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2023-06-30-accounts

Charity registration number 1177282

Company registration number CE013347 (England and Wales)

SOLIHULL MOORS FOUNDATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

SOLIHULL MOORS FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr B Brown Mr M Seabrook Ms J A Barnett Ms C Issacs Mr C Craske Mr J D A England (Appointed 4 April 2023) Mr B Adebola (Appointed 11 January 2023) Mrs J Rohel (Appointed 1 January 2023) Charity number 1177282 Company number CE013347 Registered office SportNation.Bet Stadium Damson Parkway Solihull West Midlands B92 9EJ Independent examiner Jerroms Lumaneri House Blythe Gate Blythe Valley Park Solihull West Midlands B90 8AH

SOLIHULL MOORS FOUNDATION

CONTENTS

Page
Trustees report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5 - 6
Notes to the financial statements 8 - 17

SOLIHULL MOORS FOUNDATION

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 JUNE 2023

The Trustees present their annual report and financial statements for the year ended 30 June 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Solihull Moors Foundation's governing document, the Companies Act 2006 and "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

The charity’s objectives are to assist in community participation in healthy recreation, by providing facilities for the playing of association football and other sports, capable of improving health and fitness.

Currently, the foundation runs over 64 teams both junior and senior teams.

The foundation collaborates with a number of local schools within the local area, to provide coaching sessions that focus not just on football, but promote positive mental health, encourage children to eat healthily and capitalise fully on their education.

School holiday camps have been run to provide football coaching, game zones and art and craft activities for local children of all ages.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities Solihull Moors Foundation should undertake.

Achievements and performance

The aim of the charity is to promote health and wellbeing in the local community using sport. We have supported our local community partners by delivering food and hygiene parcels, within the Solihull community.

The Foundation was chosen as Charity of the year for 2023/24 by the Solihull Chamber of Commerce. This has enabled us to raise awareness but also partner with key organisations, to make a difference in the local community.

Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the foundation has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies on page 8.

Since the year end, the charity has made steps to reduce its overhead base and continues to operate within its financial resources.

Financial review

The net deficit for the year amounted to £98,671 (2022: £70,121) which is mainly attributable to the costs relating to venue and pitch hire, along with the wages costs, which have been paid by the Foundation since October 2021 for the provision of full time coaches and support staff.

The charity aims to maintain funds at a level equivalent to meet running costs for three months in the event of major variation of circumstances.

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 company’s current activities while consideration is given to ways in which additional funds may be raised

SOLIHULL MOORS FOUNDATION

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Structure, governance and management

The Solihull Moors Foundation is a registered charity with the charity commission.

The Trustees who served during the year and up to the date of signature of the financial statements were: Mr B Brown

Mr M Seabrook Ms J A Barnett Ms C Issacs Mr C Craske Mr C Cope (Resigned 1 July 2022) Ms E Hyland (Resigned 7 February 2023) Mr J D A England (Appointed 4 April 2023) Mr B Adebola (Appointed 11 January 2023) Mrs J Rohel (Appointed 1 January 2023)

None of the Trustees have any beneficial interest in the Foundation. All the Trustees are members of the Foundation but have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

Apart from the first charity trustees, every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.

Policy decisions are made by the Trustees. The day to day operation is managed by the CEO under the delegated authority of the Trustees. The Trustees maintain a watching brief and hold regular meetings, to which the CEO reports.

The Trustees report was approved by the Board of Trustees.

Mr B Brown Trustee

30 April 2024

SOLIHULL MOORS FOUNDATION

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOLIHULL MOORS FOUNDATION

I report to the Trustees on my examination of the financial statements of Solihull Moors Foundation for the year ended 30 June 2023.

Responsibilities and basis of report

As the Trustees of the Solihull Moors Foundation (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the Solihull Moors Foundation are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Solihull Moors Foundation’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the Solihull Moors Foundation’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Lucas Markou FCCA

Jerroms Chartered Certified Accountants

Lumaneri House Blythe Gate Blythe Valley Park Solihull West Midlands B90 8AH

Dated: 30 April 2024

SOLIHULL MOORS FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2023

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Donations and legacies 3 645,796 541,245
Charitable activities 4 72,493 94,241
Investments 5 15,816 1,300
Total income 734,105 636,786
Expenditure on:
Charitable activities 6 824,776 696,907
Other 10 8,000 10,000
Total expenditure 832,776 706,907
Net expenditure for the year/
Net movement in funds (98,671) (70,121)
Fund balances at 1 July 2022 108,723 159,973
Fund balances at 30 June 2023 10,052 89,852

The statement of financial activities includes all gains and losses recognised in the year.

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.

SOLIHULL MOORS FOUNDATION

BALANCE SHEET

AS AT 30 JUNE 2023

2023
Notes
£
Fixed assets
Goodwill
11
Tangible assets
12
Current assets
Debtors
13
127,410
Cash at bank and in hand
49,061
176,471
Creditors: amounts falling due within
one year
15
(252,171)
Net current (liabilities)/assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
16
Net assets excluding pension liability
Net assets
The funds of the Solihull Moors Foundation
Unrestricted funds		 2022
£
£
£
148,500
166,500
11,252
15,949
117,822
34,601
152,423
(125,020)
(75,700)
27,403
84,052
209,852
(74,000)
(120,000)
10,052
89,852
10,052
89,852
10,052
89,852
10,052
89,852

The foundation is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2023.

The Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the foundation.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

SOLIHULL MOORS FOUNDATION

BALANCE SHEET (CONTINUED)

AS AT 30 JUNE 2023

The financial statements were approved by the Trustees on 30 April 2024

Mr B Brown Trustee

Company registration number CE013347 (England and Wales)

SOLIHULL MOORS FOUNDATION

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2023

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
20
Investing activities
Purchase of intangible assets
Purchase of tangible fixed assets
Investment income received
Net cash generated from/(used in)
investing activities
Financing activities
Proceeds from new loans
Repayment of loans
Net cash (used in)/generated from
financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
-
-
15,816
-
(40,000)		 2022
£
£
£
19,773
(86,673)
(180,000)
(20,000)
1,300
15,816
(198,700)
200,000
(40,000)
(40,000)
160,000
(4,411)
(125,373)
34,601
159,973
49,061
34,601

SOLIHULL MOORS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

Charity information

Solihull Moors Foundation is a charitable organisation. The registered office is SportNation.Bet. Stadium, Damson Parkway, Solihull, B92 9EJ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Solihull Moors Foundation's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The Solihull Moors Foundation is a Public Benefit Entity as defined by FRS 102.

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

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Solihull Moors Foundation 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.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

1.4 Income

Income is recognised when the Solihull Moors Foundation is legally 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 Solihull Moors 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 Solihull Moors Foundation 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.

1.5 Expenditure

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.

SOLIHULL MOORS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

(Continued)

1.6 Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of the right to carry out the business of the provision of coaching and similar services, in respect of football and other sports to schools and the community. As per the Business Purchase Agreement between Solihull Moors Foundation and Solihull Moors Football Club, signed on 1st October 2021.

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill shall be considered to have a finite useful life, and shall be amortised on a systematic basis over its life.

Goodwill is amortised over 10 years.

1.7 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 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 33% Straight Line Motor vehicles 25% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.8 Impairment of fixed assets

At each reporting end date, the Solihull Moors Foundation reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The Solihull Moors Foundation 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 Solihull Moors Foundation's balance sheet when the Solihull Moors 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.

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.

SOLIHULL MOORS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

(Continued)

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 Solihull Moors Foundation’s contractual obligations expire or are discharged or cancelled.

1.11 Taxation

As a registered charity, Solihull Moors Foundation is exempt from income and corporation tax to the extent that its income and gains are applicable to charity purposes only. Value added tax is not recoverable by the charity and is therefore included in the relevant costs in the statement of financial activities.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

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.

There has been no significant estimates made to date.

3 Donations and legacies

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 376,094 387,514
Grant income 269,702 153,731
645,796 541,245

SOLIHULL MOORS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

4 Charitable activities

Football Activities
Matchday support		 2023
£
72,493
-
72,493		 2022
£
88,515
5,726
94,241

5 Other income

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Other income 15,816 1,300

SOLIHULL MOORS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

6 Charitable activities

Wages and national insurance
Depreciation and impairment
Football and coaching services
Bank charges
Youth and junior costs
Sundry expenses
Football kit
Football league fees
Venue and pitch hire
Executive box costs
Advertising
Travel & insurance costs
Food expenses
Intellectual property costs
Professional & consultancy fees
Football trophies
Subscriptions
Share of governance costs (see note 7)
7
Support costs
Governance
costs
£
Accountancy
4,370
4,370
Analysed between
Charitable activities
4,370		 2023
£
135,672
22,697
65,911
3,620
22,294
3,766
77,302
5,520
322,875
19,000
30,000
12,836
472
30,000
66,005
5,892
1,185
820,406
4,370
824,776
2023
£
4,370
4,370
4,370		 2022
£
108,867
17,550
69,560
5,353
20,136
16,420
83,942
12,593
241,607
12,000
27,000
10,134
1,355
22,500
22,879
11,717
-
683,613
13,294
696,907
2022
£
13,294
13,294
13,294

Governance costs includes payments to the accountants of £4,370 (2022- £13,294) being examiners remuneration.

SOLIHULL MOORS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Solihull Moors Foundation during the year.

9 Employees

Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
Number
7
2023
£
129,193
5,296
1,183
135,672		 2022
Number
5
2022
£
106,138
1,689
1,040
108,867

There were no employees whose annual remuneration was more than £60,000.

10 Other

Unrestricted Unrestricted
funds funds
2023 2022
Other expenditure 8,000 10,000
8,000 10,000

SOLIHULL MOORS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

11
Intangible fixed assets
Cost
At 1 July 2022 and 30 June 2023
Amortisation and impairment
At 1 July 2022
Amortisation charged for the year
At 30 June 2023
Carrying amount
At 30 June 2023
At 30 June 2022
12
Tangible fixed assets
Fixtures and
fittings
£
Cost
At 1 July 2022
5,000
At 30 June 2023
5,000
Depreciation and impairment
At 1 July 2022
1,238
Depreciation charged in the year
1,650
At 30 June 2023
2,888
Carrying amount
At 30 June 2023
2,112
At 30 June 2022
3,762
13
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 Motor
vehicles
£
15,000
15,000
2,813
3,047
5,860
9,140
12,187
2023
£
-
98,629
28,781
127,410		 Goodwill
£
180,000
13,500
18,000
31,500
148,500
166,500
Total
£
20,000
20,000
4,051
4,697
8,748
11,252
15,949
2022
£
2,752
115,070
-
117,822

SOLIHULL MOORS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

14 Loans and overdrafts

Loans and overdrafts
Loans
Payable within one year
Payable after one year		 2023
£
120,000
46,000
74,000		 2022
£
160,000
40,000
120,000

A Business Purchase Agreement was signed on October 1 2021 between Solihull Moors Foundation and Solihull Moors Football Club in order that the Foundation acquired the rights of all coaching and similar services in the Solihull and Birmingham area.

This included the running of football teams for boys and girls, the operation of the Solihull Moors Women's Football Team, other teams associated therewith and the operation of holiday camps, open to 5-14 age group.

The purchase price of the business and assets was £200,000, with interest payable of 5% per annum, over a 5 year term.

15 Creditors: amounts falling due within one year

Notes
Loans
14
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
16
Creditors: amounts falling due after more than one year
Notes
Loans
14
17
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2023
£
46,000
1,610
200,505
6
4,050
252,171
2023
£
74,000
2023
£
1,183		 2022
£
40,000
1,768
78,644
308
4,300
125,020
2022
£
120,000
2022
£
1,040

SOLIHULL MOORS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

17 Retirement benefit schemes

(Continued)

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

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 July 2022
Incoming
resources
Resources
expended
At
£
£
£
General funds
108,723
734,105
(832,776)
Previous year:
At 1 July 2021
Incoming
resources
Resources
expended
At
£
£
£
General funds
159,973
636,786
(706,907)		 30 June
2023
£
10,052
30 June
2022
£
89,852

SOLIHULL MOORS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

19 Related party transactions

Transactions with related parties

During the year the Solihull Moors Foundation entered into the following transactions with related parties:

The trustees consider that Solihull Moors Football Club CIC ("the football club") is a related party of the charity by virtue of its significant influence.

Within other debtors, is an amount due by Solihull Moors Football Club of £0 (2022:£2,751) for activities carried out.

Within other creditors, is an amount owed to Solihull Moors Football Club of £198,455 (2022:£78,644) for activities carried out.

20
Cash generated from operations
Deficit for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase) in debtors
Increase in creditors
Cash generated from/(absorbed by) operations		 2023
2022
£
£
(98,671)
(70,121)
(15,816)
(1,300)
22,697
17,550
(9,588)
(117,822)
121,151
85,020
19,773
(86,673)