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← The Russell Martin Foundation

2024-08-31-accounts

REPORT OF THE TRUSTEES & AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

The Russell Martin Foundation (A Company Limited by Guarantee)

2023 -2024

REGISTERED COMPANY NUMBER: 10473815 (England and Wales) REGISTERED CHARITY NUMBER: 1174134

Contents of the Financial Statements for the Year Ended 31 August 2024

Reference and Administrative Details 1 Report of the Trustees 2-13 Report of the Independent Auditors 14-17 Statement of Financial Activities 18 Balance Sheet 19 Cash Flow Statement 20 Notes to the Cash Flow Statement 21 Notes to the Financial Statements 22-35 Detailed Statement of Financial Activities 36-37

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Reference and Administrative Details for the Year Ended 31 August 2024

1

TRUSTEES

R K A Martin

N Young

A H Batchelor

K Watson

R Bradford

K Mercer J Burt

J Martin (appointed 28.10.24)

REGISTERED OFFICE

Bank House Southwick Square Southwick

West Sussex BN42 4FN

REGISTERED COMPANY NUMBER

10473815 (England and Wales)

REGISTERED CHARITY NUMBER

1174134

INDEPENDENT AUDITORS

West & Berry Limited Chartered Certified Accountants

Nile House Nile Street Brighton BN1 1HW

CEO

Alan Sanders

ACCOUNTANTS

Style and Silver Bank House Southwick Square Southwick West Sussex BN42 4FN

Report of the Trustees

RMF (Registered Charity number: 10473815)

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The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: 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) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity's objects are for the benefit of the public generally, both in the UK and overseas and, in particular, the inhabitants of Brighton, East Sussex and its surrounding areas:

Our Values - Opportunity Inclusivity Quality Sustainability For greater detail please visit our website at www.russellmartinfoundation.co.uk

Aims and significant activities

The Russell Martin Foundation is a non-profit organisation based in Brighton & Hove which uses the power of football to help change people's lives. It was set up by exprofessional footballer Russell Martin who wanted to give something back to the city where he was born.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

Report of the Trustees

RMF (Registered Charity number: 10473815)

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ACHIEVEMENT AND PERFORMANCE

Message from Russell Martin , Founder and Member of the Board of Trustees

I am delighted to reflect back on 2023-24 as a year of continuing success for our foundation. Our football and sports participation programmes have flourished, providing players of all ages and abilities with more opportunities than ever before in which to learn, build their confidence, develop their skills and improve their health and wellbeing. Particularly noteworthy has been the significant growth of our girls’ only programmes, including football tournaments, which are a key part of our strategic plan.

On the educational front, we have expanded our reach across Sussex through our Extra Time Projects centres which support disadvantaged pupils and their families. The effort put in by our staff cannot be overstated and is highly praised by all our partners in the local community.

Our disability section is also experiencing growth, making an important difference in the lives of children and adults across Sussex. The increase in confidence among the students and participants attending these sessions is truly heartening and reinforces our mission.

The final approval process for the Old Barn Way facility which will be of huge benefit to the local community, is nearing completion and will be monumental milestone for the foundation upon its development. The dedication and hard work by everyone involved in bringing this vision to reality has been nothing short of outstanding.

I would like to take this opportunity to thank all our amazing staff, our supportive trustees, our valued community partners and our generous funders and sponsors.

The entire team at RMF has embraced their work with ambition, enthusiasm, and shared commitment for growth and improvement of all our projects. We are filled with excitement about the future and the possibilities it holds for us

Report of the Trustees

RMF (Registered Charity number: 10473815)

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Message from Alan Sanders CEO

2023-24 has been yet another year that has continued the trend of overall growth for RMF. Although this is not the only the measure of success to which we hold ourselves accountable to, it does give an overall picture of how we have been able to extend our provision for the local community, both geographically and also in terms of the variety of programmes we offer.

Whilst we are keen to work in partnership with all relevant charities and like-minded organisations we do think it is important to measure ourselves against others so that we can see where improvements can be made. We were extremely proud this year to be recognised regionally as finalists in the Central South Business Awards and nationally as one of the top three football community schemes outside of the Premier League at the Football Business Awards.

The end of this financial year means we are two thirds of the way through our three-year strategy. We are confident that by the August 2025 we will have achieved and surpassed many of the targets through key performance indicators we set ourselves back in September 2022.

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CHARITABLE ACTIVITIES

Russell Martin Academy (RMA)

RMA ran at over 80% capacity for its sessions across all venues throughout the year. Sessions and activities included:

Facility Management

Hove Park

Old Barn Way, Southwick

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Post 16 Programmes

Varndean College

Shoreham Academy

Education

Key Stage 3

Key Stage 4

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Adult Education

Health Improvement

Other Projects

Rehabilitation for Offenders

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Working with Professional Football Clubs

Disability (Post 16)

Inclusion (Under 16s)

Case Studies

Extra Time Project

S. was referred to RMF due to challenging behaviour, including truancy, refusal to wear school uniform, and aggressive responses to staff. He faced the likelihood of permanent exclusion from mainstream school in Year

  1. As a result, he was offered a placement at our Extra Time Project (ETP,) where work began on assessing his social and emotional needs.

Through building trusting relationships in ETP's supportive environment, S. disclosed fears about his home life. He revealed his role as a young carer for his siblings following his parents' separation and their exposure to domestic violence and economic abuse. With the help of the therapy dog, S.'s confidence grew, and he disclosed past abuse at home.

ETP referred S.'s family for social support, helped with basic needs like uniforms and food, and started an Education, Health & Care Plan (EHCP) assessment. This led to a successful transition back to mainstream school, where attendance improved, and nurture hubs and key staff support were put in place to manage his behaviour. During the ETP placement, severe dyslexia was identified, and assistive technology was provided to aid his learning. As S.'s fears and responsibilities at home reduced, his aggressive responses decreased. He reported feeling happier, more in control, and more engaged with his education upon his return to mainstream school.

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Disability & Inclusion Success

"As the Disability & Inclusion Lead at Russell Martin Foundation, you responded promptly and supportively to our inquiry about a young man with a brain injury who previously played (football) as a goalie. You provided clear details about the session requirements, making the process smooth and welcoming.

On arrival, you offered immediate 1:1 support to assess his needs, ensuring he could participate without delay. The session was outstanding, showcasing a level of diversity and inclusion rarely seen in similar settings. His participation was seamless, and he continues to enjoy attending, even looking forward to getting a long-sleeved shirt with elbow pads.

Your inclusive approach allowed him to interact confidently, and it was a pleasure to see him engaging verbally with new people for the first time. The group's diversity, along with Coach Brandon's discreet support, highlighted your commitment to wellbeing, engagement, and sport for all.

After 20 years in this field, I've never seen such a successful project. I wholeheartedly recommend this initiative to others in the therapy and rehabilitation community."

RMF's Support at Brunswick Primary School

The Russell Martin Foundation has been a vital partner in supporting local Primary Schools with sports participation, particularly in promoting sports activities for children with additional needs. At Brunswick Primary School we successfully ran an after-school Sports Club tailored for their most complex pupils, helping them to engage and interact with their peers in ways that were previously challenging.

"Jess Barnes, along with her dog Xoleni, has also been a key figure during our Diversity & Belonging Week, inspiring our Year 1 and Reception students to understand how people with disabilities can adapt and succeed with support." Brunswick Primary School.

"Our son, D, who has autism, has thrived in this inclusive environment. The familiar setting has boosted his willingness to engage, improving his physical health, social skills, coordination, and self-confidence. This club has been transformative, providing essential support that helps children like D. reach their full potential. We are incredibly grateful for the foundation's impact on our school community." Parent.

Media & Communications

This year the Media & Communications team at RMF has played a key role in growing the foundation's reach, raising awareness about our programmes, and engaging with our community.

During 2023-24, our focus was on growing our online presence, increasing engagement across social media platforms, and enhancing the user experience on our website.

Our social media channels have seen significant growth. We focused on delivering content that highlights RMF programmes. Across platforms such as Instagram and Facebook, we gained over 1,000 additional followers, reaching 70,000 accounts this year from our top 12 posts; last year the number was 43,000.

We redesigned the RMF website to improve its functionality and the user experience. The updated site now offers easier navigation for all users on any device. Traffic to the website has stayed about the same during the past year, however users had better engagement time. In addition to our digital media, we had local and national press stories which covered key events, including Russell Martin's honorary degree awarded by Brighton University.

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FINANCIAL REVIEW

Financial position

The results for the year are as follows: total income for the year was £1,448,826 (2023: £1,248,681) and of this,

£692,289 (2023: £572,521) related to restricted income. Expenditure for the year was £1,505,538 (2023:

£1,281,162) and of this £713,922 (2023: £565,519) was restricted expenditure.

There was an overall net deficit for the year of £56,712 (2023: net deficit of £32,481) and this was made up of a net surplus on unrestricted funds of £16,695 and a net deficit on restricted funds in the year of £73,407. Unrestricted reserves carried forward at 31 August 2024 were a surplus of £36,348.

Reserves policy

The trustees’ reserve policy is to have 3 months of operating costs to cover any unexpected eventualities, but given our current situation and the economic climate it would be reasonable to not expect this to be a reality for the next 3 years.

There are two key reasons why in 2023-24 our reserves have been depleted. Firstly, the Old Barn Way development for our restricted budget was in deficit (-£54,780) and we have used reserves to account for this. Secondly, there has been a significant rise in central costs. As a charity we do not ask partners or bid for funding with more than 15% of specific projects going towards these costs. Unfortunately, our overheads have risen beyond 15% mainly due to the economic climate. It is recognised by the trustees that there are few cutbacks that can be made within these costs, and therefore our strategy is to raise the level of unrestricted funds to cover this increase. To date, we have now recovered any deficit, and by August 2025 we expect our reserves to be in a much healthier position.

Our successful strategy for raising the level of reserves has been to target unrestricted funding by:

To monitor and review this policy we will make reserve funding a standard item on our quarterly trustee meetings. We are looking to employ a Director of Finance in 2025-26, and the budget for next year will focus on raising unrestricted funds with a drive towards building up our reserves. This is especially important given the deficit budgets which many of our partner schools and local authorities are working with, as reliance on these partners cannot be guaranteed.

Going concern

At the balance sheet date the charity showed negative funds. The Trustees are actively managing reserves and

cashflow by the monitoring of incoming and outgoing resources and with regular management accounts. The

management accounts as at March 2025 show a surplus for the period and a positive reserves balance.

Funds in deficit

At the year end the charity had a deficit of £54,780 on the Old Barn Way project. The deficit arose due to initial

expenditure being incurred before funding for the project has been received. The deficit position on this project

will be rectified in the year ended 31st August 2025

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FUTURE PLANS

We are continuing our strategy for 2022-25 and our future plans over the three year period are to meet the needs of the local population by:

Football

Education

Health

Of course, none of this could happen without working in close collaboration with local organisations, particularly, the primary and secondary schools, the local authorities, the Sussex FA and of a whole range of sponsors and funders.

Finally, this is an ideal opportunity to thank our valued trustees who have helped us throughout the year.

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STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Russell Martin Foundation is a charitable company limited by guarantee and is registered in England and Wales. It was incorporated on 10th November 2016 (company number 10473815) and registered as a charity with the Charity Commission on 4th August 2017 (charity number 1174134). It is governed by its Memorandum and Articles of Association, which describes the objects and powers of the charity.

Recruitment and appointment of new trustees

Trustees are recruited on the basis of their existing relevant knowledge to ensure a good range of skills are covered by the board of trustees as a whole. Information relating to The Russell Martin Foundation is provided ahead of any appointment and training, including safeguarding training is provided to trustees.

The Board oversees the charity, and the day-to-day management is delegated to Dr Alan Sanders (CEO) and the senior management team.

Remuneration of key management is set in conjunction with the trustees. None of the trustees has any beneficial interest in the charity.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date that the financial statements were approved were as follows:

R K A Martin

N Young A H Batchelor K Watson R Bradford K Mercer J Burt J Martin (appointed 28.10.24)

Risk management

The trustees are responsible for overseeing the risks faced by The Russell Martin Foundation. Risks are identified and assessed throughout the year. The trustees are satisfied that any major risks have been adequately mitigated where necessary and have undertaken an overall risk assessment.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The Russell Martin Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

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STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.

In so far as the trustees are aware:

AUDITORS

The auditors, West & Berry Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on ................................................. and signed on its behalf by:

................................................................... R K A Martin - Trustee

Report of the Independent Auditors to the members of - The Russell Martin Foundation (registered number: 10473815)

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Opinion

We have audited the financial statements of The Russell Martin Foundation (the 'charitable company') for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 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.

Report of the Independent Auditors to the members of - The Russell Martin Foundation (registered number: 10473815)

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Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, 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.

Report of the Independent Auditors to the members of - The Russell Martin Foundation (registered number: 10473815)

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Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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.

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Audit procedures performed by the engagement team included:

Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise non-compliance.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at

www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Report of the Independent Auditors to the members of - The Russell Martin Foundation (registered number: 10473815)

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Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Michelle Westbury FCCA (Senior Statutory Auditor) for and on behalf of West & Berry Limited Chartered Certified Accountants Nile House Nile Street Brighton BN1 1HW

Date: .............................................

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Statement of Financial Activities

(Incorporating an Income and Expenditure Account) for the Year Ended 31 August 2024

CONTINUING OPERATIONS

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006

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Balance Sheet 31 August 2024

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

The financial statements were approved by the Board of Trustees and authorised for issue on

.............................................

R K A Martin - Trustee

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Cash Flow Statement for the Year Ended 31 August 2024

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Notes to the Cash Flow Statement for the Year Ended 31 August 2024

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Notes to the Financial Statements for the Year Ended 31 August 2024

1. CHARITY INFORMATION

The Russell Martin Foundation is a private charitable company limited by guarantee, incorporated in England and Wales. The registered office is the same as the principal address of the charity, Bank House, Southwick Square, West Sussex BN42 4FN.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £

Going Concern

At the balance sheet date the charity showed negative funds. The Trustees are actively managing reserves and cashflow by the monitoring of incoming and outgoing resources and with regular management accounts. The management accounts as at March 2025 show a surplus for the period and a positive reserves balance.

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably.

Income from government and other grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 allocated to the particular activity where the cost relates directly to that activity. Support costs include central functions and have been allocated to activity cost categories on the 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.

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Notes to the Financial Statements for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Expenditure

Costs of generating funds relates to expenditure on raising donations.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 25% on reducing balance Computer equipment - 33% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments

The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity 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 release the asset and settle the liability simultaneously.

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Notes to the Financial Statements for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

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Notes to the Financial Statements for the Year Ended 31 August 2024

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Notes to the Financial Statements for the Year Ended 31 August 2024

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Notes to the Financial Statements for the Year Ended 31 August 2024

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Notes to the Financial Statements for the Year Ended 31 August 2024

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Notes to the Financial Statements for the Year Ended 31 August 2024

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Notes to the Financial Statements for the Year Ended 31 August 2024

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Notes to the Financial Statements for the Year Ended 31 August 2024

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Notes to the Financial Statements for the Year Ended 31 August 2024

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Notes to the Financial Statements for the Year Ended 31 August 2024

The transfer of £51,774 between restricted and unrestricted funds represents a correction of the allocation of staff and consultants' costs to the ETP project income from schools

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Notes to the Financial Statements for the Year Ended 31 August 2024

Restricted funds (cont'd)

RMF has been awarded £2 million funding to develop Old Barn Way to build a new artificial pitch and clubhouse. It is hoped that the facility will be available for public use as well as being a home for Russell Martin Academy activities, and when not being used for football related activities, the clubhouse will be used for educational and health programmes

At 31 August 2024, Old Barn Way restricted fund has a deficit balance of £54,780. This balance has built up over the last three years due to the charity having to cover various project related costs such as legal fees ahead of confirmed funds being released. At March 2025, the charity has now received the lease agreement and once signed, this will prompt the release of funds from the Football Foundation and Adur District Council.

It is expected that the deficit balance will have reversed by the end of the August 2025 year

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Notes to the Financial Statements for the Year Ended 31 August 2024

19. EMPLOYEE BENEFIT OBLIGATIONS

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to the profit and loss in respect of defined contribution schemes was £14,503 (2023: £12,445).

20. RELATED PARTY DISCLOSURES

Remuneration of key management personnel

The remuneration of key management personnel is as follows:

Aggregate compensation £74,027 (2023: £74,156).

The following related party transactions occurred during the year:

Payments of £7,300 (2023: £1,110) were made to a family member of the CEO for working on the Extra Time Provision. The transactions were all conducted at arm’s length

The Russell Martin Foundation

36

Detailed Statement of Financial Activities for the Year Ended 31 August 2024

31.8.24 31.8.23
£ £

This page does not form part of the statutory financial statements

The Russell Martin Foundation

37

Detailed Statement of Financial Activities for the Year Ended 31 August 2024

31.8.24 31.8.23

This page does not form part of the statutory financial statements