Company number: 06858117 (England and Wales) Charity number: 1129723 Chelsea FC Foundation Annual Report and Consolldated Flnanclal Statements For the Year Ended 30 June 2024
Chelsea FC Foundallon (A Company Limited by Guarantee) Contents Page Report of the Trustees Independent Audltors, Report Consolldated Statement of Flnanclal Activities 10 Consolidated Balance Sheet 11 Charltable Company Balance Sheet 12 Consolldat8d Cash Flow Statement 13 Notes to the Flnanclal Stat8m8nts 14-28
Chelsea FC Foundatlon (A Company Limited by Guarantee) Report of the Trustees For the year ended 30 June 2024 The trustees are pleased to present thelr trustees, annual report together wlth the consolidated financial statements of Chelsea FC Foundation (the Charity) for the year ended 30 June 2024 whlch are also prepared to meet the requirements for a dlrectors, report and accounts for Companies Act purposes. The consolldaled financial statements have been prepared In accordance wlth the accountlng policies set out on pages 14 to 28 of the attached consolidated financial statements and comply with the Charity's Memorandum and Articles of Assoclation, applicable laws and the Statement of Recommènded Practlce: Accounting and Reportlng by Charjtles (the SORP) applicable to charilles preparing their accounts In accordance wlth the Flnanclal R8POrting standard appllcable In th8 UK and Republlc of Ireland (FRS 102) and Companles Act 2006, effectlve from accountlng perlods comm8nclng 1 January 2019 or later. Structure. Governance and Management Governlng Document Chelsea FC Foundatlon Is a company Ilmited by guarant88, govemed by Its Memorandum and Articles of Assoclatlon dated 25 March 2009 and amended on 25 January 2011 and 16 August 2018. 20 May 2022 and 17 June 2024. It Is reglstered as a charfty with the Charlty Commlsslon (reglstered number 1129723). Appolntment of Trustees As set out In the Artlclas of Assoclatlon, Trustees are Invited to loln the Board. Chelsea FC Holdings Llmltad ('the Club,) can appolnt up to three Trustees. On appolntment, Trustees complete a reglster of interests and new Trustees wlll undertake an Inductlon programme that Includes famlliarisatlon wllh the purposes and operation of the Charity, Its strategies and its oblectivas. There Is a Iralnlng programme for Trustees and Trustees are encouraged to attend appropriate external tralning ev8nts to assist them In the undertaklng of Ihelr role. Organlsatlon The board of Trust8es, whSch shall Include no less than three members. administers the Charlly. The board meels at four limes a year. A Head of Foundation Is appointed by the Trustees lo manage the day-to-day operatlons of the Charlty. To facllitate effectlve operations, the Head of Foundation has delegated 8Uthorlty, wlthln terms of delegalion approv6d by the Trustees. for operational matters Includlng finance, employment. education and sport related actlvlty. Subsldlary companles The Charlty has one trading subsldiary, Chelsea FC Foundation Tradlng Company Llmited {TCL) and one charltable subsldiary, The Chelsea Players, Trust {CPT). Any profit generated by the actlvities of the trading subsldlary is donated to the Charity. Related Partles The Trustees consider that the Club and its subsldlaries ar8 related parties of the Charity. In additlon to this, as the parent company of Chelsea FC Holding Limited the Trustee's consider Blueco 22 Limited as a connected party. Risk Management The Trustees have a duty to identify and revlew the risks to whlch the charity is exposed and to ensure appropriate controls are In place to provide reasonable assurance against fraud and error. Trustees have assessed the major rlsks to which the Charlty Is exposed, with particular attention focused on non-financial rlsks arislng from working with young people. A key element In the management of financial risk is the setting of a regular review through the management team.
Chelsea FC Foundatlon {A Company Limlted by Guarantee) Report of the Trustees For the year ended 30 June 2024 Chalr's Report Thls flnancial year has marked my first full as Ch8ir of Chelsea Foundation. As a Ilfelong Chelsea FC fan, I have always been very proud of ourwork In the communlty, and to have seen thls outstanding work first-hand has been extremely fulfilling. Football Is key In breaking down barrlers, contributlng to soclal Improv8ment and posltlvely affectlng our communltles and cultural attitudes. Chelsea Foundatlon Is formed by these valu8s and a commltment to ensure football Is used as a force for change, glvlng back to the communities we serve. We are ambltlous and want to ensure we are leaders on and off the pltch. Whether that be our commltment to provldlng opportunltles for young glrls to play football, uslng the power of the Chels8a badge to support varylng educatlonal needs, or our continued efforts to combat all forms of hate. Chelsea Foundation is ensuring we have a tanglble Impact on our local communltles. Durlng thls perlod, we have also welcomed Millie Bright OBE and Loulse Jacobs as trustees of Chelsea Foundatlon. Followlng thls, we have also now welcomed Laura Cordlngley as Chelsea Foundation's Chlef Executiv8. Laura wlll be Instrumental In evolvlng the Foundatlon's dellvery even further. hyper focused on supporting our local communilles with an Impact-led approach, ensurlng we are posltlvely Impactlng those who need our help the most and where we're best placed to support. l am extremely exclted by the next chapter In the Foundatlon's work. Lord Danlel Flnkelsteln OBE, Chalr of Chelsea FC Foundatlon
Chelsea FC Foundation (A Company Limit8d by Guarantee) Report of the Trustees For the year ended 30 June 2024 Financlal Revlew The results for the year ended 30 June 2024 show a surplus of £537.524{2023: £1.580.229}. Total InGoming resources wer8 £8.612.501 (2023: £7,678,450) and total resources expended were £8,074,677 (2023: £6,101.292). The underlylng activity has contlnued to operate from a strong financlal base through the hard work of the Foundation staff and the continued support from our partners. Thls has been strengthened further by the fundlng thal has been provided by Blueco 22 Limited. Donated Servl¢e8 The Charity recelves financial support from th8 Club and Its subsldlari8S to the extènt that support functlons ara provided free of any charg8. Investment procedures and pollcy At the present time the Chelsea FC Foundatlon has taken the declslon to not hold any Investments. The Trustees have the power to revlse this posltion as they see flt, a5 set out in the Memorandum and Artlcles of Assoclallon. Raservos Pollcy To be able to cover all commltments the Foundatlon's policy Is to hold unrestrlcted reserves of b8twe8n £0.8m and £1 .2m. This was revlewed and r8conflrmed by the Trust88s on 8th March 2022. Trustees consider free reserves to be th8 unrestrlcted reserv8s of the charlty. whlch have a surplus at the year-end of £1,414,076 (2023.. £2,389,551). Thls level Is above that agreed in the reserves policy and the Trusteé's and senlor management team are currently revlewlng programmes that the addltional reserves can b8 designated towards. Please see note 21. The flnanclal statements have been prepared on the golng concern basls which the trustees bellev8 to b8 approprlale. See Note I for further detalls.
Chelsea FC Foundation (A Company Llmited by Guarantee) Report of the Trustees For the year ended 30 June 2024 Reference and Administratlon Detalls Reglstered company number.. 0685817 (England and Wales) Reglstered charity numb8r: 1129723 Rp.oi.8tftrfid offir.A' 8tamfnrd RridoA. Fiilham Rnad, I nndnn, Swfi 1H.8 Dlrectors and Irustaos The dir8Ctors of the charltable company are Its trustees for the purpose of charfly law. The trustees and offlcers servlng durlng the year and slnce the y8ar end were as follows: Lord D Flnk81stèln OBE (Chair) EC Hay8s OBE P Powar Rt Hon Slr Robertson KCMG DL B Charone L Jacobs M Bright Reslgned 23 January 2024 Appolnled 01 March 2024 Appolnt8d 01 May 2024 Key management personnel The key manag8ment personnel are Ihe non-executlve dlrectors of the organlsatlon; they are responslble for thé day-t¢>day management of th8 Gharlty's actlvitles: Operatlons Dlrector International Development Managar: Head of Community Programmes: Head of Football Development: H8ad of Educatlon & Innovation.. T Readlng I Woodroffe P Haslings D Jacquart S GaskSn-Kemp Banker Barclays Pall Mall Corporate Banking Centre 50 Pall Mall London, SW1A 1QA Audltor CLA Evelyn Partners Limited 17 Queens Lane Nawcastle Upon Tyne NE1 1RN
Chelsea FC Foundatlon (A Company Limited by Guarantee) Report of the Trustees For the year endad 30 June 2024 STATEMENT OF DIRECTORS RESPONSIBILITIES The trustees (who ar8 also director5 of Cholsea FC Foundation for the purposes of company law) are responslble for preparing tho Dlréctors. report and tho financlal statftm8nt5 In accordance wlth applicable law and United Klngdom Accounting Standards (Unltod Klngdom Gonorally Accepted Accounting Practice). Company law requlres the Irust68S to prepare financial statements for each financlal year which give a true and falr view of the stata of affalrs of the charltable company and of the Incomlng resources and applicatlon of resources, including the Income and expenditure, of the charltable company for that perlod. In preparlng these financial statements, the trustees are requlred to: select sultable accountlng pollcles and then apply them conslstently", observe the methods and principles In the Charities SORP 2015 (FRS 102); make judgements and estlmates that are reasonable and prudent; slate whether appllcable UK Accounting Standards hav8 been followed, subject to any materlal departur8S dlsclosed and explalned In the flnanclal statements; prepare the financial ststements on the golng concern basls unless It Is Inapproprlate to presume that the charitable company wlll continue In operatlon. The trustees are responslble for keeplng adequate accountlng records that dlsclose wlth reasonable accuracy at any tlme the flnancial posltion of the charltable company and enabl8 them to ensure that the flnanclal statements comply wlth th8 Companles Act 2006. They are also r8sponslble for safeguardlng the assets of the charltable company and hence for taklng reasonable steps for the preventlon and detectlon of fraud and olher Irregularltles. So far as each of the trustees Is awar8 at tha tlme the report Is approved: there Is no relevant audlt Informatlon of whlch the charitable company's audltors are unaware, and the trustees have taken all steps that Ihey ought to have taken to make themselves aware of any relevant audit information and to establlsh that the auditors are aware of that Information. Thls report was approved by the truslees on .iufv-. ..3... 202¥and slgned on its behalf, by: Auditors A resolution to appolnt auditors for the ensuing year wlll be proposed at the annual general meeting In Ilne wlth the charlty's policles and In accordance with section 485 of the Companies Act 2006. Thls report was ap roved by the trustees on ............... ..) 202Sand slgned on Its behalf. by.. Lord D Flnkelstein OBE Chair Chelsea FC Foundation (A Company Limited by Guarantee)
Independent Auditors, Report to the members of Chelsea FC Foundatlon {ConelnuedJ For the year ended 30 June 2024 Opinlon We have audlted the financial stalements of Chelsea FC Foundation (the 'charitable company,) and ils subsidiary (the 'group') for the year ended 30 June 2024 which comprise the Statemenl of Financial Activities. Group Balance Sheet and Charitable Company Balance She8t, Iha Cash Flow Statement and notes to the financial statements, including a summary of signlficant accounting policies. The financial reporting framework that has be6n applied In their preparatlon Is applicable law and Unlted Klngdom Accounting Standards. Including Flnanclal Reportlng Standard 102 Th6 Financial Reporting Standard applicab19 in the UK and Republic of Ireland (United Klngdom Generally Accepted Accounting Practice). In our oplnion the financial statements: glve a true and falr vlew of the state of th8 group's and charitable company's affalrs as at 30 June 2024, and of th6 group's Incomlng resources and appllcatlon of resources. Includlng Its Incom8 and expendlture, for the y8ar then ended- have been properly prepared In accordance with Unlted Kingdom Generally Accepted AccDuntlng Practlce,. and have been prepared In accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance wlth Internatlonal Standards on Auditing (UK) (ISAS (UK)) and appllcabl8 law. Our responslbilities under those standards are further descrlbed In the Audltor's responsiblllties for the audlt of the financlal statements seGtlon of our report. We are Independent of the charity In accordance wlth the ethlcal requlrements that are relevant to our audlt of the financial statements In the UK, Includlng the FRC'S Ethlcal standard, and we have fulfilled our oth8r elhlcal responsibilities in accordance wlth these requirements. We belleve that the audlt evldence we have obtalned Is sufflcient and appropriate lo provide a basis for our oplnlon. Concluslons rolatlng to golng concern In audlllng the financial stat&menls, we have concluded that the trustees. use of the golng concern basls of aGcountlng In the pr8parallon of the financlal statements Is approprlate. Based on the work we have performed, we have not Ident1fl8d any materlal uncertalntles relatlng to events or condltlons that, Indivldually or collectlV81y, may cast significant doubt on the charftles abillty to continue as a golng concern for a period of at least twelve months from when the finandal statements are authorlsed for Issue. Our rgsponslbllltles and the responslbllltles of the trustees with respect to golng conrn are described In the relevant sectlons of this report.
Chelsea FC Foundatlon (A Company Llmlted by Guarantee) Independent Auditors, Report to the members of Chelsea FC Foundatlon (Conelnued) For the year ended 30 June 2024 other Informatlon The trustees are responsible for the other Information. The Other informatlon comprises the information included In the trustees, annual report, other than the financial statements and our 8uditoVs report thereon. Our oplnlon on the flnanclal 6tat8ments does not COV8r the other Infonnatson and, except to tha extent oth8rwl80 expllcltly stated in our report. we do not express any form of assurance conclusion thereon. In connection wlth our audll of the finandal statements. our responsibility Is to read the other informallon and. In doing so, consld8r whether the other information is materlally inconsistent with the financial statements or our knowledge oblalnad In the audit or OtheIs8 appears to be materlally misstated. If we Identlfy such materlal Inconslslencles or apparent material misslalements, we are requlred to detemiine whether there Is a materlal mlsstatement In the flnanclal stat8ments or a materlal mlsstatement of the other informatlon. If. based on the work we have performed, we conclude thal there Is a materlal mlsstatement of thls other Informatlon, we are requlr8d to report that fact. We have nothlng to report in thls regard. Matters on whlch we are requlrad to report by exceptlon In the Ilght of our knowledge and understanding of the charltles and Its envlronment obtalned In the course of the audlt, we have not Identlfied material misstatements In the trustees r8POrt. We have nolhlng to report In respect of the following matters In relatlon to whlch the Charltles Act 2011 r8qu5res us to report to you if, in our oplnlon: adequate accountlng records have not been kept, or retums adequate for our audlt have not been recelved from branches not vlsited by us. or the flnancial slalements are not In agreement wlth the accountlng records and returns., or certaln disclosures of dlrectors, remuneration speclfied by law ar8 not made; or we have not r8celv8d all the Information and explanatlons we require for our audlt: or the trustees were not entitled to prepare the flnanclal statements In accordance vAth the small companles, reglme and take advantage of the small companles, exemptlons in preparlng the dlrectors, report and from the r8quir8ment to prepare a strategic report.
Chelsea FC Foundation (A Company Llmited by Guarantee) Independent Audltors, Report to the members of Chelsea FC Foundatlon (Confinued) For the year ended 30 June 2024 Responslbllltles of trustees As explained more fully in the trustees, responsibilities ststement set out on page 7, the trustees are responsible for the preparatlon of the financial statements and for baing sallsfied that they give a true and falr vlew, and for such Internal r.nnlr()l as thp. trii.8199.8 d&lHrmlnp 1.% nftr.ft88ary Ir) 8nahle th8 preparalinn nf finanr.1818tal8mfints that arfi frpA from materlal mlsstalement, whether due to fraud or error. In pr8parlng the flnanclal statements, the truslees are responsible for assassing the charlties abllity to continue as a going concem, disclosing, as applicable, matters related to golng concern and uslng the golng concern basls of accounting unless th8 trustees either intend to liquidate the charitable company or to cease operatlons, or have no reallstlc alternatlV8 but to do so. Audltor's responslbllltles for the audlt of the flnanclal statements Our objectlves are to obtain reasonable assuranc8 about whether the financlal stataments as a whole are fr8e from materlal mlsstatement, whether due to fraud or error. and to Issu8 an audllofs report that includes our oplnlon. Reasonable assurance is a hlgh level of assurancè, but Is not a guarantee that an audlt conducted In accordance wlth ISAS (UK) wlll always detect a malerial mlsstatement wh8n it exists. Mlsstatements can aris8 from fraud or error and are consldered material if, Individually or In the aggregat8, they could reasonably b8 expected to Influence the economlc declslons ol users taken on the basls of these financial statements. Irregularltles, Includlng fraud, are Instances of non-compllance with laws and regulations. We daslgn procedures In Ilne wlth our responslbllilles, outlln8d above. to detect material mlsstatemenls In resp8Ct of Irregularltles, Includlng fraud. The extent to whlch our procedures are capable of deteGtlng Irregularitles, Includlng fraud, Is detalled b810w. We obtalned an understandlng of the legal and regulatory framework applicable to both the charlty ItS8lf and Ihe Induslry In whlch It operate5. We Identified areas of laws and regulallons that Gould reasonably be expected to have a materlal effect on the finanGlal statements from our sector experlence and through dlscusslon with the trustees and other management. The most significant were Identlfled as the Charltles Act 2011, UK GAAP (FRS102) and relevant tax leglslallon. We consldered the extent of compliance with those lav and regulations as part of our procedures on the relat&d flnanclal statements. Our audlt procedures Included: maklng enquires of trustees and management as to where they conslder there to b8 a susceptibillty to fraud and whether Ihey have any knowledge or suspiclon of fraud., obtaining an understanding of the Internal controls estsblished to mttlgate risks related lo fraud or non- compllance with laws and regulatlons. revlewlng the minutes of meetings of those charged with gov8manc8', assesslng the rlsk of management overrid8 Including identifying and lesting journal entrles. and conflrmation re¢elved dlrectly from the banks to verify the balance at 30 June 2024,.
Chelsea FC Foundation (A Company Limited by Guarantee) Independent Audltors, Report to the members of Chelsea FC Foundation (Contlnued) For the year ended 30 June 2024 Our audll did not identify any key audlt matters relating to the detection of Srregularlties including fraud. However, despite the audit being planned and conducted In accordance wlth ISAS (UK) there remains an unavoldable risk that materlal mlsstatements in the financlal statements may not be detected owing to Inherent Ilmitatlons of the audit, and that by their vory natur8, any 6UGh instances of fraud or Irregularity likely involv8 coIIu61on. forgary. intentional misrepresentatlons. or the overrlde of Internal controls. A further descrlptlon of our responsibllltles for the audlt of the financial statements is located on the Flnanclal Reporting Councll's webslle at: www.frc.org.uklauditorsresponsibilities. This descrlptlon forms part of our auditorfs report. Use of Our Report ThSs report Is made solely to the charlties trustees. as a body, In accordance with Part 4 of the Charltles Regulations 2008. Our audlt work has been und8rtaken so that we mlght state to the charltable company's members thosa matters w8 are requlred to state to tham In an audltofs report and for no other purpose. To the fullest extenl permllted by law, we do not accept or assume responslblllty to anyone Other than th8 charlty and the charlties trustees as a body, for our audit work, for thls report, or for the oplnlons w8 have fomied. CPL Cralg Henderson (Sanlor Statutory Audltor) For and on behalf of CLA Evelyn Partners Llmlted IZ loL Chartered Accountants and Statutory Audltors 17 Queens Lane Newcastle upon Tyne NE1 1RN
Chelsea FC Foundatlon (A Company Limlted by Guarant8e) Consolldated Statement of Flnanclal Activitles (IncorpoTating the consolldated Incomè and Expendlture Account) For the year ended 30 June 2024 Unrestrlct8d Deslgnaled Restrlcted funds funds funds Total 2024 Total 2023 Notes Incom8 from: Donations Charltable activities Fundralsing Income Investment Income 1,308.160 4,943,808 100,613 144,697 1.000.000 2,308,160 1.114.923 6,058,731 100,613 144,697 2,150.730 5,403,066 98,275 26,335 Total Incomo 6,497,278 2,114,923 8,612,201 7,678,406 Expendlture on.. Charltable actlvlties 6.248,804 1.825,873 8,074,677 6.098,178 Total expendltura 6,248,804 1,825,873 8,074,677 6.098,178 Net movament before transfers 248.474 289,050 537,524 1,580,228 Transfers between funds 21 (1,223,949) 1,179,797 44,152 Nel movoment In funds { 975,475) 1,179.797 333.202 537,524 1,580,228 Reconclllatlon of funds Total funds brought forward 2,389,551 200.228 567,527 3,157,306 1,577,078 Total funds carrled forward 1,414.076 1,380,024 900,730 3,694,830 3,157,306 The results for the year derfve from continuing actlvltles and there are no galns or losses other than those shown above. 10
Chelsea FC Foundation (A Company Limlted by Guarante8) Consolldated Balance Sheet As at 30 June 2024 2024 2023 Notes Flxed assets Tangible assets Intanglble assets 15 16 222,158 9,720 43,919 15,698 231,878 59,615 Current assets Deblors Cash at bank and In hand 18 2,970,413 2,149,103 450,596 3,867,294 5,119,516 4,317,890 Llabllltles Creditors.. amounts falling due wlthln one year 19 (1,656,564) { 1,220.199) Nat current assets 3,462,952 3,097.691 Total assots las8 current Ilabllltles 3,694,830 3,157,306 Total net assets 3,694,830 3,157,306 Th8 funds of the charlty Unr8Strlcted funds Deslgnated funds 21 21 1,414.076 1,380.024 2,389,551 200,227 2.794.100 900.730 2,589,778 567,528 Restrlct&d funds 21 3,694,830 3,157,308 These flnanclal statements have been prepared In accordance with the provisions appllcable to companios subject to the small companies regime. The ftnanclal statements were approved by the Board of Trustees on . signed on its behalf by: . 202¥and were Lord D Finkelstein OBE The notes on pages 14 to 28 form part of these financial statements. 11
Chelsea FC Foundatlon (A Company Limited by Guarantee) Charlly Balance Sheet As at 30 June 2024 2024 2023 Notes Flxed assets Tangible assets Intanglble assels Investments 15 16 17 222,158 9.720 43,919 15,696 231,879 59,616 Current assets Debtors Cash al bank and In hand 18 2.704.864 1,929,634 451,088 3,601.813 4,634,498 4,052,901 Llabllltles Creditors: amounts falllng due wlthln one year 19 (1,656,564) (1,245,942) Nat current assets 2,977,934 2.806.959 Total assets less Current Ilabllltles 3,209,813 2,866.575 Total net assets 3.209.813 2,886.575 The funds of the charlty Unreslrlcted funds D8slgnated funds 21 21 929,059 1,380,024 2.098,820 200,227 2,309.083 900,730 2,299,047 567,528 Restricted funds 21 3,209,813 2,866,575 These financial statements have be8n prepared In accordance with the provlslons appllcable to companies subject to the small companies regime. The financial statements were approved by the Board of Trustees on slgned on Its behalf by- . 202¥and were Lord D Fink8lstein OBE 12
Chelsea FC Foundatlon (A Company Llmlted by Guarantee) Consolidated Statement of Cash Flows As al 30 June 2024 Cash flow8 from oporallng actlvltl86: Cash generated from operatlons 26 (1,939,875) 1,595,795 Net cash provlded by operatlng actlvltles (1.939,875) 1.595.795 Cash flows from Investing actlvitles: Purchase of tanglble fixed assets Interest recelved { 203,844) (32,670) 144,697 26.335 Net cash used In Investing actlvltles { 59,147) (6,335) Change In cash and cash equlvalents In the year (1,718,191 ) 1,589,460 Cash and cash equlvalents at the begSnnlng of the year 3,867,294 2,277,834 Cash and cash equlvalents at the end of the year 2,149,103 3,867,294 Cash and cash equlvalents conslst of: Cash at bank and In han(F 2,149.103 3.867,294 13
Chelsea FC Foundation (A Company Llmited by Guarantee) Notes to the financial statements for the year ended 30 June 2024 1. Accountlng pollcles Ch81sea FC Foundation is a private company limited by guarantee (Companies House No. 06858117) and a reglstered charity (Registered Charity No. 1129723). It is incorporated and domiciled in England and Wales. The registered offlce is Stamford Bridge. Fulham Road. London, SW6 1HS, UK. The principal activSties of Ihe Group and Charity are mentioned in the Trustees. Report. The followlng accountlng policies have been applled consistently in dealing with Items which are consldered materlal In relation to the Group's financial statements. 1.1 Basls of praparallon of flnanclal statements The financlal statements have been prepared in accordance wlth Accountlng and Reportlng by Charlt188: Stat8ment of Recommended Practlce appllcable to charitles preparlng their accounis In accordance wlth th8 Flnanclal Reportlng Standard applicable In the UK and Republlc of Ireland (FRS 102) Issued In October 2019, the Flnanclal Reporting Standard app15cable In the United Klngdom and Republlc of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accountlng Practice. Chelsea FC Foundation meets the definltlon of a publlc benefit entity under FRS 102. The flnanclal statements are prepared under the historical cost convenllon or transactlon value unless otherwlse staled In the relevant accounting pollcy note{s). The flnancial statements are prepared In Sterllng whlch Is th8 functional currency of the charlty and rounded to th8 near8St £. The slgnlficant accounting policles applled In the preparatlon of these financlal statements are set out below. These pollcles have been consistently applied to all years presented unless otherwise slated. 1.2 Basls of consolldatlon These consolldated financlal stat8menls consolklate the results of the Charfty and Its wholly owned subsldiary undertaklngs, Chelsea FC Foundation Trading Company Ltd and The Chelsea Players, Trust on 8 Ilne-by-line basis. A separate Statement of Flnancial Activities and Income and Expendlture Account for the charity has not been presented because Chelsea FC Foundatlon Trading Company Ltd and The Chelsea Players, Trust has taken advantage of the exemption afforded by sectlon 408 of the Companies Act 2006. 1.3 Golng concern The financial statements have been prepared on a going concem basls. The trustees have reviewed and consldgred relevant Information, Including the annual budgets In making Ihelr assessment. Based on these assessments, the Increased level of demand for tha servlces and the additlonal funding available the trust88S have concluded that they can contlnue to adopt the going concern basis In preparing the annual report and accounts. 1.4 Fund accountlng Unrestricted funds can be used in accordance With the charitable objecllves al the discretlon of the trustees. Designated funds comprfse unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designal&d fund is set out In the notes to the financial statements. Restrlcted funds can only be used for partlcular reslricted purposes specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund Is included in the notes to the financial statements. 14
Chelsea FC Foundation (A Company Llmited by Guarantee) Notes to the flnanclal statements for th8 year ended 30 June 2024 1.5 Income All Incoming resources are included In the Stat8ment of Financial Acdvitles when the charity Is legally entitled to the income after any performance conditlons have baon met, the amount can be measured rellably and It Is probablo that tho incomo will bo roGOiVOd. Income from charitable activities Includes Income recelved under contract or where entitlement to grant fundlng is subject to specific performance conditions and Is recognlsed as earned. Grant income included in this category provldes funding to support p&rformance aclivlties and is recognised where there is entitlamont, cerlainty of roceipt and the amount can be measured with reasonable certainty. Income received to dellver servlces over a speclfic perlod coverlng more than one flnancial year Is aGGounted for over the speclflc perlod. related expendllure Is accounted vthen Incurred. For donatlons to be recognlsed th8 charlty wi15 have been nottfied of th6 amounts and the settlement date In wrltlng. Flxed asset glfts In klnd are recognlsed when rec8lvabl8 and are included at falr value. They are not deferred over the Ilfe of the asset. Interast recelvabl8 on funds h81d on deposlt Is Included when rec8lvab18 and th6 amount can b8 measured r611ably by the charlty, th15 Is normally upon notlfication of the Inlerest pald or payable by the bank. 1.6 Expendlture and Irra¢ovorable VAT Llabilitles are recognlsed as expenditure as soon as there Is a legal or constructlve obllgatlon commltllng the charlly to that expenditure, it Is possible that a transfer of economic beneflts wlll be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basls and has b&en classlfied under headlngs that aggregate all cosl related to the category. Where costs cannol be dlreclly attrlbuted to partlcular h8adings they have been allocated to activltles on a basls consist8nt wlth the use of resources. Irrecoverable VAT Is charged agalnst the cost against the 8xp8nditure was Incurred. 1.7 Allocatlon and apportlonment of costs Support costs are those functions which assist the work of the charity but do not dlrectly undertake charltable aGlivilies. Support costs Include office costs. finance, personnel, payroll and governanc8 Costs whlch support the charity's programmas and activities. 1.8 Tanglble flxed assets Tanglble flxed assets are stated at cost (or deemed cost) or valuation less accumulated depCIatIOn and accumulated Impairment losses. Cost Indudes costs directly attrlbut8ble to maklng the asset capable of operatlng as intended. Depreciation Is provlded at the following annual rates in order to write off each asset over Its estimated useful Ilfe. Fixtures & Flttings Leasehold Improvements 3 years 10 years Fixed assets costlng less than £500 are not capitallsed. 15
Chelsea FC Foundation (A Company Limited by Guarantee) Notes to the financial statements for the year ended 30 June 2024 1.9 Impalrment of flxed assets At each reporting end dat8. the charlty reviews th8 carrying amounts of Its tangible assets to determin8 whether there Is any Indication that those assets hav8 suffered an Impalrment loss. If any such indication exlsts, the recoverable amount of the asset is estimated In order to detemilne the extent of the impairment loss {If any)- 1.10 Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade dlscounts due. 1.11 Cash at bank and In hand Cash at bank and cash In hand Includes cash and short tenn highly Ilquid Investments whlch are Instantly accesslble from thg openlng of the deposlt or slmllar account. 1.12 Credltors and provlslons Creditors and provislons are recognlsed where the charfty has a present obllgatlon resultlng from a past event that wlll probably result In the transfer of funds to a thlrd paty and the amount dua to settla the obllgation can be measured or estimated reliably. Creditors and provisions ar8 normally recognlsed at thelr settlement amount after allowlng for any discounts due. 1.13 Flnanclal Instrumenls The charitable company only h85 financlal assets and flnanclal Ilabllitles of a klnd that qualify as baslc flnanclal Instrum8nts. Baslc financlal Instruments are InltialEy recognlsed at transactlon value and subsequently measured at thelr settlement value wlth the 8xceptlon of bank loans whlch are subs8qu8ntly measured at amortlsed cost uslng the effective inter8St method. 1.14 Penslons Payments to d8fln8d contributlon retirement benefit schemes are charged as an expense as they fall due. Judgements In applylng accountlng pollcles and key sources of estlmatlon uncortalnty In the appllcation of the charfty's accounllng pollcles, the trus18es are requlred to make Judgements, estlmates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The 8slimates and associated assumptions are based on historical experience and olher factors that are considered to be relevant. Actual results may differ from these eslimates. The estlmates and underlylng assumptions are revlewed on an ongoing basls. Revlslons to accountlng estlmates are recognised in the period In whlch Ihe estimate is revlsed where the revislon affects only that perlod, or in the period of the revision and future periods where th8 revislon affects both current and future periods. There are no significant estimates. 16
Chelsea FC Foundallon (A Company Limiled by Guarantee) Notes to the flnancial statements for the year ended 30 June 2024 Statement of Financlal Actlvltles for the prlor year UnrgStrlct•d D•slgnat•d R•slrlct•d funds funds funds Total 2023 Tolal 2022 Notes Income from: Donations Charllable actlvitles Fundralslng Income Investment Incom8 1,110.690 4,287,303 98,275 26,335 1.040.040 2,150,730 1,115,763 5,403,066 98,275 28,335 400.481 5.396,273 181,555 Total Income 5,522,803 2,155,803 7,678,406 5,978,309 Expendlture on: Charitable actlvltles 4,404,425 70.272 1,623,481 6,098,178 6.461.299 Total expendlture 4,404,425 70.272 1,623,481 6.098,178 6,461,299 Not movement before transfers 1.118.178 (70,272) 532,322 1,580,228 (482,990 ) Transfers between funds 21 354,000 (22.500) (331,500) Net mov8m8nt In funds 1,472.178 { 92,772) 200,822 1,580.228 (482,990) Reconclllatlon of funds Total funds brought fOard 917,373 293,000 366,705 1,577,078 2,060,068 Total funds carrled forward 2,389.551 200,228 567.527 3,157.306 1,577,078 17
Chelsea FC Foundatlon {A Company Llmited by Guarante8) Notes to the financial statements for the year ended 30 June 2024 Donatlons 2024 2023 Gifts, donations & legacies Blue Co. donation 308,160 150,730 2,000,000 2,000,000 2,308,160 2.150.730 Income from charltable actlvltles by activity 2024 2023 Grant Income Dlrect charltable actlvltles 1,741,744 1,539,935 4,316,987 3,863.131 6,058,731 5.403.066 Income from fundralslng actlvltles 2024 2023 Raffles and lottery 100,613 98,275 100,813 98,275 Investment Income 2024 2023 Bank Interest 144,697 26.335 144.697 26,335 Charltable actlvltles expendlture 2024 2023 Staff costs Coaching programme costs Transport costs other costs Coach educatlon costs Support costs 4,407,158 3.494.197 1.853,519 1,554,120 65,881 64,841 665,945 381,389 461 843 1,081.711 602,787 8,074,677 6,098,177 18
Chelsea FC Foundation (A Company Llmlted by Guarantee) Notes to the flnancial statements for the year ended 30 June 2024 Support costs Telephone, postage, stationary & printing Con8ultancy and prof6661onal cost8 Depreciation and amortisatlon Other support costs Governance costs (note 10) 45,633 156,228 31,581 824.729 23.540 1,081,711 10. Gov8rnance costs Audlt fee Tax & other non-audlt fees 20.200 3.340 23,540 11. Audltors remuneratlon 2024 2023 Audlt fee 20,200 19,260 12. Net Income 2024 2023 This is slated after charglng: Depreciation and amortisation Operating lease charges (31,581 ) { 20,895 ) (120.000) (120,000 ) 13. Flnanclal performance of the charltable company The Consolldated Ststement of Financial Actlvities includes the results of the wholly owned subsldiaries. The summary financial performance of the charlty alone is; 2024 2023 Income Expenditur8 8.357,510 7,625.291 (8,014,272) (6,055,352) Net surplusl(deficit) 343,238 1.569,939 19
Chelsea FC Foundatlon (A Company Limited by Guarantee) Notes to the financlal statements for the year ended 30 June 2024 14. Analysls of staff cosls. trustee remuneration and expenses. and the cost of key management personnel 2024 2023 Wages and salaries Soclal securlty costs Other pension costs 3,575,608 3,165,550 374.262 306,421 161.418 128,669 4.111,288 3,600.640 The average monthly number of employees durlng the year was as follows: 2024 2023 Core Staff 122 90 122 90 The number of employees who earned £60,000 per annum or more (Includlng taxable benefits but excludlng employer pension conlrlbullons) durlng the year were as follows". The number of hlgher pald employees was: 2024 2023 In the band £60,001- £70,000 In th8 band £70,001- £80,000 In the band £80,001- £90,000 In the band £110,001- £120.000 In the band £140,001- £150.000 The charity trustees were not paid or recelved any other beneflts from employment in the year (2023 - £nil) No trustees were r81mbursed expenses durlng the year. {2023 - £nil). No charity Trustee received payment for professlonal or other servlces supplied to the charity (2023 - £nil). The key management personnel of the charity comprise the Trustees and Senlor Management. The total employee benefits of th8 key management personnel of the charity were £299.206 (2023 - £446,428). 20
Chelsea FC Foundatlon (A Company Llmited by Guarantee) Notes to the flnanclal statements for the year ended 30 June 2024 15. Tangible fixed assets (Group & Charity) Assets under construction Flxtures & Leasehold Flttlngs Improvements Total Cost At l July 2023 Addlllons 33.514 97,913 94,184 127,698 201,967 104,054 AI 30 June 2024 104,054 131,427 94.184 329,665 Dapreclatlon At 1 July 2023 Charge for year 12,356 14,310 71,423 9.418 83,779 23,728 At 30 June 2024 26,666 80,841 107,507 Net book value At 30 June 2024 104,054 104,761 13,343 222,158 At 30 June 2023 21,158 22,761 43,919 16. Intanglble flxed assets (Group & Charlty) Software Llcence Total Cost At 1 July 2023 Addlllons 23,558 1,877 23,558 1,877 At 30 June 2024 25,435 25,435 Amortlsatlon At 1 July 2023 Charge for ysar 7,862 7,853 7.862 7.853 At 30 June 2024 15,715 15,715 Net book value At 30 Jun8 2024 9,720 9.720 At 30 June 2023 15,696 15.696 21
Chelsea FC Foundation (A Company Limited by Guarantee) Notes to the financial statemenls for the year ended 30 June 2024 17. Investments Group 2024 Group 2023 Charlty 2024 Charlty 2023 Investment In wholly owned subsldlary companies Chelsea FC Foundation Trading Company Ltd Total Invostments Percentage Shareholdlng 100% Charltable Company The Chels8a Players Trust Country England and Wales Descrlptlon Ordlnary The Chelsea Players Trust relleves In cases of need, hardshlp or dlstressed persons who are or have been employed or engaged by Chelsea FC Holdlngs Limit8d or Its associated antilles. The results and summary of ass8ts and118billtles of th8 charltable company are as follows.. 2024 2023 Donallons Interest recelvabla Expenditure 243,040 5,654 (60.307) 50,000 1,647 { 41,555) Deflcil for the year 188,387 10.092 2024 2023 Total assets Total liabllltles 366.224 177,837 Charitable funds 366,224 177,837 Percentage Shareholding Company Chelsea FC Foundation Trading Company Country Descriptlon England and Wales 100% Ordinary Chelsea FC Foundatlon Tradlng Company is held within the Group to house any activity that the Charity engages in that can be consid8red commercial in nature. No activity was Garrled out withln the period. The results and summary of assets and liabilities of the company are as follows- 2024 2023 Interest receivab18 Adminlstrative expenses 5.997 (100) 1,468 (1,268 ) Profitl(Loss) for the year 5,897 200 22
Chelsea FC Foundation (A Company Limited by Guarantee) Not8S to the flnancial statements for the year ended 30 June 2024 17. Inveslments (Contlnuedj 2024 2023 Total assets Total liabilities 134.076 128.178 Shareholders, funds 134,076 128,178 18. Debtors Group 2023 Charlty 2023 2024 2024 Trade debtors Other debtors Prepayments and aocrued Incom8 322.158 284.598 2,363,657 390.683 10.967 48.946 322,158 19,049 2.363.657 390,683 11,459 48,946 2,970,413 450,596 2,704,864 451.088 19. Credltors: amounts falllng due wlthln one year Group 2023 Charlty 2023 2024 2024 Trade credStors Amounts owed to group undertaklngs Other laxatlon and soclal security Accruals and deferred Income other credltors 165.553 88,356 165.553 280.831 133,961 1,072.154 4,065 88,356 26,272 125,805 1,005,508 133,961 1.352,985 4.065 126.335 1,005,508 1,656.564 1,220,199 1,656,564 1,245,942 Deferred Income Deferred Income relates to Income recelved for future periods. At l July 2023 Amounts released to Income Additions during the year 486,000 (486,000) 244,151 AI 30 June 2024 244,151 23
Chelsea FC Foundation (A Company Limited by Guarantee) Notes to the flnancial statements for th6 year ended 30 June 2024 21. Statèment of funds For the ear ended 30 June 2023 At 1 July 2023 At 30 June 2024 Income Expendlture Transfers Unrestrlcted fund General fund 2,389,551 6.497,278 (6,248,804)(1.223,949) 1,414.076 Daslgnated fund CFC MIND S6rl8s Donatlon Jamel Edwards Fund Paul Canoville Fund Insplre Her 200,228 (160,203) 40,024 1,000,000 1,000,000 240,000 240,000 100,000 100.000 Total unrestrlcted funds 2,589.778 6,497.278 (6,248,804) (44,152) 2,794,100 R8strlcted funds No to Hate PL Actlvate Senlors PL Chelsea Champlons PL Core Fundlng PL Insplres PL Entrapreneur PL Klcks PL Klcks Targeted PL Football PF PL Prlmary Stars PLFA Fund 209.495 1.000.000 { 682.172) 30,147 88.000 (82,599) 101,214 171,554 (244.273) 38,585 230,000 (230.000) 39,947 102,983 (90,352) 18.769 70,631 (58,691 ) 63.230 291,754 (324,245) 6,630 15,000 44,511 527,323 35,548 64,227 38,585 52,578 32,704 .39,105 35,732 1,995 8,366 15,000 85,680 10,000 150,000 (113,501 ) 10,000 4,650 Total restrlcted fvnds 567.528 2,114.923 (1,825,873) 44,152 900.730 Total funds 3,157,306 8.612.201 (8,074,677) 3.694,830 Deslgnated funds During the year the Club made a donation to the Foundation from licket sales for the MIND Serles friendly played against Tottenham Hotspur. The Trustee took the declslon lo deslgnate these funds to projects that will be run for 2 years from July 2023. 24
Chelsea FC Foundatlon (A Company Llmlted by Guarantee) Notes to the flnanclal statements for the year ended 30 June 2024 Al year and the Trustees have designated £1.34m of the unrestricted reserves to the delivery of future programmes. Of this. £1.24m Is to provlde multiyear grants to two partner Foundatlons. A further £100k has been deslgnated towards the Ch8lsea Foundation Insplre Her programme whereby we have recelved a Gommitment for 1 y8ar of 3rd party fLinding of a similar valiie. This d8signatlon will allow the deliv6ry of this programme to be unaff8Cted for 12 months rf thls funding is not renewed. Restrlcted funds These funds conslst of grants and fundlng from various bodies Includlng those for the followlng projects.. Klcks, PL Actlvate Senlors. PL Chelsea Champions. PL Core Fundlng. PL Inspires. PL Entrepreneur. PL Football PF and PL Prlmary Stsrs. PLFA Fund and No to Hate. The No to Hate proJ8Ct aims to hlghllght ongoing issues around antlsemltlsm withln football and the wlder Gommunlty. 21. Stalemant of funds {¢ontlnued) For the ar ended 3 June 2023 At 1 July 2022 At 30 June 2023 Income Expendlturo Transfers Unrestrlcted fund General fund 917,373 5,522,603 { 4,404,425) 354,000 2,389,551 Deslgnated fund CFC MIND Series Donatlon 293,000 { 70.272 ) (22.500) 200,228 Total unrestrlcted funds 1,210,373 5,522,603 (4,474,697) 331,500 2.589,779 Restrlcted funds No to Hate PL Actlvata Senlors PL Chelsea Champions PL Core Fundlng PL Insplres PL Entrepreneur PL Klcks PL Klcks Target8d PL Football PF PL Primary Stars 1.040.040 (476.545) (354.000) 209,495 82,700 (82,142) 30,147 188,833 (226,979) 101,214 230,000 { 230,000 ) 38,585 90.000 (77.118) 39,947 74,900 { 64.508) 18,769 275,823 (274,067) .63,230 23.147 (37,126) 6,630 15,000 44.511 29.589 116.860 38.585 27,065 8.377 61.474 20,610 15,000 49,146 22,500 150,360 (154,995) (37.873) Total rostricted funds 366.705 2,155,803 (1,623.481) (331,500) 567,528 Total funds 1,577.078 7,678,406 (6,098.178) 3,157,306 25
Chelsea FC Foundatlon (A Company Llmited by Guarantee) Notes to the financlal statements for the year ended 30 June 2024 22. Analysls of net assets by fund Far thR nded Unrestrlcted Restrlcted funds fund5 Total Flxed assets Current assets Current liabllltles 231.878 4.218,786 { 1,656,564 ) 231,878 900,730 5,119,516 (1,656,564) 2,794,100 900,730 3,694,830 For the 8ar ended 30 June 2 23 Unrestrlcted Restrlcted funds funds Total Flxed assets Current assets Current Ilabllltl8S 59,615 3,750,362 (1,220,199 ) 59,615 567,528 4.317,890 (1.220,199) 2,589,778 567.528 3,157,306 23. Penslons Deflned contrlbutlon Penslon conlrlbutlons payable for the year 8nded 30 June 2024 amounted to £161,481 (2023 - £128.669). 24. Called up share capltal The Charity is limlted by guarantee and has no share capltal. The liability of the trustees as members Is Ilmlted by guarantee to not more than £10. 26
Chelsea FC Foundation (A Company Limited by Guarante8) Notes to the financlal statements for the year ended 30 June 2024 25. Related Party transactions The Charity conducts buslness transactlons on a nomial commercial basls wlth, and receives a number of servlces from the following related Companies: Chelsea FC Holdings Llmlted, Chelsea Football Club Limited, Chelsea FC MerchandlsSng, Chalsea Women's Football Club Llmlted and Chelsea Car Parks Llmited are related partles due to a number of Trustees of Chelsea FC Foundation belng dlrectors of the Chelsea FC group companles. Sales to Chelsea Football Club Llmlted includ8 the recharge of coaching time conducl8d by Foundatlon staff on behalf of the Football Club. Sales during the year amounted to £260,161 (2023 - £232,093). Purchases durlng the year amounted to £112,116 {2023- £90.962) At the year end, £nil was du8 (2023- £29,337). 81u8co 22 Llmited made a £2,000,000 donatlon {2023- £2,000,000) durlng th8 Period. Chelsea FC Holdings Llmlted pay the pension costs whlch are recharged to the Foundation on a monthly basls as well as othar s8rvlces provlded to th8 Foundallon. Purchases durlng the year amounted to £625,799 (2023 - £814,992. At the year end, amounts payable was £nil (2023 - £nll}. Amounls owed lo Chelsea FC Merchandlslng Ltd relate to costs for one-off charges of merchandlse It8ms or stadlum tours us&d as lotterylraffle prlz8s. Purchases during th8 year amounted lo £15,085 (2023 - £14.426). Chelsea Car Park Ltd, provldes car parklng at stamford Bridge. Purchases durlng the year amounted to £nll (2023 - £4,176). Coachlng tlme Is recharged to Chelsea Football Club Women Ltd, durlng the year amounted to £8,179 (2023- £333). At the year end £nil was due (2023- £nil). 27
Chelsea FC Foundatlon (A Company Limlted by Guarantee) Notes to the financial statements for the year ended 30 June 2024 26. Reconclllatlon of net Incomel(expendlture) to net cash flow from operating actlvltles 2024 2023 N8t Incomel(exp8ndlture) for thè perlod Adjustment5 for: DeprecSatlon charges Amortlsatlon charg8S Interest recelvable Decreasel{increase) in debtors Decreasel(Increase) in creditors 537,524 1,580.228 23,728 15.733 7,853 5.162 1144.697) (26.335) { 2,519.817) 109,393 436,365 (88,388) Net cash provlded by operallng actlvltl8S (1.659,044 ) 1,595.795 27. Analysls of changes In net debt The charitable company had no debt durlng the year. 28