountant Bwmlngh8m 12 Dwrnber 2022 Page 12
Wolverhampton Wanderevs Foundatlon IA ctrfflpany Ilmltod by gu#rnnt•• St•tomgnt olflnqn¢lal q¢tlvltlH4 {IncoryJorntlng Incom• and •xpondltur• account) For th• y•Ar •nd8d 31 May 2022 Unr48tr1eted fund• 2022 R•8trlctod Endowment funds fund 2022 2&22 Totol funds 2022 Totsl fsjn 2021 Not• Incom8 and •ndowTh•nt8 from: Oonalon$ and lega¢$8S Charttable actitIeS Other tradirg activrt Total Incorna and •ndOOrrtS 130,046 616,987 274670 130,64 1,646,114 274,570 125,515 1,307,515 127,509 1.129,157 922,173 1.139.157 2,061,330 1,560,539 Exp6ndltur• on: Ra5sing fttndg Charftable 81118 105.4Z8 44S,916 106,428 1,434083 89,627 981,401 953.807 JS,361 Totsl oXP•7dltuv• 551,343 953,807 35,361 1,540,811 1,071,028 Net movemènt In fund 370,130 176,3SO 135,3611 510,818 489,511 Reconciliation of funds.. Total fund5 brought foard 16 801.127 642,570 445,292 1,491989 1,406,478 Net movement funds 370,830 175,350 IJS,3611 510,B19 489,511 Total fund$ carrled forn1 16 1.178.957 817,920 409,931 2,406,808 1,895,989 Thg nol88 on p8w 1610 34 fffi pwt ol th¢$e financial statements. PagB 13
Wolvorhmpton Wandernrn Foundatlon company Ilmitèd by guarnntewl Roglstsrgd number: 06625967 Balance shwt Ats at 31 May 2022 2022 2021 Not• Flxed 41sets Tan9lble as91 Curr•nt g88Ot8 409,931 445,292 Debtors CaBh at bank and In hand 14 184,048 2,390.925 119,349 2.509,394 2.574.973 2,628,743 Crodltor8: amounts fajlkng due vllhln one year 15 1671096) 11,178,046) N•t currnnt ass•ts 1,996,J77 1,450,697 Total asg•t• 2AO6,808 1,895,989 Gharfty funds Endo%Mnenl lund8 Re8lrkted fvnds Unreglrfcted fund 16 409,931 817,920 1,178,957 44S,292 fj42,570 808,127 18 Totsl lund 2AO8,808 1,8S5,989 The financlal statement8 were gpproved and auihcr18ed for Iu8UE by the TruBlee8 Dn 12 December 2022 and slgn&J on their behalf ty.. K Roge TTUStee The note9 on pageg 16 tr) 34 fom part of these financld stalemenl¥. Pogo 14
Wofv•rhampton Wind•r•rn Found•tlon (A ComnY Ilmlt•d by gu•rant••l stst•m•nt of ca•h flow8 For tho y••r•nded 31 M•y 2021 2022 2021 Ca•h flow¥ from op•ratiw actlvltl N81 caBh In op¢ratlng act11188 19 1118,4691 678,270 Caoh IIow8 trom Inv6•tlng aciivltl•8 Purchase ol tanglble flxecj a889t8 (7,731) W•t pnvld•d byl(u••d Inl Inv••tlng actl¥NI•• 17,7311 Change In and cash equivJl•nts In th• par Cash and ca8h equlv81enl8 al the beginThng of the year 1119,4S91 2,509,394 67Q,$39 1,838,85S Cash and cash •qUI1•nti #t th• end oflh• YMT 20 2.390,926 2.609,394 The notes on pages 16 to 34 form part ofthe8e flnan¢lo18tstemeni¥ Page 15
Wofverhampton Wander•r¥ Foundatlon IA CoMnY limlt•d by gullrnnt••l Nots8 to tho financlal •tatem•nts Fop thg y•r ondgd 31 May 202Z G•nor41 Informatlon Wolverhampton Wanderer8 Found8llon Is a charlly reglstered In England and Wales vlth the Charfty Commission and incorporated ag a prSvg18 Company Ilmiled by guarantee In England and Wales. The reglstered charity and company numbers, along vAih the regl$lere£5 office adress, are given on page 1. The prfnclp818¢Ilv9s of the eharfty are Set out In the Trustees, Report beginnlng on page 2. ACCO}tIng pollclos 2.1 Basis of preparatlon of flnanclal 5tstsment6 The financial ststements have been prepared Sn 8ccord8nce wlh the CharSties SORP IFRS 102} - Accounting and RepoTbn9 by Charilie5'. Slalement of Recominended Practice applicable tt) charfUe$ preparfn9 Ihelr accounts In JCCOTdance ¥Mth the Financial Reporting Standard appllcabte in the UK and Republ of Ireland {FRS 1021 loffocllve 1 January 20191, the Fknancial Reporting Stsndard applicable in the UK and Republ1¢ of Ir•lw)d IFRS 1021 and the CompaThe5 Act 2006. Wolverhampton WandeTer8 Foundation m8ets the defi1On of A publlc benefit enilty under FRS 102. A55e15 and liabilities are hiitially recognlsed 41 hlAtoriral CD#t or transaction value unle58 Othee Stated In the relevant accountlng policy. 2a GDlng concem The Charity's aCtilIeS, together vAlh ihe f8dors Ilkely lo affect tts future development, perfomiance and pa811ion are sel out In Ihe Truilees, Reptsrt. The Tnjslees, Report further de8crfbes the financlal posllbon of the Chadty., its Iuld11Y p05ilion,' the Charity's obj-ectlves. poll¢les, and proceBJB8 for man*glng Its ¢apttal.' Tts flnancial rf8k management ob5ectlve8,' and Its exposure to credll rlsk •n Ib]uldlty rf8k. The Trustees have prepared cashflow forecasts and probectlons, laklng account ol re880nably possible changes in trading performance as a r85uII of the Covid-19 pand?mi4 that #how that the Charity ShOd be able to operate wlhln the level of ts current facllty. The Tnjslees have a reasonabt• exp•ctalkn that th• Chafity ha$ #dryuote reiourceB to continue in operational existence for & period ol at least fftfve rnonths from the dale ol approval of these Trnandal stalemenls. Thu¥ they have concluded Ihal 11 Is rea$onaUe to oonllnue lo prepare the NnanrAal slaternenls on a going concern ba81S. Pago 16
Wolverhampton Wandorev• Foundatlon (A Gompany Ilrnltsd by guarante•l Notss to th• fininclal •tatomont• For thè year ended 31 May 2022 Accountlng policleg Iconllnuedl 13 Incom• AH In¢om8 18 recognlsed onca the Charfty h49 entllernent to the icome, It 18 probable that the Inme 11 be rocelved and the amount of income recelvable can be rneasured reliabty. The recognition of income from legacles 1$ dependent un e51ablishin9 enliUemenl, the probakn'lity of recelpl and the ablllty to e8mate vAth 8ufflclenl accuracy the amount reeelvable. Evidence of entsuement to a leggcy 1$15 when the Charity ha5 gufficienl evidence Ihal a gifl has beon left to them (through knovAedge of the exi$ten¢e of a valid w1 and the death ol the benefactor) and the executor Is sallsfled that the property In quesllon 11 not be requlred to 941I8ty ¢181m8 In the estate. Receipt of a legacy mu81 be recognised vknen it15 probable that wlll be recVed and the falr value ol the amount reeeivsble, 1¢h 119$nera1ty be the expected cash amount lo be distributed to the Charfty, can be rellably mea8urod. GTant8 ale included In the Statement of finan¢ial activities a recelvable b8818. The balancè of Income recelved for $pg¢inc purpose8 but not 6xp¢nded durlng Ihe peTSod Is Shown In the Telev4nt funds or ihe Balan Sheet. Where kncomÈ is received in advance of entiuemenl of raceipl, 11$ reeognllion Is deltrrred and Includèd In credllorg 88 defeff Income. Where entitlement o¢cur8 belore Income 1$ recelved, the incorne is accrued. G4n$ tn klnd donated for lStributIon are Included at valuallon and recognlBed as income vJhen they are dlthtKJted to Ihtr prolects. Glfts donatèd fer resale are includ8d Ss income ¥then they are 901d. Where the donatsd good 18 a fixgd 88981, 11 1$ mèa8urod #t f4lr vahje, ueSS It 18 irnpr8¢11¢g1 to measure th18 rellabty, in vthlch case the 81 of Ihe item Ic the donor should be used. The goln li re¢ognlged 85 Income from donallons and a correspondng amount 58 Included IN th? appropriate fixed asset class and dePated over Ihe UsUl econom1¢ If• In accordwnce Voilh the Charity8 gccounling policie$. On receipt. donated profeg9ionaS services and facilkn'es are recognised on the ba819 ol the value of the glft lo tho Charity whiGh 18 the amount 11 would h4ve en wlling ID pay to obtain 8&wce8 or laalllies of equlvalenl economlc benelll the OFen market.. a correspondlng amount Is then recognised in expenditure the period ol receipt. Income 14x recoverdble in rel#tl¢>n to donatlon8 received under Gift Aid or deeds of covenanl Is re¢ogn18ed 81 the Ilme olthe donadon. Cther income is recognised in the pwiod in vthlch 13 reCe•ble and to ihe extent the goods have been prOded or on cornpletion of the BeCe. Page 17
Wolverhampton Wander•rs Foundotlon IA ¢omp•ny Ilmlt8d by gu•ront••} Nol•s to th• flnanclal statsm•nts Forth• year •nd•d 31 May 2022 A¢countlng pollcles {¢ontlnu•dl 2.4 Expèndlturn Expendture 18 recognlsed once there is a legal or conslructlve Obl0tn lo transfer e¢onomlc beneflt to a third party, tt Is probable that a transfer of e¢onamlc beneflts wll be requlred in selllamenl and Ihe amount of the obligation ¢>n be mea8ured reliably. Expenditur8 18 claBsified by actty. The ¢osts of each acllvlty are made up ol the total of diTecl costs and shared costs, Includlng 8UPPOrt Costs Involved In undertakSng each actmty. Dlrecl casts attrlbutable to a Èlngle activtty are allocated directly lo that actiwly. Shgred costs which contrfbuts Ic more than aclivlty and support costs wh+th are rot attributabla to 8 $lngl• 8ctlMty are 8PPOrtloned ten those actlvllSe$ on a basls conslstenl Wlh the use of re80urce8. Central staff costs are allocated on the b8sls of Ilm• 8panL and dpre¢lalkM charges alkjcated on the porbon of the 385et's use. EXpendItu on ralsing funds Includes all expendllure Incurred by the ChatY to ralse lund8 for charitable purp08es and Includes co8ts of 011 fundr¥iging ¥¢ti¥itie¥ events and non-charitable trading. Eypendlture on charltable actlvhle$ 1$ Incurred on dlrectly undertaking the ac1$ whkh furthw Ihe Charfty's oblecllve5. as well as any assoclaled 8UPPOrt costs. AJI expendUre Is Incluslve of Ir0Ver?bI¢ VAT. IS Taxation The Charfty 55 congldered to pass the ts¥ts 8et out In Paragraph 1 SchedLAe 6 of the Flnance Act 2010 and therefo il meets the definrtion of a charitable company for UK corporation tax purpose8. Accordlngty. the Charfty 18 Potenllally exempl frorn laxalion In re8pe¢t of Income or Cats1 galn8 re¢elved V+ilhln categorie$ covered by Ch8pter 3 Part 11 ¢1 the C¢rporallon Tax Act 2010 or Sectlo 256 of the T8X8tion of Ch8ry&Bblè Galn9 A¢t 1992, to the extent that such Income or gains are apled exclusively lo charflabse purpoBe8. 2.6 Tanglbl8 fixed 899ots and d•procl•tlon Tanglble fixed assets are caiilalised and recogni3ed when ftrture •¢onomic benefits probable and the Bost or value of the ayset can be meagured reliably. Tanglble lixed assets are Initalty recognised al cost. After recognition, under the cogt m¢xlel, tangible fixed assets are measured al cost less 8ccumuIAtsd depreclallon and any accumulatsd impairrnent losses. All costs incurred lo brfng a lgngible fixed asset into it4 intended workln9 condltron should bo inCded in the measurement of cosL DeprerAation 15 charged 30 a8 lo allocato lh8 c081 of tangl8 IIK•d ¥88ets less their residual vaue Dverlhelr e8llmaled useful lives, ng the 8traigh141ne method. Depreciation 18 promded on the folloIng baso8.' LeaJehold13nd and b[ding Arèna refuABhfftet pver the Ilfe of the lease 10ye¥ 2.7 DebtOT8 Trade and other debtors are recoynised at the settlement amount after any trade dl8count offered. Prepayments Bre valued at the amount Prepa net of ony lrnrte dixount8 due. Page 18
Wolvethjmpton W•Trdornrn Foundatlon IA comp•ny Ilmlted by guarantso Not•• to th• flnonclal $t•t•Mont8 For th• y•ar endod 31 M•y 1022 Accounting policieB Icontinuodl 2.8 C•8h at bank •nO In h8nd CaBh al bank and in hand include8 cash and short-temi highty IUld Inveslrnen16 Wth a $hort m8lurfty of three months or less fram the date of acquisibon or opening of the dep0911 or $knI18r aount. Z.9 U8bllltl08 •nd provl810 Liabilitie3 are recognised en Ihere 5S 8n obllgatton at the Balgncè she•l dato ax a result af 8 p8gt event, 1118 probable th8t a transfer of economlc benefft be required In settlement, and the amount of tho 8•tt1ement C8n h e8lrned reliably. LiablliU8s are reoognl$ed al the amount that the Ch8rfty anllclpates +t 11 pay to settle the debt or tho 8mount (( hag received As Advanced payments for the good$ or servlces It must PTovide. 2.10 Flnanclal Instfumfrnts The Charlty only ha8 flnand818ssels an¢ flnanclal118b1141fa8 ol a klnd that gu811fy ag ba8lc Inan¢1 instrumenls. Bask fin8n¢i81 Inslruments are inallY recogn15ed at transaction value and subsequently rnea8uied at thelr settlement value with the excepllon of bsnk 10gng whlch 8ro $ubsequenUy measured at aMorted cost using the effective Interest rnelhod. 2.11 Pon•lon• The Charlty operate3 a deflned conlllbullon penslon scheme and the penslon charge represents the amount¥ P8yablo by the Charity to the fund In respe¢l of the year. 2.12 Fund accountlng General ftjnds are unresfficled fund8 which avaM8blE for use al the discretiDn of the Trustees in lurtherance of the general objective$ cf the Charity and whlch have not been designated for othgr purpogey. Designated funds CDmpri6e unreslricled fund8 that have been set aBlde by the Tfustees lor partlcular purposes. The alm and vse of each designated fund is sel out in the note5 to the financlal slatemenl5. Reslricted funds are funds thich are to be used In accordance wlh spedfic restriction8 imposed by donors or whlch have been ralsed by the Charity loi PacUlar purw888. The Costs of ralslng 8nd adminislering suth funds are Charged agaln81 the sptrdfic fund. The aim and use of each restricted fund18 8et out In th8 note8 to the linandal statements. End0ent funds represent a gift of endowment and there is no powor to Convert the ¢apit41 gifted Into income. The pemiannt endowment lund w41 be held Indeflnllely Sublect to an annual depreicallon charge. Page19
Wolworhampton Wanderers FouThd•tlon (A compAny Ilmlted ty guarnnt•al Nolo1 to th• flnan¢lo1 •tstom•nt¥ For th• y•ar •ndad 31 May 2022 Crftlcal aCColIng •sdmat•s and arno9 of ludgem•nt Estlrnales and 5udgements are conllnualty evaluated and are based on h1storal experien¢e and other factors, Ineludlng eypethlions of futu even18 that are bellev•d to be rea8onable under the ccum818nce8. Crlttcal oceouniing estimateg 9nd a88umWons'. The Charfty makes esumates and assurnptsons conc•mlng the future. The re6ulbng accounting eBlima and assumptions 11, by deflnlllon, Seldom equal the related &Cal resultg. The eslimales and a8surnplion8 Ihat have a signlficanl rS$k of causlng 4 rnat8rfal adjuBlmenl to the cwrytrng amounts of as8els and liabilitres thIn the nextrfnanclal year are dlscussed below. Crltical of ludg•rn•nt: Dgpro¢lJtlon Tho Tru81ees have revl8Md the useful Ihes of fixed assets and aJsocl3tsd resldual values and ¢oncluded that they are appropfiate to the actSvllleg of Charlty. Income from dontloM ond l•y•cl Unf•itrl¢tsd R•atrlct•d fund• fund8 2022 2022 Total fundB 2022 Donat1$ Legacle8 Capllal grants 130,648 130,846 130,646 130,646 UnMtrlct•d R•8trlct•d fund• fund• 2021 2021 TOL91 ftlnds 2021 Donationj Legacies Capital gfants 67,140 29,785 67,146 29,785 2B,5B4 28,584 96,931 28,584 125,515 Page 20
WofvYhampton Wanderern Found•tlon IA eompany Ilmlt•d by guarnnt••l to th• Ilnanclal Btat•m•nts For th• y•ar Bnd•d 31 hlay 2022 Inc¢)m• from ¢harftbl• 8c11vltlo# Unrnitrtct•d Re¥trlct8d fund• 2022 Total funds 2022 2022 Foundatton ACtItIe& Health & Wellbeing Indu*on. coheSn & Educalon Feed Our ParA( 480,097 480,097 271,708 684,216 310,093 271,708 $47,356 310,093 38,880 516,9S7 1,129,157 1,646.114 Unr•strlct•d RtrIct fund• fund• 2021 2021 Totsl funds 2021 Foundation Activrfes Health & Wellbeing Inclusbon, Cohesion & Educdb'on Feed Our Paek 387.905 367,906 200,000 496,064 243,646 200,000 422,243 243,546 73,821 441.726 a65,789 1,307,016 Pag8 21
Wolv•rhampton Wandgr•rs F¢)und•tlon IA cornpany lirnited by gu•r•ntsel Not•• lo Ih• Iln•nd41 •tstsm•nt8 For the y•ar onded 31 May 2022 Incom• from oth•r tradlng •¢tlvllle4 Incom• from fundmljlng events Unmtrlctsd fund 2022 Total funds 2021 funds 2022 Fundrgising activitie8 Shop sales and rental Incame 256,382 18.188 2S6.382 18,18 127,509 274,570 274,570 127,509 Expondltur• on ralslng lunds Fundrdlslng tradlng •xp•ns•s Unre*trlct¥d fund¥ 2022 Total funds 2022 Total fund• 2021 Wage? and $alarles Operating 8ale8 COBts 96,243 9,185 96.243 9.185 82,883 6,744 105,428 105.428 89.627 Page 22
Wolvgrhafflptt)n Wander•ro F¢)undotl (A company Ilmit by gu•rBnts•l Notè• lo fln•ncl•l ¥t•twnents Forth* yoarandod 31 M4y 2022 An•lysls of •xp•ndltur8 on ch•rftsbl• actlvlt108 S}mary by fund type UnrMtrl¢tsd Regtrlcted Endowm•nt fund# funds funds 2022 2022 funds 2022 Foundallon Activilles Health & Wellbelng Inclu$lon, Cphg$lon & Education Feed Our Pack 392,018 35,361 427.377 285,374 580.166 181,486 265,374 526,987 181,486 53,899 445.915 953.807 35,361 1,436,083 Unwtrfctgd Ro8trl¢ted Endovmi•nt fun¢Jv fundB funds 2021 2021 3021 Totsl ndg 20Z1 Foundallon Actlvlllas Health & Wellbelng Inclu91on, CohegSon & Educatlon Feed Our Pad 299.310 20,530 134,781 385,580 63,770 55,023 374,883 134,781 408.007 63.770 22,447 321,757 604,621 65.023 981,401 Page 23
Wolvorhimpton Wand•r•T• Foundatlon IA company Ilmltod by guimntso) Nol4• to th• flnanchl •14tsm•nt• Fortho y•ar end 31 May 2022 Analysls of •xp9ndlturn by actlvluos Actlv5tl•s undortak•n (Urnctly 2022 Support ¢o•ts 2022 Total fund$ 2022 Foundètlon ACtilIeS Health & Wellbelng Inclu81on, Coh¥8ion & Educalon Wolvos Fead Our Pad( 308,371 175.188 482,051 119,C4)6 90,188 88,815 427,377 265,374 6ao,866 84,758 96,710 161,466 1,040,364 394,719 1,436,083 Actlvltl und•rtakgn dlrgctty 2021 Support Costs 2021 Total funds 2021 Foundauon A¢livltles Health & Wellbelng Induslon, Coheslon & Educallon Feed Our Pack 273,590 98.622 364,589 8,223 101,273 36.139 43,418 55,547 374.883 134.761 408,007 63,770 745,024 238,377 981,401 Pog• 24
Wofvothamplon Wnd•r•r• Found•tlon IA Gompany Ilmlt•d ty gu•rnnt••) Noteg to the Ilnancial ststenrtts For th• y•arand•d 31 May 2022 AnalyJl• of w)•ndlture by ictivltles (Con•d) AMly•i• of BUPPOrt co8ts Inelujlon, H•41th & Coheslon & Wlben9 Educatlon 2022 2022 Fpundatlon Acllviti 2022 F•èd Our Pock 2022 Total fund• 2022 Govèmance Servl¢e Co818 Finance and athnini5tration M8kettng and prtm.ng 242 44,133 45,813 1,763 67,624 19,438 1,088 68,432 22,293 4.897 85,290 50.754 245N79 138,298 4,897 119,008 90.188 88.815 98,710 394.719 InGlu•lon, Hoilth & Coh•¥lon & Wollb8lng Educatlon 2021 2021 Ftsundatlon Actlvltlos 2021 Fud Our Pack 2021 Total funds 2021 Oovamance S¢rySce ¢o6ts FInCe and 8dMSnhtraun Markelng and prlntlng 2,769 55,886 42,638 228 1,638 19,511 22,269 1,017 32,645 3,785 18,100 5,850 122,279 90,348 18,100 14,257 21,656 101,273 36,139 43,41 B 65,547 238.377 10. N•t InMellxpen¢Ur•l Tttl$ b5 ststsd aftfjr Gharglng., 2022 2021 Depreclatlon of langlble flxed a89ets Audtorfs remuneration- audll lee 35,361 75,5S3 5,650 Page 25
Wofverhampton Wand•r•rn Foundatlon (A compiny Ilmltsd by guarnnt•al NotOS to the Inanclal statsmont• For th• ymr •nd8d 31 May 2021 11. Staff Go•ts 2022 2021 Wage5 and 5alwies Soclal securlty costs Pen•1 costs 979,888 70,812 25,602 679,978 54,314 17,594 1,076,282 751.884 The average numbw of pernurn employed by the Charity during the y8arwa8 as I*.. 2022 No. 2021 No, Foundatlon Actlvllle8 Health & Wellbeing Inclusion, Coh•slon & Education 14 32 24 56 42 Thè number of ernploye employee benef118 {8xdudlng employer pengion co¥lsl exceeded £60,000 wai.. 2022 2021 No. In Ihe band £80,001- £70,000 In the band £BO,001- £90,000 The key rnanaggm•nt pweonnel rf th¢ Churfty are the Prinapal OfficerB. Iota remun8ratlon pald lo the key management personnel In ihe year, Inclvdlng pen$ion contributiong and •oclal $ecudty costs, lotled £347,45612021- £339,755). 12. Twstsèts. mmuneratlon and •xpenwa During the year. no Tru8tees recelved any remuneration cf other benefts12021- £NILI. During the year ended 31 May 2022, no Trustee expense8 have been Incurred (2021- £NILI. Page 28
Wolverh•mpton Wand•rev• Foundallon IA company Ilmltsd by gu4rnnt••} N¢)t•• to tM flnanclal •t4tsmonts For the #rnd9d 31 May 2022 13. TangllJl8 fix•d assèts Le•hOld land and Arona buildlngg refuvblghment Total CoBt At 1 June 2021 Transfers between classe5 1,009,322 127S,6761 1,009,322 275,671 Al 31 May 2022 733,U6 275,670 1,009,322 D•prnGlatlon At l June 2021 $84,030 7,794 169,6471 $64.030 36,361 Charye tsthe yg8r Transfers betsleen claiB88 27,567 59,847 Al 31 May 2022 512,177 87,214 599,391 Not book valu• At 31 May 2022 221,419 18B,462 409,931 Al 31 May 2021 445,292 445,292 The t¢)tal net beak value of fixed assets, representing the refurbithed WWF Ald•rsl•y Arnna, h8$ bn pledged as Becurfty under the terms of the £164.914 capllal grant recelved from The Football FoUndaon In conluncllon wlth th? rolurbSshmgnl. 14. 2022 Z021 Trade debtors VAT repayable Prepayments an¢Y gc¢rued Incom• 56,603 77,606 596 127.545 41.147 184,048 119,349 Page 27
Wofverhampton Wond•r•rn Foundatlon (A company Ilmltsd by guarnntsal Not•• to the fln•ncl•l •tstsm•nts For th• Yrend)d 31 May 2022 18. Cradltors: Amounts falllng du• wlthln on• y•or ZO22 2021 Trade creditors WWFC credltor Olher taxatlon and god41 CUrIty Other credilDTB Accluals and deferred incomè 12,6J7 608,068 45,362 1,080,457 288 51,939 56,256 878,090 1.178,046 Included In accruats and deferred Incomets deferred Income 08 follaw8'. 2022 2021 Deferred Income 8t 1 June 2021 Re$our¢e8 defe&d durfng the year Amoun15 released from previou5 perljds 25,123 88,141 25,123 (86.1411 125,1231 25,123 Poge 28
Wolverhampton Wanderern Found•tlon (A cornpary Ilmltsd by guiranteo) Xokn to th• Ilnancll •tstwnents For the yoar ¢nd•d 31 Ilay 2022 16. Stst•m•nt of fundg stat•rnfrnt of fundB . curront year B8lance at 1 Jun 2021 Tran•l•r4 8alance at Inllout) 31 May 2022 Incomg Exp•ndltur• Unreslrlctsd fund8 Do0SgnatBd fund$ Sustainabllty 4ink fund 74354 23.6Q4 97,958 Q•n•ral fund• General Fund8 733.773 922.173 {561 J43} {23,804) 1,OJO,999 Total Unr•$trl¢tgd fundB B08.127 922,173 1651.343) 1,178,•57 EndoMn•nt fund Prop•rtle8 445,292 (35,361) 409,931 R•gtrfetod fund& Heallh & Wellbeing Indu8ion & Cohe¥lon Fged Qur Pad( 271N8J 184,331 179,776 271,708 547,356 310,093 1268,374) 1626,96n 28d,797 204,720 328,403 642,570 1,129,157 1953,807) 817.920 Tatal of fund• 1,895,989 2,051,330 (1.540,5111 2,406.808 P8ge 29
Wolverhampton W•ndereT• Found¥tlon (A company Ilmltsd ty guwantsel Ilotu to th• flnancl•l •tst•monts For th• y•ar •nd•d 31 May 2022 10. Stat8mont of lund$ l¢ontlnu•dl Ooslgnated funds The $u$tslnablllty slnk fund Mpf?80ntO 8m¢)unts ¥tst 8sKle frDm gvnvrnl ldI lor the refuTbi8hmEnt of Adersley Slaijlum expected lo tske place In 10-15 years. R•8trl¢t•d funds Re8tdcted lund8 represent externaY funded projects that the Chgrtylg dellverfng Sn the lelds of Health, Induslon and Educallon alongslde118 re spOng a¢.15?5. Fggd Our Pack represents an extamally funded project that Ihg Charttyls ddivering to provide food lo the local communily, Foundation Arena refuthshmenl Teprents granl fundiny received tOMfjTd5 the capital Tenovalion ol the FounLlalion Aréna. Folowlng completlon of the refurtlshmert the fthd has been IransferTed into end¢)wment fundB as an enhancement lo the orfgln81 glft. Endovmient fund The endowment lund is sclely representsd by the net boDk value of tre refurb15hed WWF AldeT51èy Arena Facility. This facility was gifted to the Foundatson by Wolvethampton Wanderers Football Club in 2012. The ellty and Iherefore movement wlU)In the fvnd Is due to thè annuol depr8¢19tton ¢h8rge. Page 30
Wolv•th•mpton Vl•nd•r•vs Found•tlon (A cOMnY Ilmltsd by 9U4rnnt••l Nots8 to the flnmclal •tatsrnonts Forth8 110d•d 31 May 2022 1& 8tstom•nt olfvnds Icontlnu•dl Statement of fund8- prlor year 8aMnte at l Jung 2020 Tran•f•rn Balan at In10 31 May 2021 Incom• Expondltur• Unre•trlctsd funda Dg•lgn•tod fund• 8u8tainablllly sink fund 50,750 23,604 74,354 G•n•rnl fund8 G8ner81 Fund8 481,742 868,188 1411,3841 (2,7511 733,773 Total Unmtrlcted fundj 632,492 666,186 1411,3841 20,853 808,127 Endo¥mi•nt lund• Propeiliey 288,928 {55,023) 211,389 445,292 R•strlctod funds He?IU) & Well1n9 Indu8ion & Cohe31on Feed Our Pack Foundation Ar•na refurbishment 213,224 147,648 200,000 422,243 243,546 {134,7611 {385,5601 183,7701 278,483 184,331 179,776 224,188 28,584 120,530) 1232,2421 585.060 894,373 1804.621) 1232,2421 642,570 Total of fundB 1,406.478 1,560,539 (1.071,028) 1.895,989 Page 31
Wolvorharnpton W•ndorer9 Foundatlon (A Company Ilmlied by gu•r•nto0) Not•• to tho fln•nGl•l ststsm•nts Forthe year end•d 31 Moy 2022 17. 8uMmaryoffunds Summary offunds. ¢urr6nt yoar 8alancg at 1 Jun• 2021 Tran8f•N Balance t inlout 31 May 2022 Inrome ExpBnditurv Deslgnaled lund8 General lund8 EndoK%rrtent fvnd$ ReslHcle<l Yund8 74,354 733.773 445,292 643,570 23,604 97.958 123,6041 1,080,999 409.931 817.910 922,17J 1651,3431 134J61) 1953,807) 1,129,157 1,8BS,9B9 2.051,330 11,540,511) 2,406,808 8umm•ry ol f4mds. prlor y•ar B8l•nce at l Jun• 2020 Tr•nsfv Balanco •t Inlout 31 May 2021 ¢¢xno Exwiditurn Deslgnated fund8 General funds Endowrnent fimils Restricted funds 50,750 481,742 288,926 680.060 23,604 1411,384) (2,7511 156,023) 211,389 (604,621) 1232.242) 74,354 733,773 445,292 642,570 686,186 894,373 1,406,478 1,560,539 11,071,028) 1,895.989 18. Analy¥l¥ of n•1 a¥ots bolW lundB Anfjly$lg ol n•1 I• b0tw8•n fund• - cuffènt yèar UnMstrlct•d RMtrlct•d Endowment funds fund5 fullds 2022 2022 2022 Total lunrt¥ 2022 Tanglble fixed aiset8 CurreDt 988ets Creditor8 due w5thin one year 409,931 409,931 2,674973 1178.0961 1,757.053 1578,0961 817.920 Total 1,176,957 817.920 409,931 2AQfj,808 Page 32
Wolv•rhampton Wandor•y• Foundatlon (A company Ilmltsd by guaMnte•l Not•• to th• flnandal 4tst•monts For th• rInd•d 31 May 2021 l& AnIly8 Qf not asgets betpHwn funds Icontlnuadl Analy81* ol not botweèn funds- prlor yoar UnrtrIct•d R•8trl¢t•d En¢lowm•nt fundi fundB fund• 2021 2021 2021 Totsl fund• 2021 TangSble Ilxed aaaets Current assets Cr¢dltors due wilhln one year 445,292 445,292 2,628,743 (1,178,046) 1,989,508 11,161,379) 669,237 116,66n TiJt•l 808,127 642,570 445,292 1,895,989 19. Rg¢on¢lll•tlon ot nèt mov•monl In lund• to net ¢h flowfrom op•rnting actkvlti 2022 2021 Net Incorne for the year la5 per SIBtsment of Flnanclal A¢ttvStleg1 610,819 489,511 Adjustment5 for: Depreciation charges Increase In debtors IDecreasellincrease ill credltors J5,361 {64,6991 {599,9501 75,553 146,225} 159,431 N9t ca¥h provld•d bylluwd Inl op•rntlng •¢llvltl•8 (118,4691 678,270 20. ANlysl8 of cash and ca4h oqulvolgnts 2022 2021 Cash al bank and in hand 2,3•0,926 2.009,394 Total cash and Gash owivalen 2,390,926 2,5C9,394 Page 33
Vlolv•rhampton Wandorers Foundatlon IA comp•ny Ilmlt•d by gu•rnntsgl Noi•s to th• fln•n¢l•l •tst•m•nts For th8 year•nd•d 31 May 11122 11. Analysls of chang•s In n•t debt At 1 Jun• 2021 C••h flo At 31 fylay 2022 Cash At bank and In hand 2,509,394 1118,469) 2,390,925 22. P•nslon tommltm#•rt# The Charty operates a defined contrlbullon penslon 8¢heme. The a888ts of the Bcheme ara held separ81ety from those of the Charfty In an Independendy administered fijnd. The penslon Go$1 Gharye represents ContbUt19nS P9yAble by the Ch8dty lo the fund and amounted lo £25.60212021- £17,594) In th? year. The wvre nD OUtStanding payfflents at the balan¢e 8h•et dat•12021- £NI4. R•l4tsd p•ity tran••ctlonJ The Charity iy Telated lo Wolverhampton Wonderer8 Football C*Jb (1986) Limbted by Vie of Jjome Trustees of th& Charfty belng key m#nagemenl perBormel al the Football cb. Durfjn9 the year, wolrhoMPton wanderg Footban Club11988) Llmiled recharged ¢0sts of £91,93212D21- £IB2,4921 lo the Chadty. At the balance sheet dale, the Charfty owed an omounl of £507,84212021- £1,080.457) to Wolvethampton Wanderers Football Club (1986) Llmited. Page 34