COMPANY REGISTRATION NUMBER: 07247372 CHARITY REGISTRATION NUMBER: 1137703
The Leeds United Foundation Company Limited by Guarantee
Financial Statements
For the year ended 30 June 2025
The Leeds United Foundation
Company Limited by Guarantee
Financial Statements
Year ended 30 June 2025
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Trustees' responsibilities statement | 4 |
| Independent auditor's report to the members | 5 |
| Statement of financial activities (including income and expenditure account) | 7 |
| Statement of financial position | 8 |
| Statement of cash flows | 9 |
| Notes to the financial statements | 10 |
The Leeds United Foundation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2025
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 30 June 2025.
| Reference and administrative details | ||
|---|---|---|
| Registered charity name | The Leeds United Foundation | |
| Charity registration number | 1137703 | |
| Company registration number | 07247372 | |
| Principal office and registered | Elland Road | |
| office | Leeds | |
| West Yorkshire | ||
| LS11 0ES | ||
| The trustees | ||
| F A Greer | ||
| A R Kinnear | (Resigned 18 June 2025) | |
| A T Scopes | ||
| S Russell | ||
| J Rogers | ||
| S Mahmood | ||
| G S Austerfield | ||
| I Cherry | ||
| S McGreavy | ||
| M R Eisenberg | (Appointed 18 June 2025) | |
| Auditor | Gibson Booth | |
| Chartered Accountants & Statutory | Auditor | |
| New Court | ||
| Abbey Road North | ||
| Shepley | ||
| Huddersfield | ||
| HD8 8BJ |
Structure, governance and management
The Leeds United Foundation is a company limited by guarantee governed by its Memorandum and Articles of Association dated 10th May 2010. It is registered as a charity with the Charity Commission. The liability of the members is limited to an amount not exceeding £10. The Foundation registered as a charity on 1st September 2010.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
F A Greer A R Kinnear (Resigned June 2025) A T Scopes S Russell J Rogers S Mahmood G S Austerfield I Cherry S McGreavy M R Eisenberg
Recruitment and appointment of new trustees
When considering appointing new trustees, the Board looks at the requirement for any specialist skills needed in order to support the charities work. New trustees are invited and encouraged to attend activity sessions and meet team members to familiarise themselves with the organisation and the context within which it operates. Additionally, trustees are invited to sessions on an ongoing basis and will be familiar with the practical work of the organisation having been briefed on such issues as:
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The obligations of the trustees under charity and company law.
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The main documents which set out the operational framework for the organisation including the Memorandum and Articles of Association recent copies of minutes of meetings, the business plan and recent financial performance of the organisation and future plans and objectives.
1
The Leeds United Foundation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2025
The trustees provide guidance and support and allow the Foundation to access other networking and social groups. The board will provide any training that trustees feel they need to fulfil their responsibilities as necessary.
Organisational structure
The Leeds United Foundation is a registered charity (charity no: 1137703) and as such is operated by a board of trustees. The board of trustees meet quarterly and provide strategic guidance and governance. The Trust is continually seeking to develop a broader skills mix of trustees in order to support and advance the current level of service offered.
A director is appointed by the trustees to manage the day-to-day operations of the charity. To facilitate effective operations, the director has delegated authority, within terms of delegation approved by the trustees, for operational matters including finance, employment and general development of the charity. All areas of the charities operations and developments are reported upon by the director during the trustee's quarterly meetings.
Ultimately it is the board who make all decisions in connection with the running of the foundation on strategy and finance. Such decisions involve the recruitment and remuneration of key management personnel to whom the day-to-day running of the foundation is delegated. The chief executive officer Frances Milner not only reports to the board formally at trustees' meetings but is also in touch with appropriate trustees as and when necessary.
Related parties
The foundation has a clear link with Leeds United Football Club who provide some administrative services to the foundation. The details of these transactions are disclosed in the notes to the accounts.
Objectives and activities
The Leeds United Foundation continues to demonstrate significant impact through its work for season 2024/25.
Through the power of the Leeds United badge, the Foundation is improving lives across Leeds by creating opportunities in sport, education and wellbeing for children, young people and adults. Independent analysis undertaken as part of the Premier League's Social Value project estimated that the Foundation generated approximately £39.1 million of social value during the 2024/25 season, representing around £16.60 of social value for every £1 invested in the charity's work.
Programme delivery
The Foundation delivers its work through three core programme pillars: Sport, Education and Wellbeing, responding to the needs of communities across Leeds with a particular focus on underserved areas.
Sport remains a central pillar of the Foundation's work. Through programmes such as Soccer Schools, Premier League Kicks, Active Through Football and disability football, the Foundation provides accessible opportunities for thousands of participants to take part in regular physical activity, develop confidence and build social connections.
The women's and girls' football pathway continues to grow and remains a strategic priority. The programme offers structured opportunities from entry-level participation through to development and elite pathways, engaging more than 1,200 players on a weekly basis and expanding opportunities for girls across the region.
Education programmes delivered in partnership with schools remain a key component of the Foundation's work. Through initiatives such as: Premier League Primary Stars, Positive Choices and our Secondary Hubs, the Foundation supports young people across primary and secondary schools in areas including literacy, numeracy, physical activity, health education and employability skills. The Foundation also delivers a wide range of health and wellbeing initiatives designed to improve physical and mental health while reducing social isolation. These programmes include Healthy Holidays provision, community football sessions, veterans' support programmes and dementia cafés, creating welcoming environments where participants can build social connections and improve their overall wellbeing.
Impact and reach
During the 2024/25 season the Foundation engaged 55,000 participants, delivering 90,000 interventions, through 17,742 sessions and provided 49,460 hours of programme delivery.
Across the year there were 897,918 attendances recorded across all sessions, demonstrating the depth of engagement and repeat participation across the Foundation's programmes.
This level of delivery highlights the significant reach of the Foundation's work across Leeds and the role it plays in supporting communities through sport, education and wellbeing initiatives.
Outcomes and impact
Participants achieved a wide range of positive outcomes through their engagement with Leeds United Foundation programmes during the season.
2
The Leeds United Foundation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2025
Independent evaluation identified that 75% of participants recorded positive education outcomes, while 56% experienced improvements in employment and training outcomes. Across wider wellbeing indicators, 86% of participants demonstrated positive social and community outcomes, 88% reported improvements in mental health and 94% achieved positive physical health outcomes.
These outcomes demonstrate the broad impact of the Foundation's programmes across education, employability, community cohesion, physical activity and mental wellbeing.
Financial review
The year ending June 2025 was a positive year for the Leeds United Foundation, maintaining income of £2.4m.
Although the Club remained in the Championship League, the Foundation continued to benefit from a small number of financial contributions tied to the Premier League status it held during the 2022/23 season. Additionally, the EFL in the Community supported the Foundation's infrastructure through its core payment.
Further income came from: traded activities, including services delivered in schools, skill camps, and other chargeable initiatives, the FA/Football Foundation and various other grants and fundraising.
Any financial surplus generated, continued to strengthen the Foundation's financial position, ensuring protection from potential challenges related to income adversity or the Club's league status.
It is the policy of the Foundation that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months’ expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Foundation’s current activities while consideration is given to ways in which additional funds may be raised. The board are confident that future plans will generate a surplus and enable the Foundation to meet its reserves target. At 30 June 2025 reserves amounted to £736,287 of which £327,675 is regarded as unrestricted or free reserves which meets the Foundation’s target.
The Trustees have reviewed the major risks the Foundation faces and are satisfied that systems are in place to mitigate these risks. While the availability of continued funding can be influenced by both the current economic climate and the position of the football club, the Board takes these factors into account when planning and delivering programmes.
Looking ahead
Leeds remains a vibrant and ambitious city; however, many young people continue to face challenges including physical inactivity, poverty and limited access to safe spaces.
The Leeds United Foundation remains committed to addressing these challenges, creating opportunities for children, young people and their communities to thrive, through programmes that increase physical activity, support educational attainment and employability and promote positive wellbeing.
The Board of Trustees and management team remain focused on strengthening partnerships, increasing awareness of the Foundation's work and securing sustainable funding to enable the organisation to continue delivering meaningful impact for communities across Leeds.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the charitable company's auditor is unaware; and
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they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
18 Mar 2026
The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:
James Rogers
James Rogers (Mar 18, 2026, 2:54pm)
J Rogers Trustee
3
The Leeds United Foundation
Company Limited by Guarantee
Trustees' Responsibilities Statement
Year ended 30 June 2025
The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure of the charitable company for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP 2019 (FRS 102);
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make judgments and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
4
The Leeds United Foundation
Company Limited by Guarantee
Independent Auditor's Report to the Members of The Leeds United Foundation (continued)
Year ended 30 June 2025
Opinion
We have audited the financial statements of The Leeds United Foundation (the 'charitable company') for the year ended 30 June 2025 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 30 June 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the trustees' report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
5
The Leeds United Foundation
Company Limited by Guarantee
Independent Auditor's Report to the Members of The Leeds United Foundation (continued)
Year ended 30 June 2025
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Charities Act 2011. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements, and determined that the principal risks were related to management bias through manipulation of accounting estimates or posting inappropriate journal entries. Audit procedures performed by the engagement team included:
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discussions with management including consideration of known or suspected instances of non-compliance with laws, regulation and fraud;
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challenging assumptions and judgements made by management in their significant accounting estimates;
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testing of non-purchase and sales ledger bank transactions;
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testing the appropriateness of journal entries;
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testing of purchase invoices.
Because of the inherent limitations of an audit, there is a risk that we will fail to detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%8 0%99s-responsibilities-for. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Gibson Booth (Mar 18, 2026, 3:06pm)
Gibson Booth
Chartered Accountants & Statutory Auditor New Court Abbey Road North Shepley Huddersfield 18 Mar 2026 HD8 8BJ
Gibson Booth is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
6
The Leeds United Foundation
Company Limited by Guarantee
Statement of Financial Activities (including Income and Expenditure account)
Year ended 30 June 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 360,083 | 360,279 | 720,362 | 668,132 |
| Charitable activities | 6 | 845,842 | 790,624 | 1,636,466 | 1,732,276 |
| ---------------------------------- | ---------------------------------- | ---------------------------------- | ---------------------------------- | ||
| Total income | 1,205,925 | 1,150,903 | 2,356,828 | 2,400,408 | |
| ================================== | ================================== | ================================== | ================================== | ||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of raising donations and legacies | 7 | (215,287) | – | (215,287) | (157,453) |
| Expenditure on charitable activities | 8,9 | (1,015,175) | (1,126,306) | (2,141,481) | (2,103,306) |
| ---------------------------------- | ---------------------------------- | ---------------------------------- | ---------------------------------- | ||
| Total expenditure | (1,230,462) | (1,126,306) | (2,356,768) | (2,260,759) | |
| ================================== | ================================== | ================================== | ================================== | ||
| ---------------------------------- | ---------------------------------- | ---------------------------------- | ---------------------------------- | ||
| Net income and net movement in funds | (24,537) | 24,597 | 60 | 139,649 | |
| ================================== | ================================== | ================================== | ================================== | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 352,212 | 384,015 | 736,227 | 596,578 | |
| ---------------------------------- | ---------------------------------- | ---------------------------------- | ---------------------------------- | ||
| Total funds carried forward | 327,675 | 408,612 | 736,287 | 736,227 | |
| ================================== | ================================== | ================================== | ================================== |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 10 to 17 form part of these financial statements.
7
The Leeds United Foundation
Company Limited by Guarantee
Statement of Financial Position
30 June 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Intangible assets | 13 | – | 67 |
| Tangible fixed assets | 14 | 21,501 | 20,870 |
| ---------------------- | ---------------------- | ||
| 21,501 | 20,937 | ||
| Current assets | |||
| Debtors | 15 | 719,890 | 636,411 |
| Cash at bank and in hand | 658,847 | 699,673 | |
| ---------------------------------- | ---------------------------------- | ||
| 1,378,737 | 1,336,084 | ||
| Creditors: amounts falling due within one year | 16 | (663,951) | (620,794) |
| ---------------------------------- | ---------------------------------- | ||
| Net current assets | 714,786 | 715,290 | |
| -------------------------- | -------------------------- | ||
| Total assets less current liabilities | 736,287 | 736,227 | |
| -------------------------- | -------------------------- | ||
| Net assets | 736,287 | 736,227 | |
| ========================== | ========================== | ||
| Funds of the charity | |||
| Restricted funds | 408,612 | 384,015 | |
| Unrestricted funds | 327,675 | 352,212 | |
| -------------------------- | -------------------------- | ||
| Total charity funds | 18 | 736,287 ========================== |
736,227 ========================== |
For the year ended 30 June 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies but as this company is a charity, it is subject to audit under the Charities Act 2011.
Trustees' responsibilities:
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The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
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The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
18 Mar 2026
These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:
James Rogers
James Rogers (Mar 18, 2026, 2:54pm)
J Rogers Trustee
The notes on pages 10 to 17 form part of these financial statements.
8
The Leeds United Foundation
Company Limited by Guarantee
Statement of Cash Flows
Year ended 30 June 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income | 60 | 139,649 |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 4,567 | 3,043 |
| Amortisation of intangible assets | 67 | 200 |
| Accrued income | (1,379) | (54,602) |
| Changes in: | ||
| Trade and other debtors | (83,479) | (166,236) |
| Trade and other creditors | 44,536 | (9,047) |
| ---------------------- | -------------------------- | |
| Cash generated from operations | (35,628) | (86,993) |
| ---------------------- | ---------------------- | |
| Net cash used in operating activities | (35,628) | (86,993) |
| ====================== | ====================== | |
| Cash flows from investing activities | ||
| Purchase of tangible assets | (5,198) | (13,490) |
| ---------------------- | ---------------------- | |
| Net cash used in investing activities | (5,198) | (13,490) |
| ====================== | ====================== | |
| Net decrease in cash and cash equivalents | (40,826) | (100,483) |
| Cash and cash equivalents at beginning of year | 699,673 | 800,156 |
| -------------------------- | -------------------------- | |
| Cash and cash equivalents at end of year | 658,847 ========================== |
699,673 ========================== |
The notes on pages 10 to 17 form part of these financial statements.
9
The Leeds United Foundation
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 June 2025
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Elland Road, Leeds, West Yorkshire, LS11 0ES.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £. The significant accounting policies consistently applied in the preparation of these financial statements are set out below.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Significant judgements
No significant judgements have been made in the process of applying the entity's accounting policies.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Useful economic lives of tangible and intangible assets The annual depreciation charge for tangible and intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates. See note 13 and 14 for the carrying amount of intangible and tangible assets respectively. The amortisation and depreciation policies for each class of assets can be found in note 3.
Allocation of support costs between activity types is an estimation based upon the type of work performed and expenditure required for each activity type.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
10
The Leeds United Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2025
3. Accounting policies (continued)
Incoming resources
Income is recognised when the charity is entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the foundation has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the foundations has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Resources expended
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party. it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Intangible assets acquired on business combination are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Software - straight line over 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
- Computer Equipment 20% reducing balance basis
11
The Leeds United Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2025
3. Accounting policies (continued)
Financial instruments
The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.
Financial instruments are recognised in the foundation's balance sheet when the foundation becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Limited by guarantee
Each member promises, if the charity is dissolved while he or she is a member or within twelve months after he or she ceases to be a member, to contribute up to £10 towards the payment of the debts and liabilities of the Charity whilst he or she was a member.
5. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2025 | |
| £ | £ | £ | |
| Donations | |||
| Donations and gifts | 323,898 | 46,237 | 370,135 |
| Grants | |||
| Grants | 36,185 | 314,042 | 350,227 |
| -------------------------- | -------------------------- | -------------------------- | |
| 360,083 | 360,279 | 720,362 | |
| ========================== | ========================== | ========================== | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Donations | |||
| Donations and gifts | 292,839 | 57,890 | 350,729 |
| Grants | |||
| Grants | 34,407 | 282,996 | 317,403 |
| -------------------------- | -------------------------- | -------------------------- | |
| 327,246 | 340,886 | 668,132 | |
| ========================== | ========================== | ========================== | |
| Charitable activities | |||
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2025 | |
| £ | £ | £ | |
| Sport and physical activity | 771,752 | 624,800 | 1,396,552 |
| Other | 43,471 | 11,297 | 54,768 |
| Health and wellbeing | 30,619 | 154,527 | 185,146 |
| -------------------------- | -------------------------- | ---------------------------------- | |
| 845,842 | 790,624 | 1,636,466 | |
| ========================== | ========================== | ================================== |
6. Charitable activities
12
The Leeds United Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2025
6. Charitable activities (continued)
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2024 | |||
| £ | £ | £ | |||
| Sport and physical activity | 773,578 | 731,001 | 1,504,579 | ||
| Other | 61,166 | – | 61,166 | ||
| Health and wellbeing | 25,223 | 141,308 | 166,531 | ||
| -------------------------- | -------------------------- | ---------------------------------- | |||
| 859,967 | 872,309 | 1,732,276 | |||
| ========================== | ========================== | ================================== | |||
| 7. | Costs of raising donations and legacies | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2025 | Funds | 2024 | ||
| £ | £ | £ | £ | ||
| Staff costs | 53,588 | 53,588 | 29,953 | 29,953 | |
| Advertising | 78,544 | 78,544 | 55,878 | 55,878 | |
| Facility/venue hire | 83,155 | 83,155 | 71,622 | 71,622 | |
| -------------------------- | -------------------------- | -------------------------- | -------------------------- | ||
| 215,287 | 215,287 | 157,453 | 157,453 | ||
| ========================== | ========================== | ========================== | ========================== | ||
| 8. | Expenditure on charitable activities by fund type | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2025 | |||
| £ | £ | £ | |||
| Sport and physical activity | 958,031 | 661,387 | 1,619,418 | ||
| Health and wellbeing | – | 93,278 | 93,278 | ||
| Other | – | 371,641 | 371,641 | ||
| Support costs | 57,144 | – | 57,144 | ||
| ---------------------------------- | ---------------------------------- | ---------------------------------- | |||
| 1,015,175 | 1,126,306 | 2,141,481 | |||
| ================================== | ================================== | ================================== | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2024 | |||
| £ | £ | £ | |||
| Sport and physical activity | 882,520 | 677,746 | 1,560,266 | ||
| Health and wellbeing | – | 90,673 | 90,673 | ||
| Other | – | 361,216 | 361,216 | ||
| Support costs | 91,151 | – | 91,151 | ||
| -------------------------- | ---------------------------------- | ---------------------------------- | |||
| 973,671 | 1,129,635 | 2,103,306 | |||
| ========================== | ================================== | ================================== | |||
| 9. | Expenditure on charitable activities by activity type | ||||
| Sport & physical | Health and | Total Funds | |||
| activity | wellbeing | Other | 2025 | ||
| Direct costs: | £ | £ | £ | £ | |
| Staff costs | 1,389,317 | 92,621 | 370,484 | 1,852,422 | |
| Depreciation and amortisation | 4,634 | – | – | 4,634 | |
| Telephone | 11,320 | 657 | 1,157 | 13,134 | |
| Postage and stationery | 15,558 | – | – | 15,558 | |
| Sundries | 25,468 | – | – | 25,468 | |
| Facility and venue hire | 79,894 | – | – | 79,894 | |
| Marketing | 75,464 | – | – | 75,464 | |
| Motor and travel expenses | 17,763 | – | – | 17,763 | |
| ────────── | ────────── | ────────── | ────────── | ||
| 1,619,418 | 93,278 | 371,641 | 2,084,337 | ||
| Support costs: | |||||
| Bank charges | 176 | 12 | 48 | 236 | |
| Accountancy fees | 7,650 | 510 | 2,040 | 10,200 | |
| Professional fees | 38,194 | 2,546 | 10,185 | 50,925 | |
| Bad debts | (4,217) | – | – | (4,217) | |
| ────────── | ─────── | ────────── | ────────── | ||
| 1,661,221 | 96,346 | 383,914 | 2,141,481 |
13
The Leeds United Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2025
9. Expenditure on charitable activities by activity type (continued)
| Sport & physical | Health and | Total Funds | |||
|---|---|---|---|---|---|
| activity | wellbeing | Other | 2024 | ||
| Direct costs: | £ | £ | £ | £ | |
| Staff costs | 1,350,210 | 90,014 | 360,056 | 1,800,280 | |
| Depreciation and amortisation | 3,243 | – | – | 3,243 | |
| Telephone | 11,362 | 659 | 1,160 | 13,181 | |
| Postage and stationery | 7,353 | – | – | 7,353 | |
| Sundries | 25,783 | – | – | 25,783 | |
| Facility and venue hire | 74,544 | – | – | 74,544 | |
| Marketing | 58,161 | – | – | 58,161 | |
| Motor and travel expenses | 29,610 | – | – | 29,610 | |
| ────────── | ────────── | ────────── | ────────── | ||
| 1,560,266 | 90,673 | 361,216 | 2,012,155 | ||
| Support costs: | |||||
| Bank charges | 172 | 11 | 46 | 229 | |
| Accountancy fees | 5,130 | 342 | 1,368 | 6,840 | |
| Professional fees | 48,062 | 3,204 | 12,816 | 64,082 | |
| Bad debts | 20,000 | – | – | 20,000 | |
| ────────── | ─────── | ────────── | ────────── | ||
| 1,633,630 | 94,230 | 375,446 | 2,103,307 | ||
| 10. | Net income | ||||
| Net income is stated after charging: | |||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Amortisation of intangible assets | 67 | 200 | |||
| Depreciation of tangible fixed assets | 4,567 | 3,043 | |||
| =================== | =================== | ||||
| 11. | Staff costs |
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 1,733,010 | 1,676,990 |
| Social security costs | 136,394 | 117,453 |
| Employer contributions to pension plans | 36,605 | 35,790 |
| ---------------------------------- | ---------------------------------- | |
| 1,906,009 | 1,830,233 | |
| ================================== | ================================== | |
| The average head count of employees during the year was 106 (2024: 99). | ||
| The number of employees whose remuneration for the year fell within the following bands, were: | ||
| 2025 | 2024 | |
| No. | No. | |
| £70,000 to £79,999 | – | 1 |
| £170,000 to £179,999 | 1 | – |
| ----------- | ----------- | |
| 1 | 1 | |
| =========== | =========== |
12. Trustee remuneration and expenses
No trustees received any remuneration (2024: none)
No trustee was reimbursed for travel expenses during the year (2024: none)
14
The Leeds United Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2025
13. Intangible assets
| Software | |||
|---|---|---|---|
| £ | |||
| Cost | |||
| At 1 July 2024 and 30 June 2025 | 1,000 | ||
| =================== | |||
| Amortisation | |||
| At 1 July 2024 | 933 | ||
| Charge for the year | 67 | ||
| ------------------- | |||
| At 30 June 2025 | 1,000 | ||
| =================== | |||
| Carrying amount | |||
| At 30 June 2025 | – | ||
| =================== | |||
| At 30 June 2024 | 67 | ||
| =================== | |||
| 14. | Tangible fixed assets | ||
| Computers | |||
| £ | |||
| Cost | |||
| At 1 July 2024 | 68,259 | ||
| Additions | 5,198 | ||
| ---------------------- | |||
| At 30 June 2025 | 73,457 | ||
| ====================== | |||
| Depreciation | |||
| At 1 July 2024 | 47,389 | ||
| Charge for the year | 4,567 | ||
| ---------------------- | |||
| At 30 June 2025 | 51,956 | ||
| ====================== | |||
| Carrying amount | |||
| At 30 June 2025 | 21,501 | ||
| ====================== | |||
| At 30 June 2024 | 20,870 | ||
| ====================== | |||
| 15. | Debtors | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Trade debtors | 431,604 | 544,980 | |
| Prepayments and accrued income | 33,012 | 16,631 | |
| Other debtors | 255,274 | 74,800 | |
| -------------------------- | -------------------------- | ||
| 719,890 | 636,411 | ||
| ========================== | ========================== | ||
| 16. | Creditors: amounts falling due within one year | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Trade creditors | 65,637 | 29,004 | |
| Accruals and deferred income | 556,702 | 558,081 | |
| Social security and other taxes | 38,886 | 24,494 | |
| Other creditors | 2,726 | 9,215 | |
| -------------------------- | -------------------------- | ||
| 663,951 | 620,794 | ||
| ========================== | ========================== |
17. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £36,605 (2024: £35,790).
15
The Leeds United Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2025
18. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | 1 July 2024 | Income | Expenditure At | 30 June 2025 | |
| £ | £ | £ | £ | ||
| General funds | 352,212 | 1,205,925 | (1,230,462) | 327,675 | |
| ========================== | ================================== | ================================== | ========================== | ||
| At | 1 July 2023 | Income | Expenditure At | 30 June 2024 | |
| £ | £ | £ | £ | ||
| General funds | 296,123 | 1,187,213 | (1,131,124) | 352,212 | |
| ========================== | ================================== | ================================== | ========================== | ||
| Restricted funds | |||||
| At 1 July 2024 | Income | Expenditure At | 30 June 2025 | ||
| £ | £ | £ | £ | ||
| Sport and physical activity | 201,821 | 624,800 | (661,387) | 165,234 | |
| Health and wellbeing | 95,797 | 154,527 | (93,278) | 157,046 | |
| Other | 86,397 | 371,576 | (371,641) | 86,332 | |
| ────────── | ────────── | ────────── | ────────── | ||
| 384,015 | 1,150,903 | (1,126,306) | 408,612 | ||
| ══════════ | ══════════ | ══════════ | ══════════ | ||
| At 1 July 2023 | Income | Expenditure At | 30 June 2024 | ||
| £ | £ | £ | £ | ||
| Sport and physical activity | 148,566 | 731,001 | (677,746) | 201,821 | |
| Health and wellbeing | 45,162 | 141,308 | (90,673) | 95,797 | |
| Other | 106,727 | 340,886 | (361,216) | 86,397 | |
| ────────── | ────────── | ────────── | ────────── | ||
| 300,455 | 1,213,195 | (1,129,635) | 384,015 | ||
| ══════════ | ══════════ | ══════════ | ══════════ |
Restricted funds of the charity comprise unexpended balances of donations and grants held on trust for specific purposes.
The monies received relate to income received from the following bodies and used to promote the activities analysed in the above table:
-
Premier League Funding
-
The FA
-
The English Football League
-
Network Rail
-
Donations
19. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2025 | |
| £ | £ | £ | |
| Intangible assets | – | – | – |
| Tangible fixed assets | 21,501 | – | 21,501 |
| Current assets | 345,995 | 368,791 | 714,786 |
| -------------------------- | -------------------------- | -------------------------- | |
| Net assets | 367,496 | 368,791 | 736,287 |
| ========================== | ========================== | ========================== | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Intangible assets | 67 | – | 67 |
| Tangible fixed assets | 20,870 | – | 20,870 |
| Current assets | 331,275 | 384,015 | 715,290 |
| -------------------------- | -------------------------- | -------------------------- | |
| Net assets | 352,212 | 384,015 | 736,227 |
| ========================== | ========================== | ========================== |
16
The Leeds United Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2025
20. Analysis of changes in net debt
| At | 1 | Jul 2024 | Cash flows | At 30 Jun 2025 | |
|---|---|---|---|---|---|
| £ | £ | £ | |||
| Cash at bank and in hand | 699,673 | (40,826) | 658,847 | ||
| ========================== | ====================== | ========================== |
21. Related parties
During the year the foundation received administrative support from Leeds United Football Club Limited amounting to £91,940 (2024: £69,448) and also providing services to the football club amounting to £10,000 (2024: £356,728). As part of this support the football club pays some payroll costs on behalf of the foundation which are then reimbursed. At the year end the foundation was owed £97,004 (2024: £188,944) by the football club.
Furthermore, the foundation hired rooms for meetings from Leeds United Conference & Events amounting to £15,016 (2024: £18,597). At the year end the foundation owed £26,434 (2024: 11,418) to the company.
17