Aeglitered number: Ll6625967 Charlty nurnb•r: 1126799 Wolverhampton Wond•r•rn Foundatlon Trustees, report ond flnonciol stotements For the year ended 31 May 2024 DAINS >AUDIT *ADID9HVE* 2011212024 COMPANIES HOUSE A13 #248 Wolverhompton Wond•r•rs Foundatlon (A company fimited by guorantée) Contents Poge Aefermce and adminlstratlve detall8 of the Chartty. Its TruMe•s and advlsers Trustees, report IndePer￿ent audltors. feport on the flnonclal itot•m•nts 8- 11 Stot•m•nt of flnanclal artlvlll•s 12 Balon￿ sh• Stoiement of cash flow8 14 Not•8 to the fknanelal ￿QternenI• 15-32 Wolverhompton Wanderers Foundatlon company Ilmlted by guarantee) Aeferen¢• and odministrotive details of the Charity. its Trusioe5 and odvlsers For th• year ended 31 May 2024 Trust￿5 K Aogers, Chalr Mwild A Purssell C Tonks R Skirrow A Khon (reslgned 23 June 2023) R Welch (oppointed 23 June 2023) Company reglster•d nvrnb•r 06625967 Chorlty reglsiered number 1126799 Regl•ter•d offlc• Mollneux Slodlum Woterloo Aood Wolverhomplon WVI 4QR Company S•Cf•tury Muckle Secretory Llmlted Heod of Foundatlon Wlll Clowe5 Ind￿ndent ¢wdltor* Dolns Audit Llmlted 2 Chomberloln Squore Porodlse Clrcus 8irmlngham 83 SAX Bonkers 8orclays 8onk PLC 15 Colmore Row Birminghom 83 28H Solldtors Muckle LLP Time Cenlrol 52 Gollowoale Newcostle upon Tune NEI 48F Poge I Wolverhampton Wanderers Foundail (A compony Ilrnited by guarantee) Trust•e¥ report For th• yeur •nd•d 51 Mau 2024 The Trustees present thelf onnuol report together wlth the audlted Iinanclol storemènts of the Chorliy for the yeor I June 2023 to 31 Moy 2024. The Annual report serves the purposes ol both o Trustees, report ond tt directors. report vnder company law. The Trustees confirm thot the Annual report ond flnoncial statements of the choritable compony comply wllh Ihe current siorulory requlremenls, Ihe requlremenls ol the choriioble compony's governln9 document ond the provlsions of the Stolement ol Recommended Proctice (SORP) opplicoble to choritie5 preparin9 thelr accounts in occofdonce wlth the Flnanclol Reportlng Siondord oppllcoble In Ihe UK and Republlc of Irelond (FRS102) (effectlve I Januory 2019). Since the Charily quolllies os small under sectlon 382 of the Companles Act 2006, the 51roieglc report requlred of medlum ond lorge componles under the Companles Act 2006 (Stroieglc Report ond Olrectors, Report) Regulotlons 2013 hos been omilted. Ov•rvlow The Wolverhompton Wonderers Foundotlon (WWF) Is the olflclol chorlty of Wolverhomplon Wonderers Foolboll Club ('Wolves'>. It collaboroles wllh o voriety of locol porlner5 who support. shape. ond co-fund the Foundalion's choritoble obSeciives. These partner5 Include The fooiboll club's owrners, Fosun, Wolverhompton's Publlc Heallh Team & Cllnlcal Commlsslonlno Group. City of Wolverhampton College. the Vnlverslly ol Wolverhamplon. ond Wesl Mldlands Pollce. WWF olso works with national organlsolions. such as Ihe Premler Leogue Chorlloble Fund. The Profes51onal Footbcsllers Assoclotlon, The EnglSsh Footboll Leoque Trust, ond The Football Associatlon. WWF extends Jis Ihonks 10 oll Wolves Ions ond regvlor contrlbulors. Includlng rhose parllclpollng In Foundollon octlvllles, volunieers, ond those moklng ptsbllc donotions. Thls ongoing supporl Is cruclol to the Foundotlon's svccess ond the effecllve Implementatlon of Its sirotegic oblecllve& Key 51rotegl¢ Portners hove helped to shape and odvance the chorlly's core objectlves, whSch dlrecllu oddress the mosi presslng needs In the city.. Heolth & Wellbelng. Cammunity Coheslon, and Edvcotion & Skills. The Trustees hcve thoroughly reviewed these objectlves and contlnue to do so ot Ihelr qvorlerly meellngs. reofflrming their relevonce ond allgnrnenl wilh ihe Foundotion's mlssion. Though legolly seporole from Wolves FC. Ihe Foundollon hos a close and supportive relotlonshlp wlth the club. Wolves FC provldes free offlce spoce. occess lo professionol services (such os Heolth & Safety. Legol. and IT support). ond hondle5 poyroll servbces. with cosis opproprloiely cross-chorged lo the Foundatlon (see note 11. 510ff costs). The relalionship between the Club and the Foundatlon is formollsed through o structured Servbce Level Agreemenr. whlch helps mltigote mony of the rlsks the choTlty foce> The Trustees re9ulorly 055ess Ihese risks os port of ihelr onoolng review process, The Trvslees convene quorterly to review oovernonce. straleglc direction KPI'S ond the Foundotion'5 prlorftles. All meetlngs ore fullu mlnuled. and stofl Irequently present updotes on speciflc oreos of the Founclotion's work Doy"to-day monogemenlls overseen by Will Clowes, Heod of Wolverhomplon Wonderers Foundotlon." Page 2 Wolvethompton W•nderer6 Foundotion (A ¢ompqnu Ilrnlted by quarantee) Trustees. report (contlnued) . For the ueor •nded 31 May 2024 Oblertlves and actlvltlej a. mlsslon To use the power ol Wolves lo motlvote. educole ond Insplre local people and CDmmunllles ocross Wolverhomptor) io chonge Ihelr Ilves lor the better. b. Our valv•• Progresslve.. Ambitlous. creotive, innovollve Determlned.. Ownershlp, declsivene$5. ¢onslstency Unlty.. Connected. fomlly, togetherness Humble: Considerate, respectful, thoughtful Bdghl.. Insplrlng. engoglng. Intelllgenl c. ObJettlve5 The key oblectlves cf the chorlty as set ovt In the consiitutlon ore.. To promote communlly parllcloallon In heolih recreotion by Pfoviding focilllles for the ploylng of ossoclotlon footboll ond other sports capoble of improving heolth: To provlde and 055151 In provlding focllllles lor sport. recreollon or other lelsure tlme occupotlon of such persons who hove the need for such focllitles by reoson of Ihelr youth, oge. Inflrmlly or dlsoblement. poverty or soclol ond economlc clrcumstonces or for the public ot large In the Interests of sociol welfore ond wlth the object of Improvlno thelr conditions of Ilfe. To odvonce the educatlon of chllclren ond yovng people through such means os Ihe irvstees thlnk flt In occordance wllh the low ol chorily. ond Any other chorltoble purpose occordlng to the law of Englond ond Woles, The TrustEes hove glven coreful conslderotlon lo the Chorlty Commlssion's guldonce on public beneflt when setllng Ils olms ond Ocilvilies. In portlcular, the trustees consider how plonned acllvlties wlll conlrlbule ro Ihe Fovndauons alms on objectlves they hove sel. Achlevements ond performance a. Revl•w of octbvltles The Fovndollon's octivities ore ali9ned wlth lis core objective& ond performonce Is monoged throu9h slructured plonnlng. doto tracklng, performance torgels, ond regLslor ossessmenls. Reports. includlng performonce agolnsi Keu Performonce Indicotors (KP15) ond Red Amber Green (RAG) rollngs, ore presented to Trvstees for review. The success of eoch projecl 15 evolualed uslng ¥arlous *r￿1C0t0rs. which are d15cussed with Trustees. WWF dellvers mulllple prolecrs, eoch wlth its own set of complex KPIS. developed durlng Inltiol projecr plonnlng and qvollty assuronce. Mony prolects are svpported by steering groups ihot Involve porlners ond funders lo osse55 performonce ond trock progre5S. Po9e 3 Wolverhampton Wonderers Foundalion (A company limlted by gtsarantee) Trustees, report (cofttinued) For lh• yeor •nd•d 31 May 2024 A(h￿vementS and p•rtormone• (contlnu•d) b. Thonki The Trvstees wovld like io express Ihelr grolltude to all those who hove contrlbuted to the Foundolion's progre$5 over the past 12 months. Includlng Wolverhomplon Wonderers Fooiboll Club. The suppori of fooiboll or90n1￿11onS such os The Premler Leogue, The Prolesslonol Fooibollers Assocloiion, ond the EFL Trust hos been Involuoble. The Truqtee.8 olso wlsh to ocknowledge the dedicollon of cll Foundotion stall. whose hord work h05 contributed to onother successful yeor. Finondal r•vlew o. Golng concern Followlng careful review. the Trustees ore confldenl ihot the charity h05 sulliclent resour¢es io conlinue operotlng for Ihe foreseeable future. As such, they conllnue lo prepore the financlol stotemenls on o goin9 concern bosls. Further detolls ore provlded In the 5toiement of occovntlng pollcles In the financlol storernenls, b. A•Mrv•• pollcy The Trustees olm to build reserves to cover 3.6 months of operatlng costs. In Ilne with the Choritles Commisslon's recommendotlons. As of 31 Moy 2024. unrestrlcted reserve5 Qre suffitient to cover opproxlmotely 3 months of operolionol costs. The Foundoiion inlends lo conlinue growing Ih25e reserve5 In occordonce wlth Churlly Commls51on guidelines. c. R•vl•w Of flnan¢lal po41110Tr F Is lully underwrltien by Wolves FC, The olm Is Ihot the Chorily Is to be ultimately sell.sufficient. Currently. WWF vnrestrlcled reserves slond ot £1,806.600 of 9enerol fvnd5 (2023.. £1.458.416). The reslrlcted feserves slond ol £800.969 (2025.. £973.949) whlch relole5 lo externally funded projects ol work. The endowment Ivnd cons15ts ol ihe Wolves Foundallon Areno ossel. whlch followlng deprecloiion chorges hos o net book volue of £339.994 (2Q23. £574,835). Statt cosis oi £1.378.502 {2023'. £1.223.352) represents o high yoportlon ol WWF'S totol cosis. Of Ihls figure. key management personnel remunerotion represents £460,739 (2023.. £404,676). Principal sources of income Include donoiions ond grunts from The Premier Leogue Charitoble Fvnd. The Professionol Footbollers A5soclatlon. The Engllsh Football Leogue Trust. ond The Footboll Foundatlon. ond the Trustees thank these orgonlsollons for their conllnued support. Poge 4 Wolverhampton Wanderers Foundatlon (A compony 11m1t￿ by gugrantee) Trustees, r•port {contlnu•d) For the yeor ended 31 Moy 2024 d. Alsk managemfjnt The Trustees ore responsible lor Identifging and revlewlng risks, Th15 process is corded out through- Quarterly. minuted Trustees meellngs IdeniifSca¢ion of key rlsks by Trusiees Presentotlons from Foundollon ond Wolves stolf on rlsk monagemenl processes SaleguardSng is o core prlnciple for the chorily, wlth the welfare of all porricSponis poramount. Alosioir Purssell (Heod ol Legol ot WWFC ond WWF Trusiee) oversees sole9uordlng. worklng closelu wlth the WWFC Head ol Sofe9uordlng on oll reloted matter& Any sofeouardlng Incidents are carefully docvmented. Inve51190led. ond relerred to 1he opproprlote aulhorltles. including the Pollce ond Locol Auihorlly Designoted Oltlcer. Flnonclol rlsk Is a prlorlty for the Trustee5. ond Is monoged throu9h reguloi review ol the reserves pollcu ond risk 05sessment& Idenllfled rlsks include.. Unontlcipaied operotlng costs The Impocl of a volallle economic envlronment. such as Inflotlon ChJnges In fundlng slrolegles from mojor supporters Loss of key personnel WWF follows Wolves Fc's HR ond Heolih & Solety orclocols. en5urlng Ihot rlsks are rnonoged effectlvely. The chorily is olso osse55ed by the English F¢)otball League. Premier Leaoue. ond The FA on its soleguording procllce& •. Prtnclpal fundlng WWF recelves flnonclal support from The Premler Leo9ve Chartioble Fund. Engllsh Footboll Leogve Trust. The FA. The Professionol Foolbollers Assoclalion. ond The Footboll Foundalion, The Trustees extend thelr thanks l¢y thls ongoin9 support. Structure. govèrnance und monog•m•nt a. Con8tltvtlDn Wolverhompton Wanderers Foundallon Is o compony Ilmlted by guoronlee wlthout shore copltal ond reglstered vnder the Componies Act. The compony Is governed by Ils Memorondum ond Article5 of Associotion. doted 20 June 2008. b. Melhods of appointment or eledlon of Trustees Trustees ore norninoled ond oppointed b05ed on Ihelr suilability 05 decided by cvrrenl members of the Trvstees. They ore invSted lo ollend an Inductlon iralning process lor tlie rvnnlng ond operoiion ol the Foundotion. Additlonol Irolnlng Is offered 05 required Page 5 Wolverhampton Wanderers Foundallon (A ¢ornpgny Ilmlted b¥ guoroftt••) Trustee5' report {contlnved) For ihe year ended 51 Moy 2024 struclvr•. gov•rnance and fflanagem•nt {eoniinued) c. Orgonlsotlonol strvciure ¢nd d•¢i8lon-muk+ng pollelea The following Is bosed on WWF'S govern￿ document.. Monthly meetlngs ore planned to d15CUS5 Ihe ongolng involvement and future developmeni ol the scheme wlth the Club's senior most OPP¢inted officer., Acrivlties orronged under the Scheme wlll be co-ordinoled by o full.llme person Involved in the scheme. Port- tlme stoll moy be used os and when requSred.. No person Involved in ihe scheme wlll hove ony ossoclorion ony olher professlonal Football Club,. All stoll ore employed by thè Foundotlon ond must adhere to oll procedures set out In HR pollcles.. and All heods of ocllvlly wlll meet wlth the Heod ol Wolverhompton Wonderers Fovndoflon on o weekly bos15 10 discuss ongolng ond future octlvliy InvolvemeDI. Mlnules and oction poSnt5 rolsed ol these meetlnos wlll form the ogendo for fulure dlscvsslon / meeiing& d. Pay pollcy for k•y monoyment per•onnel Relored 501ory costs lor all WWF sloll, Inclvdlng key monogemenl personnel. ore benchmorked agolnst induslfy comporlsons and oqreed through monagement ond/or trustee meetlngs. Stat•mtnt of Trutt•••' r•spgnslbllltl•s The Truslees (who are a150 Ihe dlreciors of the Charlty for the purposes of companu low) ore re5POllsible lor preparlng the Trustees, report ond the flnoncial. stolements In occordonce with applicoble low ond Uni18d Kingdom Accountin9 Slantjords (Unlted Klngdom Generolly Accepled Accountlng Procllce). Compony low reqvlres the Trusree5 to prepore Ilnanclol siolemenls lor eoch finonciol yeor. Under company low. the Truslees must not approve the flnonciol slotements unless they are sotisfled that they glve o true ond faic vlew of the stote of offolfs of the Chorlty ond of its Incomlng resources and opplicotlon ol resources. Includlng 115 Income Jnd expendStvre. lor thot per+od. In preparing these financlol 5totements. the Trustees are requlred to,, select suifoble occovnllng pollcles ond ihen apply Ihem conslstently: observe the methods ond principles ot the Charities SORP (FRS 102)., moke ludgmenis ond occounring esllmaies thoi ore reosonoble ond prudent., stale whether opplltoble UK Accouniing Stondord5 (FRS 102) hove been followed, subject lo any material deportures disclosed ond exploined In the Ilnancial stotements, prepore the finonciol 5toiements on the goln9 concern bosis unless it Is Inopproprlole to presume thot the Charlty will conlinue In buslness. The frustees ore responsible for keeplng gdequole accounting records thot ore sufflclenl to show ond exploin the Charlty's transoctions ond disclose wlth reaSona￿e occvracy ot ony time the financial positlon ol the Chority ond enable them io ensvre ihot ihe flnonclal sioiernenls comply wlth the Componies Acr 200& They ore olso respon&ble for Safeguarding the ossets of the Chortty hence lor toklng reasonable step5 lor the prevention and detection of fraLKI and other Irregulorltle& Page 6 Wolvethampton Wandefers Foundotion (A company Ilmlted by guorantee) Trustees, report (contlnued) For the year ended 51 May 2024 Olsclosure of Infomi•tlon to ovdltars Eoch of the persons who are Trsjstees gl the tlme when thls Trvstees, report Is opproved has confirmed thot.. so for os thot Trustee Is owore. there Is no relevont oudil informaiion of which the thority's oudiiors are unowafe. ond Ihot Trustee has token oll the Steps Ihot ought lo have been taken as o Trustee In order to be awore ol ony relevont oudlE Infoimotion ond io estoblSsh thoi ihe charl1￿$ uudltors ore owore of thoi informolio Audltori The audbtors. Doins Audit Umited, hove Indicoted their wllllngness to continue In offlce. The designated Trustees wlll propose o motlon reoppolntlng the oudltors at o meellng of the Trusiees. Approved by order of the members of the board of Trusiees on 12 December 2024 ond slgned on thelr behalf by.. Roger$ Trustee Poge 7 Wolverhampton Wonderers Foundaiion IA compon¥ Ilmltod by quarnntee) Ind¢pendent auditors, report to the Members of Wolverh&npton Wander¢fS Foundatlon Opinlon We hove audited ihe flnanclol slotemenis of Wolverhomplon Wandeiers FounLlollon (the 'chorltoble cornpony,) for the yeor ended 31 May 2024 which comprise ihe Statement of Iinoncial octivities. the Bolonce sheet. the Siaiement of cosh flows ond the reloted notes, Including o svmmory of slgnificonl occounlino policie& The financlol reporllng fromework thoi hos been opplled In ihelr preporotlon Is oppllcoble law ond United Klngdom Accounlin9 Standords, Includlng Financiol Reporting Standorcl 102 'The Financial Reportlng Stondord opplitable in the UK ond Republic ol Ireland, (Uniied Klngdom Generolly Accepted Accounting Pracllce). In our oplnion the flnanclol statements. glve o true ond falr view of the stole of the chorlloble ccmpony's offolrs os at 31 Moy 2024 ond of115 Incomlng resources ond oppllcotion of rescvrces. includlng its income ond expenditure for the year then ended., hove been properly prepared In occordonce wlth Unlted Klngdom Generolly Accepted Accounllng Procllce.. and hove been prepored in occordonce wlth the fequlremenls ol the Chorllles Act 201L 8osis for oplnlon We conducted our ovdil in accordance wllh Inlernotlonol Stortdords on Auditing (UK) {ISAs (UK)) ond opplicoble low. Our respon51bllilles under those stondords ore further descrlbed In the Auditors, responsibllltles for the audlt of the finoncial stotemenls sectlon of our report. We ore independent of ihe choritgble compony in occordonce wllh the ethicol requlremenls ihal ore relevant to our audlt of the flnanclal srotements In the Unlted Klngdom. Including the Flnonclal Reporiing Council's Erhlcol Siondord, ond we hove fullsiied our other eihlcal responsibllllies In occordonce with these requlrements. We belleve thot the audil evSdence we hove obtained Is sulflclent ond opproprlole lo prowde o basls lor our oplnlon. Con¢lusloni r•latlng to golng conc•rn In ovdlling ihe flnonciol stotemenis, we have concluded thor the Trustees, use of the going concern b0515 01 occounllng In the preparolion ol the finonclol slolemenls Is oppropriate, 8osed on the work we hcve performed, we hove noi Ideniifled ony molerial uncertointles reloring to events or condifions ihot. individually or collectlvely. moy cost significont dovbi on the chorlloble compony'5 obility to contlnue 05 a going concern far o perl¢)d ol ot leost twelve months Irom when thè flnonciol slotemen15 aro outhorI5ed for IS5ve. Ovr responslbllllles ond the responsibilitles of ihe Trvstees with respeci io golng concern ore de5C￿bed in the relevont sec1￿S of this report. Poge 8 Wolverhampton Wanderers Foundotlon (A ￿mpaNY Ilrnbied by guarontee> IndePend￿t ouditorf r•part to the M•mb•r8 of Wolv•rhomptM Wanderers Foundatlon (continued) Other inforniation The other Informafion comprlses the inforrnatlon inclvded in the Annuol report other thon the financlol statements and our Auditors, report thereon. The Trusiees ore responsible for the other informotlon contained wllhin the Annual report. Our oplnlon on ihe flnanJol statements does not cover the other Informollon ond. excepl 10 the extent olherwlse expllciily stoled In our report. we do not express ony form of ossuronce concluslon thereon. Our responslbilitu is to reod the other informotion ond. In dolng so, consider whelher the other Informolion 15 moterlolly inconslslenl wlth rhe flnonclol 5totements or ovr knowledge obtolned In the course of the oudll. Of Otherwlse oppeors to be moierlolly misstoted. If we Sdentify such material incon515tencies or opporent materiol misstotements. we ore reqvlred io determine whether this glve5 rise to o material rnlsslolemenl In ihe Ilnonciol statements themselves. 11, bosed on the Work we hove performed. we conclude thoi there Is a molerial mlsslotemenl of thls olher infcrmotlon, we ore reqvlred to report thal fact, We hove r)othlng to report In thls regard. Motters on whlch we ore reqvlred io report bu exception We hove nothlng io repori In respect of ihe following matters where the Chorltles (Accounts ond Peport5) Aegulolions 2008 requires us to report to you il. In our opinion., Ihe inlormoiion glven In the Truslees. repori Is Incons6slent In any moterlol respect with the lknonciol stotemenls.. or sufflclenl occounllng records hove not been kept., or the finonciol statemenrs ore not in ogreement with the occounling records and returns.. or we have not received oll the Inlormotlon ond explonollons we requlre for our oudll. Aesponslbllltles of ifustees A5 exploined more tully In rhe Trustees. responsibllities sioternent, the Trvstees (who ore also ihe dbreclors of the charltoble compony for the purposes cf compony law) are responslble for ihe preparatlon ol the linonclol stotemen15 ond for belng satlsfled rhol they give o Irve ond tolr vlew. ond for such Inrernol control os the Trustees delermlne Is necessory to enoble ihe preparation of finonclol stolements thol ore free from r(￿lerIo1 misstatement, whether due to froud or error. In preporlng ihe finonclol stotements. the Trustees ore responslble for ossesslno the chorltable compony's obiiity to coniinue 05 0 9olng concern. dlsclosln9. 05 oppllcoble. motters reloied lo golng concern ond using the going concern b05is of occounllng unless the Trustees either intend to Ilqvldote the chorltoble company or lo ce05e operotlon& or hove no reollstlc alternollve but tc do 50, Poge 9 Wolverhompion Wanderers Foundati¢ (A company Ilmlted by guofontee) Independent audltor$' report to the Member$ of Wolverhampton Wanderers Foundatlon (contlnued) Audbtors, fesponslblllties for ihe audit of the finoncial slatemen We hove been oppolnied 05 auditor under section 145 ol the Chorllles Act 2011 ond report in accordonce wlth the Act ond relevont re9ulotions mode or having effect thereunder. Our oblecrives ore to obtoln reosonoble ossuronce oboul whether the Iinonciol stalemenls os o whole are free from materfjol misstotemenl. wheiher due lo frovd or error. ond ro issue on Audltor5' report ihot Includes our oolnlon. Reosonoble assurance is a high level ol ossuronce. but Is not o guoronlee thot on oudlt conducted In accordonce with ISAS (UK) will olwoys delect o molerlol mi5sfatement when it exlsts. MIs5tatcment5 con ¢rlse from froud or error and ore considered moterlol If. Individuolly or In ihe ogoregole. they could reasonobly be expected to Influence the economlc decisions of users taken cn the basis of these 1Snonclal stotements Irregulorltle5. Includlng Iroud. ore Instances ol non-compllance wllh law5 ond regulollons. We deslgn procedures In Ilne wlth our respon51bllllles. ovtllned above. to detect moterlol mls51olements in respect of Irregulorltle5, Including fraud. The extent 10 whlch our procedures ore copoble of delectlng Irreguloritles, Includlng ffoud Is detalled below.. Ovr opprooch to Idenrlfylng und a55es51ng the risk5 Of moterial mi$5tolement In respect of irregulorltles. including fraud ond non-compllonte with ltsws ond regulotions. wos os lollows.. the senlor stclutory oudltor ensured thol the engaoemenl tearn collectlvely hod ihe oppropriote compeience. copobllltles and skllls to Identify or recognlse non-complbonce wllh oppllcoble laws and regulollons.. we Idenllfled Ihe lows and re9uIoiions oppllcoble lo the compony through dlscusslons wlth dlfeciors and other m¢Jnogemenl. ond from our commerclol knowledge and experience of the chorily sector,. we focused on specllic lows ond regulotlons whlch we consldered moy have a dlrect molerlal effect on rhe finonclol slolemenls or the operoiions of the compony. Including rhe finonclol reporting legi51otion. Componies Aei 2006, tOXUllon leglslotlon. anti-brlberu. employment, ond environmenlol ond heollh ond solety leglslotlon,. we ossessed the exlenl of compllonce with the lows ond regulollcsns identifled obove through moking enqulrles cf monoaement ond Inspecting le901 eorrespondence.. ond Identlfled lows ond regulotions were communScoted wiihln the oudit team regulorly ond the teom remained olert to In5tonce5 of non-compllonce throughout ihe avdll. We ossessed the suscepllblllty ol the company s flnonciol stolemenis io materlol mlsstotemenl. Inclvdlng oblolnlng an understondin9 of how fraud mlghi occur. by.. moking enquirles of monogemeni os lo where they considered ihere wos susceptlbility to fraud. their knowledge ol octual, suspected and alleoed froud,. ond onsidering the internal controls in place to miligote rlsks ol fraud and non-compliance wlth Iow5 and re9ulatlon& To oddress the rlsk of froud through mona9ement blos ond override of controls, we.. performed onolytlcol Pfocedures to Identity onu unusuol or unexpected relofionshlps., teste(J lournol entries to Idcnrify unv5val tronsodions.. Qssessed whether ludgemenls ond ossvmptlons rnode In deterrnlnlng the occounllng esllmoi2s were Indlcotfve of polentlol bias.. and invesligoted the rollonole behlnd slgnlflcont or unusuol IronsoctloTr& Poge 10 Wolverharnpton Wanderers F[￿ndatIon (A cornpany limiied by guorantee) Independent auditors, r•pon to th¢ M•mb•rs of Wolv•rhompton Wanderer• Fovndotlon (contlnued) Audltors. rwpon¥lblllil•s for ih• audh of th• flnartclal 4htat•m•nts (contlnuèd) In response lo the rlsk of Irregularltles ond non-compllonce wlth Iow5 ond reguloiions, w• designed procedvres which included. bul were not limited to.. ogreeing finonci(Jl st(Jlement disclosures tti underlying supporting documeniotion.. reoding Ihe mlnutes ol meetlngs ol those charged wlth governonce, enqulring of monogement as to actuol ond potential Illi9Otlon ond cloims.. ond revlewing correspondence wllh HMAC. relevoni regulotors and ihe compony's IEgol odvisors Becouse of the inherent limltalions ol an oudlt, there Is o rlsk that we will not detect oll Irregulorllles. inclvdlng those leodlng to o moterlol mSs.statement In ihe Ilnonclal 5totements or non-compliance wllh reguloiion. Thls rlsk Increoses the rnore ihot compllance wllh a low or reguloiion Is removed from the events ond ifonsactlons reflecied In the Iinonclol stolements. os we wlll be less likely to become oware of Instances of non"compllan¢e. The rlsk is olso greoter regordlng Irregulorltle5 occurrlng due lo Irovd rolher ih¢n error. os fraud Involves inlenllonol conceolmenl, forgery, collvslon. omlsslon or misrepresentotlon. A further descrlptlon of our re5ppnslbiiiiie5 for Ihe oudlt of the Ilnonclol slotemenls Is located on the Flnonclal Reportln9 Councll's websiie ot. udi This descrlpllon lorms part ol ovr Audllors, repori. Vse of our r•port Thls reporr Is mode 501ely 10 the charttoble componu's rnembers, os o body. In occordonce wlth Port 4 of the Chorllies oirment losses. All costs incvrred io bring o tangible Ilxed 05sel into its intended worklng condltlon should be Included in the meosvrement of cost. Oepreciation 15 chorged so os lo ollocote the cost of longible tlxed ossels le55 their residual volue over their esb'moted useful Ilves. uslng ihe 5trgl9hi-Ilne method. Depreclotlon Is provlded on Ihe lollowlng boses.. Leosehol(J lond ond buildlngs Areno refurblshmenl over the life of the leose 10 yeors Poge 17 Wolverhampton Wonderers Found(rtlon (A company limlted by guaronte•) Notes to the IlnaTrclal stolement5 For th• ue•r ended 31 May 2024 Accountlng pollcles (contlnued) 2.7 O•btorJ Trode and other debrors ore recogn15ed ot the settlement omount offer ony trade dlscount offered. Prepoyment5 ore volued oi the omounl prepoid nei of any trode dlscounts dve. 2.8 Caih ot bonk ond In hond Cosh ol bank and In hond includes cosh ond short.term hlghlu liquid Investmenls with o short moiurity of three months or less from the dole of gcquisltlon or opening ol the deposll or slmllgr account. 2.9 Llab)Iltl•$ ond provlslon$ Llobilliles ore recognlsed when theie Is on obllgotlon at the Bolonce sheet dote os o re5vII cf o p05t evenl. it Is probable Ihot o tronsler of economlc benefit will be requiied in settlement, ond the amount of rhe settlement con be estlmoied rellobly. Llabllirie5 ore r¢cognlsed of the omounl thot the Charlty onficlpores It wlll poy to seltle the debt Or Ihe amount li hos received os advonced poymenis for rhe goods or services St must provlde, 2.10 Flnandol Instrum•nt• The Chorliy only hos flnonclol assets ond finonclol Ilobillties of o klnd thot quollfy os ba51c flnonclol Instrumen1& 8tssic flnanciol Instruments ore Inltlolly reeo9nlsed 01 Ironsociion value ond subsequenrly meosured ol iheir selllemenl volue with the excepllon of bonk loans which ore svbsequently meosvred at omorllsed cosl uslno the eflectlve Interest meihod. 2.11 Penslons The Chorlty operoles a defined conirlbullon penslon scheme and the penslon chorge represents th¢ omovnts poyoble by Ihe Chorlly to the fvnd In respect of the yeor. 2.12 Fund accountlng Generol fvnd5 are unrestrlcted tunds whlch ore OVQllable for vse 01 ihe dlscretion of the Tru51ees In Ivrtheronce of the general objecllves of the Chorlty ond whSch hove not been deslgnoled for other purposes Designoted funds comprlse unrestrlcled funds thot hove been Sel oslde by the Trvstees for particular purpose& The aim and use of eoch de51gnoted Ivnd Is set ovt In the note5 to the Ilnoncial stotements. Restrlcted funds ore funds whlch ure to be used In accordonce with specsfic restdcltjns Imposed by donors or whlch hove been raised by the Chorlly for porticvlor purposes. The cos15 of rolslng ond odmlnlsterlng svch funds ore charged ogolnsi Ihe speciflc fund. The alm and vse of eoch restrlcled fund 15 sel ovl In the notes lo ihe flnonclol stotemenls. Endowment funds represent o gift ol endowment ond there is no power lo convert the eapiial glfted into Income. The permonent endowmeni fund wlll be held indeflnifely subleu io on annvol depreciallon chorge. Poge 18 Wolverhampton Wgnderers Foundotlon l.K16.600 Endowment funds Propertles 374.835 (J4.841) 339.994 Re$irlrted funds Health ond Wellbing Incluslon and Cohe51on 68S.710 333.531 548.504 (47?.598) (424.851) (553.758) 541.713 227.337 60.832 150.790 Educo#on cnd sk1115 581.391 10a.465 975.949 1.063.226 (1,236.20n 800,900 Total of fundi 2.807.200 2.100.142 0.959.no) 2,947.562 Poge 27 Walverhamptan Wanderers Fowdotion (A compony Ilmlt•d bu gvorantee) Notes to the flnandal stotements For the y•ar •nd•d 31 May 2024 16. Staternent of funds (contlnued) es nate The su510inabillty sink fund represents amounts set oside from generol funds for the relurblshment of Aldersley Stodlvm expecred to toke ploce In 10-15 yeors. Ae5trlcted funds represeni e￿erno1$Y funded prolecis thcl the Chorliy Is deliverlng In the flelds of Heolih, Inclusion and Educatlon olongslde Its core sporllng octlvllle& Foundotlon Arena refurbishmenr represents gront fundlng recelved toward5 the copllol renovolion of the Foundatlon Arena. Following complerlon of the refurbishment. the fund has been Ironsferred inio endowment funds os on enhoncemenl to Ihe orlginal glft. In the prlof yeor. the Trusrees rev15ed the octlvlty reporllng such that Feed Our Pack Is now Incorporoted Into Heolth & Wellbelng ond Educotion & Skllls. hovlng prevSovslu been Included in Foundotlon Aciivilie5, is now reported os Irs own octlvlty. wm The endowment lund Is solely represented by ihe net book volue of the refurblshed WWF Aldersley Areno Foclllty. This foclllty wos gllted ie the Foundoiion by Wolverhompton WondErers Footboll Club in 2012. The focllllu ond therefore movement wilhin ihe fund is due io the onnucl depreciatlon chorge. Poge 28 Wolv•rhamplon Wanderers Foundthion (A ¢ompony Ilmlted by guorantee) Notes to the flnanclal Motements For the y•ar ended 31 Moy 2024 Statem•nt of fund$ (comlnved) Stotement of funds - prlor year Bolonce at l June 2022 Tronsfers 8olonce ol n/oul 31 Moy 2023 Income Expenditure Unr•strlct•d funds Designated funds Sustolnobiliiu slnk fvnd 97,958 25.604 121,562 Generol funds Generol Funds 1.080,999 894,752 (615,293) (23.604) 1.336.854 Total Unrestrlcted funds 1.178,957 894.752 <615,293) 1,45B.416 Endgwment funds Propeilles 409,931 (35,096) 374.835 Aestrlcted funds Health und Wellbeing Incluslon ond Coheslon 284,797 495.840 (423,260) (459.372) 328.403 685.780 204.720 550.903 (68.914) (328.403) 68,914 227.337 Feed Our Pack 328,403 Educatlon ond skills 260,000 (268.082) 60,B32 817,920 1.506.745 (1,150.714) 973,949 Totol of fund5 2.406.808 2.201.495 0.801.103) 2.807.200 Page 29 Wolverhompton Wonderer$ Foundaiion (A componu Ilmlted ￿ guarantee) Not•s to thp financlal statements For Ihe year ended 31 May 2024 17. Summary of fundi Summary of funds . curr•nt year Balafice ot 1 Jun• 2025 TfaTr5fers aalance at 51 In/out Mau 2024 Incom• Expendltur• Designoted funds Generol funds 121.562 23.604 145.166 1.536.854 1.036.916 (600.752) (23.604) 1.661.454 En¢Jowmeni funds 374.855 4.841) 0,236,207) 339,994 800,96 Restricted funds 973.H9 7.063.226 2.107.200 2.100.142 (1.959.780) 2,947.562 Summary ol lund• - prlor year 8olonce oi 1 Jvne 2022 Tronsfers In/out ealonce oi 31 May 2023 Income Expenditure Designoted funds General funds 97.958 23.604 121.562 1.080.999 894.752 1615.293) (35,096) <1,150.714) (25.604) 1.536.854 Endowment funds 409.931 374.835 Restricted funds 817,920 1.306.745 973.949 2.406.808 2,201.495 (1.801,103) 2.807.200 18. Analysls of net assels ts•twe¢n funds Analusi$ of net assels belwe•n fund5- current perlod Unrestrlcted funds 2024 Restdcted End¢)wment fundi funds 2024 2024 Total funds 2024 Tonglble flxed ossets Current ossets 339.994 339.994 2,763.589 800.96B 3.564.557 1956.989) Credilor5 due wlthln one yeor (956.989) Total 1.806.6()0 800,968 339.994 2.947.S62 Page 30 Wolverhampton Wanderers Fowd4tlon (A company Ilmlted by guarantee) Noles lo the finonclal statements Fgr the y•or end•d 31 May 2024 18. Analysis of net assets b•tween funds (continued) Analy$ts of n•t asseis b•tw••n funds - prior p•riod Unrestrlded funds 2023 Restricled Endowment funds funds 2023 2023 Tolol fvnds 2023 Tonglble Ilxed assels Current assets 374.835 374,835 2.270,892 973.949 3,244,841 Credltors dve within one yeor (812.476) (812.476) Total 1.458,416 973.949 374,835 2.807.200 19. AKonclllotlon of n•t movem•nt In fundi to n•t ca•h flow fram op•ratlng actlvltl•A 2024 2025 Net Income for the perlod las per Slotement cf FSnonclol Acllvilie5) 140.562 400.392 Adlu$tm•nts for., Depreclotlon charges Decrease/(Increose) in debtors Increose In credltor5 34.041 59.416 35.096 {151,271) 234.380 IH.513 N•t cosh provld•d ￿ op•rotln9 O¢tl¥ltl•J 379.152 518.597 20. Anglysi$ of cosh ond cash equlvalents 2024 2023 Cosh ot bonk ond in hond 5.288.654 2.909.522 Totol cash and cash equbvalents 3.288.654 2,909.522 Poge 31 Wolv•rhampton Wanderern Foundotlon (A company Ilmited by guorantee) Notes to the finonciol statements For the yeor •nded 31 Moy 2024 21. Analysis of chonges In net debt At l Jun• 2023 Al 31 Moy 2024 Cash flows Cosh at bank und in hond 2.909.522 579.152 3.288.654 2.909.S22 579.132 3.288.654 22. P•rnlon eommltrn•nt• The Chorllu operoles a delined conirlbutlon penslon scheme. The ossets of the scheme ore held sepeialely Irom Ih05e of the Charity in cn Independently odmlnistered fund. The pension cost charge iepresents conlribullons payoble by ihe Charily lo the fund ond omounled to £31.029 In the year. There were no outstonding poyments ot the bolance sheei dole (2025 - £NII), 23. Memb•rs' Ilablllty Each member ol the charlloble company undertakes to contribute to the ossets of the company in the event of It belng wound up whlle he/she Is o member, or withln one year ofter he/she ceases to be o member. such omount as moy be requlred, not exceedlng £10 for ihe debts and Ilobllllles conlrocled before he/she ceoses to be a member.. 24. Related party transacllon$ The Chorlty Is reloted 10 Wolverhompton Wonderers Fooiball Club 0986) Llmlted by vlrlue of some Trustee5 01 the Chority beirng key managernent personnel ot the Fooiball Club. During the year. Wolverhomplon Wonderers Footboll Club (1986) Limlled rechorged costs of £128,778 (2023 - £103.939) to the Charlty. At the bolonce sheet dote. the Charily owed on omount of £856,423 (2023 - £632,084) to WolverhomplDn WondereT5 Fooiboll (1986) Llmlled. Poge 32