National Football Trust The National Football Trust Company limited by guarantee Consolidated annual report and financial statements For the year ended 31 March 2024 Company Reglstratlon Number 11535526 Charity Number 1184825
The National Football Trust Company limited by guarantee Contents Year ended 31 March 2024 Page Tiustees Annual Report Report of the Auditor 8-10 Consolidated Statement ol Financial Activities Consolidated Balance Sheet 12 Consolidated Statement ol Cash Flows 13 Charitable Company Ststement of Cash Flows 14 Notes to the Accounts 15-25
The National Football Trust Company limited by guarantee Trustees, Annual Report Year ended 31 March 2024 The Trustees piesent their report and audited con$olidated financial statements of the charity and group for the peiiod end 31 March 2024 which ale also prepared to meet the requirements ft>r a directorts report and accounts for Companies Act purposes. The fi'nancial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document. the Charities Act 2011 and Companies Act 2006 and Acoounting and Reporting by Charities. statement of Recommended Practi applitsble to charities pieparing their accounts In accordance wth the Financial Repotting Standard applicable in the UK and Republic ol Ireland published In October 2019. Reference and Administrative Details Charity name The National Football Trust Company number 11535526 Charity number 1184825 Registered addre8¥ Wembley Stadiutn Wembley Park Wembley London HA9 OWS Tru$teg¥ C Bunting (London Borough of Ealing Council) D Gallagher ILeisuie United) J Kendall (The Football Association) K Mills (Sport England) A Parrott (Premier League) Independent Trustee H James Iresigned 21 January 20251 P Willi8mson K Shah (appointed 20 February 20241 P Shores (appointed 20 February 20241 Company 8ecretsry Muckle Secretary Limited Bankèrs Santander Bank PLC Bride Road 8ootle Merseyside L30 4GB Auditor Lovewell Blake LLP Chartered Accountants & StatLrtory Auditor Bankside 300 Peachman Way Broadland Business Park Notwch Norfolk NR7 OLB
The National Football Trust Company limited by guarantee Trustees, Annual Report (continued) Year ended 31 March 2024 Objective8 and activitie8 The objects of the charity are for the benefit of the public generalty and, in particular, the inhabitants of England and W81es'. to promote community participation in healthy recreation by providing facilities for the playing of assouation football and other sports capable of improving health, to provide and assist in providing facilities fvr sport. recreation or oth8r 1815ure titn8 occupab.on of Such peisons who have need for such facilities by reason of their youth, age. infinnity or disability, financial hardship. poverty or social and economic circumstanTrs or foi the public 8t1srg8 in the int8re5ts of social w81fare and with th8 object of Improving th8ir conditions of life, snd to advan public education, in particular physical education, wth a loojs on children and young people wth a view to helping children and young people develop and grow to maturty as members of society by such means as the Trustees think fit Th8 Charity fulfils its objects by providing communit18s with a gr8at plac8 to play football and other sports and activitie5, Wthin a safe. inclusive, and welcoming environment. The Charity and its subsidiary charity, Leisur8 United hs5 8 5haied cornmitrnent to developing grassroots football through open and honest partnership that is founded on trust 8nd shared SuC$S. Together. the partnership aims to support the development of grassroots football by-. providing opportunity and affordab a$$ to safe, inclusive and welcoming facilities," using football as a vehicle to tackle inequalities.. and a shared commitsn8nt to r8sourc8 and d81iver the best POS5ibl8 outcorne for 8ach falty. Our commitment to each local authority we partner with is to re-invest 100D/ts of all surplus revenue gener8ted by their facilitie5 back into grassroots football In their area. This helps to maximise the Impsct of the original capital investment used to create the facility, as well as helping to make the game more sustainable and less reliant on the public sector. Public b8n8fit statement The Trustees confimi that they have complied with their duty to have due regard to the guidan on public benefit published by the Charity Comtnission. in 8x&[SIng their powers and dut18s. The public b8n8fit of the group's activiti8s ar8 outlined und&i'Obi8CtiV8s and activit18S'.
The National Football Trust Company limited by guarantee Trustees, Annual Report (continued) Year ended 31 March 2024 Achlevements and Performance The year to 31 March 2024 represented a significant period ol expansion for the Trust as our operational reach grew from 13 to 18 sites. Th8 fiv8 n8w openings w8r8. .William Fost8rs Hub. Wigan .Laithwaite Park Hub. Wigan .Bobby Moor8 Sports Hub. London Borough Bart(ing & Dagenham .Gordon Banks Sports Hub. Sheffield .The Racecourse Hub. Derby Th8 Trust's custodianship gr8w to 59 artificial grass pitch8s (including 43 full-SiZ81, 72 gras5 Pitches. and eight h881th and frtne5s gyrns across the estate. Our Wigan Hubs opened in Summer 2023, featuring five full-size artificial grass pitches across the Nvo sites. Bobby Moore Sports Hub in Dagenham is our first Hub in London. Situated in Parsloes Park. the facility includes three fulksize artih'rial grass pitches, state-of-the-art gym and studio, community café and meeting spatss. Th8 Gordon 8anks Sports Hub in Sh8ff181d is our fourth Hub in the City. Oevelop8d by Sheffi8ld City Council in partne15hip with the Football Foundation. the facility is a UK-first testing ground Whe potential future surfa$ for artiliu81 grass pitches can be trialled under real-life conditions. W8 are privi18ged to be responsibl8 for such a facility 8nd ar8 committ8d to working wth stak8holders to support technical innovation and research into MO environmentally sustainable artificial pitches at the srte. Th8 last of our new openings during the year was Derby RaTrcourse In F8btuary 2024. With four full-size artificial grass Pltches and over 20 grass pitches. the RacoUrse has quickly established itself as one ol our busiest sites, hosting over 150 junior football matches each W8ek8nd. Following a highly competitive recruitment process, our Board of Trustees grew to nine members in January 2024 as we welcomed further Independent tnembers. We are delighted to have secured Khilna Shah and Pam Shores as Trustees, which ha5 significantty bolstered the board's finance, 00vernan and leq81 skill-set. During the year, the Trust supported the PMIer League's 'Profession£l Player to Pathway Scheme, pilot. welcoming Osei Sankofa as a Board observer. We are very grateful for Osei'$ contribution which were genuinely v81u8ble and helpful as we establish ourselves as a Board. We hope we support similar future Initiatives to play our part In supporting the wder game. Flnaneoal revlew The results lor the period are shown on pages 11 to 25. Income increased significantly due to the continued expansion of Leisure United with 18 sites at the year end compared to 13 at the beginning of the year. through which the charity's facilities are operated and the recognition of a full year of income as a group, leading to an overall annual increase in income of 52Tr/0. With the Increase in activity, expenditure also Increased however by a lesser perntage to that of Income. This resuKed in a significant surplus before surplus transfers generated by Leisure United The Sheffi'eld Football Trust and The Sundertand Football Trust were dormant throughout the year. Principal funding sources The principal funding sourts of the Charity Is the Income it generates through the facilits.es It controls. However, during the yesi, the Charity ceiVed £5,000 grant income frorn the Premier League to assist with the development ol our inaugural strategy and £120.000 from the Football Foundation tOW3rds replaTrment Hub sign3ge.
The National Football Trust Company limited by guarantee Trustees, Annual Report (continued) Year ended 31 March 2024 Res•rwos policy The Trust operates a re5eroes policy to help It sbsotb any setbscks - principally the closure of a sitelsl, biidge short tettn fluctuations In income or cost. and help plan for growth. sin the Trust's fomiation in 2021, 8 six-month reserves policy had been in place. The reserves policy is reviewed 8nnually and as each new site comes under the Trust's control. The Trust has adopted a new reserves policy that covers three-months of operating costs. This provides suffiaent unrestricted funds to sustain ordinary activity, support fluctuations in income andlor costs. and cover essential operations in a particular territory while re¢overy or exit arrangements a put in lace. The Trust holds designated funds for key liabilities such as lifecyc replacement of fixtures. flg$ and equipment. and artificial grass pitches. The Trust and Leisure United are not reliant on donations or extemal venue funding to support day-to-d£y activities, the operating Cost base is relatively fixed and income is gener811y highly predictable and reliable in nature. The most signific2nt setback would be 8n enfor dosure of a sitelsl, resuth.ng In a total loss of income whilst costs remain- predominantly staff and lacility-related costs. At the year end the group had free reserves of £2,510,921 12023.. £1,739,287) and the charity had £742,001 12023.. £1,478).
The National Football Trust Company limited by guarantee Trustees, Annual Report (continued) Year ended 31 March 2024 Plans for the Future We are committed to expanding the number ol Hubs we have around the country. This expansion is dependent on grant funding but we are currenuy supporting the development journey of 11 potential new Hub$. This includes siles in West Sussex. Stockton-on-Tees. Leeds. Manchester and 8radford. Most of these sites sie expected to become operational In our financial year*nding 31 March 2027 and a key focus of the Board of Trustees over the next year will be to ensure that the Trust and Leisure United are ready and prepared to manage these site5. The uniqueness of our charity Is that through our growing netsvork of Hubs, we can make a wider impact over time by -Investing surpluses into additional facilities and programmes for the local Communities we operate in. As part of our new strategy. we have begun to explore how we can re-invest our surplus Income to have the greatest impact against our strategy and charitsble objectives. As a first step, we have invested surplus income in Sheffield. Liverpool and Sunderfand to replace floodlights across the 28 artificial grass pitches Mrith LED fittings which will help reduts our energy and rnairntenan costs, and our carbon footprint. Signifi'cant work have been undertaken to develop the inaugural strategy of the Trust and Leisure United, which will cover the five-year period from April 2025 - March 2030. Tilled 'Hubs of the Community,, the strategy will define our long-term purpose for developing a netsork of high quality. ac$$1b1e and sustainable mulli-sport facilities that transform grassroots football and local communits'es. We want our hub sltes to be a pla where everyone feels they belong and the Strategy places focus on the role we can play to support those who fa the most stubborn inequalities. To lead this important work. Leisure United has recenuy created a Community Engagement Team. The team will work alongside Hub site teams to take a place-based approach to engaging directly with tsrget audien$ to understand the needs ol the community and co-design soluts'ons that are specifi'c to those needs This means working closely th local partners and is based on the recognition that there is no one-size-fits411 solution to increasing participation in football and physical activity. Leisure Unit8d has recendy Strengthened its le8dership team to ensure it has th& e(ssary resource and 8xpertise to deliver th8 2025-30 strategy. Led by Mark Coulson as the new CEO, the senior team now includes the newly created posts of Chief Operating Offir, Director of Finance and Director of Development. joining the hugely experiell Dean Hogan and Warren Ormerod as Director of Special Projects and Executive Consultant respectively. In 88rly 2025. the Board of Trustees plan to begin recruitment foi a new Independ8nt Trustse and Local Authority Trustee repre58ntative. Chris Bunting h£s held the Local Authority Trustee position Sin the Trust's lomation and wll step-down in Spring 2025. Hayley Jsmes has recendy stepped down as an Independent Trustee h8ving joined the Board in September 2022. Chris and Hayley have each made an Invaluable contribution to the formative year's ol the Trust lor which the Board Is extremely grateful and we wish them well for the future. Structure. Governance and Management The National Football Trust is a giSted Charity and company lirnited by guarantee with no share capital. The liability of members in the event of Insolvent liquidation is limited to £10 each. The company was incorpor8ted on 24 August 2018 and subsequently obtained charitable status. The charitable company's governing docutn8nt 15 it5 Memoiandutn and Artic18s of Association. On 23 September 2021 a resolution was passed to change the name ol the charity from The London Football Trust to The National Football Trust and also the geographical restrictions from London to being able to operate nationally Recmlbnent and appolnbnent of Trustees The number of Trustees shall not be less than fv40 and shall be subject to a maximum of fvvelve. The following organisations are entiued to notninat8 Truste8S to the charty". The FA.. up to one Trustee Sport England." up to one Trustee Leisure United.. up to one Trustee Local Authority A5sociat8d Person." up to on8 Trust8e The Premier League.. up to one Trustee In addition the sh£ll be at least two but not more than four independent Trustees and the may be appointed up to three additional co- opted Trustees.
The National Football Trust Company limited by guarantee Trustees, Annual Report (continuedl Year ended 31 March 2024 Structu, Governance and Management Icontlnuedl Trustee training 8nd indu¢tion On appointment Trustees are provided with. The charity's M8moiandum and Artic18s of Association". Key roles In the organisational structure., Trust8e p&r50n specification. Newly appointed Trustees are also encouraged to read publications released by the Charity Commission. Risk Management Th8 Trustees acknedge the Charity Comtnission's r8cornmendation fvr th8ni to undertake s ieview of the msjor ri5k5 to which th8 group is exposed. The Trustees have undertaken a full risk assessment during the year 8nd have identifiecl the following current risks as the most significant to the group. Risk Em lo ment costs Risk Mana Increasin new income streams, and the sensitive a incieases. A5 8bov8, alongside applying iobust facility management practic8s and investment in t8chnologi8s that r8duce utslity costs. such as LED lighting and solar hotovoltaic panels. Applying sensitivity to annual budgets based on historic impacL 8mgnt strate Utility ¢ost$ Loss ol income due to weathei Organisational Structure and Related Parties The Charity was bom out of the fottner London Football Tiust which passed a re501ution to change its natne and geographical focus to operate nationally. The current organisation81 structure and related parties of the National Football Trust is summarised by the following diagram. Tho Natlonal Football Trust ICh8rity numbèr 1184825 8rKJ Company number 11535526) Loisure United (Charity numter 1174371 and Company nutnber 100760041 The Sheffield Football Trust (Charity number 11fj3900 and Cornpany number 095870641- dissolved 28 May 2024 The Sunderland Football Trust (Charily number.. 1193193 an Company number". 115559141- dissolved 28 May 2024 Key Active Dormant Dissolved Lolsuro Ut)fjted Ent&rprfjso8 Ltd Icotnpany number 132g69431- currenlty dormant Keymanagement remunerntlon pollcy The charity itself has no employees as all employees of the group a employed by Leisure United. The Trustees of Leisure United set the manag8m8nt teams, salari85 in lin8 with industry 8xpectations. Th8 salaries of the tearn5 ar8 revi8W8d 8nnually by th8 Trust8es of L8isui8 Unitecl. Fundraising A5 refl8Ct8d within th8 finan1 statement5, the group do8s not patbcipat8 In fundra151ng activities. Howev81. should any fundraising b8 carried out, the charity is ¢ompli8nt with the requirnents of the Fundraising Regulatorfs voluntary regulation scheme and the Ccde of Fundraising Practic8. In 8ddition. fundraising would not 8ngage dir8Ctly with vuln8r8bl8 p80ple and the public. During 2023124 the group did not work wrth any professional fundraisers or commercial participators, there We no instan$ of failure to comply with th8 abov& sch8mes. and no complaints Were r8ceiv8d r8garding th8 group's fundiaising activit18S.
The National Football Trust Company limited by guarantee Tru$tee$' Annual Report (continued) Year ended 31 March 2024 St8t8m6nt of Tru8te88' R68ponslbllltl68 ThÈ Tmstees (who are also directors of The National Football Trust for the purposes of company lawl are responsib for prÈp8ring thè Tru8tees' Annual Report 8nd the financial s18temenls in 8ccord8nce with applicable18W and United Kingdom Accounting Standards (United Kingdom Generally Accepted Account Practicel. Company law requires Ihe Trustees to prepare finanaal statements for each finanaal year. under Company Law the TtUStees musl not 8pprove thè financial slatemÈnls unlÈ8s thÈy are $8ti$fied that they givÈ a true and fair view of thÈ State of afFairs of the ch8ri1ablÈ eompany 8nd the group and of the incoming rÈsource$ 8nd application of resources, Including IncomÈ and erlItrfr, of Ihe d)aritaNe company and the group for that period. In preparing Ihese financial Stslements, the Tru8lees are required to.. select suitable accounting policies and then apply them consislenlty., Obser Ihe method8 and principle8 in the Ch8ri1ies SORP 2019 IFRS 1021., m8ke judgements and e81imales Ih8t 8re reasonable and prudent., 8iale whÈihÈr applicable UK Accounting Standards have been followèd. subject lo any material dèpartures disclosed and explained in the finana81 slalemenls., 8nd prepare the financial slslements on the going conrn basis unless il is inappropriate to presume that the charitsble company and group will continue in operation. The Trustees are rÈ8ponsiblÈ for keeping adequate accounting records th8t disd08e with rea$onablÈ accuracy at any timÈ the financial position of thè charitsblÈ company and the group 8nd enable them io ensure Ih8t the financial statèmènts com Wlih Ihe Companies Atl 2006. They are 8180 responsib for Safeguarding the assets of the ch8rilable company and the group and hence for laking reasonable 81eps for the prevention and detection of fraud and other irregularities. Auditor Each of the persons vtho is a Trustee al the dale of approval of Ihis report confirms that.. in so far as they are aware. there is no relevanl audit information of which the charitable comp8ny and group's auditor is unaware.. they have taken all steps that they oughl to have taken as a trustee lo m8ke themselves aware of any relevsnl audit information and to establish that the charitable cornp3ny and group's 3uditor is aw8re of that information. ThÈ auditor is deÈmÈd to have been re-8ppointed in 8ccordance with 8eclion 487 of the Companies Act 2006. Small Gompany provi510n5 Thi5 report h85 been prepared in accordance with the speryal provisions for small cofflpanie5 under Part 15 ofthe CompanES Act 2006. Signed on behalf of the Trustees on SOJaMary2025. James Kend811 Trustee
The National Football Trust Company limited by guarantee Independent Auditovs Report to the members and trustees of The National Football Trust Year ended 31 March 2024 We have audited the financial statements ol The National Football Trust (the 'Paient Charitable Companll and its subsidiaries Ithe 'Group'l for the year ended 31 March 2024 which comprise of the Consolidated Statement of Financial Acts'vities. the Consolidated and Charity Balarn Sheet, the Consolidated and Charitable Company Statement of cash flows and notes to the financial statements, induding significant accounting policies. The fi'nancial reporting framework that has been applied in their pparatIOrn is applicable law and United Kingdotn Accounting Standard5, induding Financial Reporting Stsndsrd 102 The Financial Repotting Standard spplicable in the UK and Republic of Ireland (United Kingdom Generally A¢pted Accounting practi}. Opinion on financial Statements In our opinion, the financial statements. give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 March 2024, and ol the group's incoming resources 8nd application of resources, including its income 8nd expenditure. for the ye8r then ended.. have been properly prepared in acoordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requiretnents of the Compsnie5 Act 2006 and the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Stsndards on Auditing IUKI IISA5 IUKII and applicable law. Our iespon5ibilities under those standards Bre further described in the auditor's responsibilities for the audit of the financi81 statements section ol our report. We 8ie independent of th8 group and parent charitable cornpany In accordanc8 Wlth the ethical iequir8ment5 th8t ale relevant to our audit ol the financial statements in the UK, including the FRC'S Ethical Standard, and we h8ve lullillecl our other ethical responsibilities in accordance wth th8S8 18quir8m8nts. W8 b8li8ve that the audit evidence w8 have obtained is suffici8nt and 8ppropri8te to provid8 8 b85lS for our opinion. Conelusitsns relating to going coneern In auditing the linanaal statements, we have conduded that the Trustees. use of the going coThrn basis ol accounting in the preparation of the fin8ncial ststements is appropriate. B2se(l on the work we have perfomied, we have not Identified any material uncertainties lating to events or conditions that, Individually or collectively. may cast signifi'cant doubt on the group and parent ch8rit8ble company's ability to Nntinue as a going cornrn for a period of at least twelve months from when the financial statements are authorised for Issue. Our responsibilits.es and the responsibilities of the trustees wth respect to going COnM a described In the relevant sections ol this report. Other Infomlatlon The Trustees are responsible lor the other Inlomation containe(I within the Trustees, annual report. The other infom)ation comprises the information included in the trustees, annual report, other th8n the financial statements and our 8uditor's report thereon. Our opinion on the rinancial statements does not cover the other Information and, expt to the extent otherrise explic(dy stated in our report, we do not express any form of assurance conclusion thereon Our r88pon5ibility is to read the other InfoatiOn and. in doing so, consider wh8ther th8 Other information is mat&ri811y inconsist8nt wth the rinsncial statements or our knowle£lge obtained during the course ol the audit or otherwise appears to be materially misstated. If we ldents.fy such material inconsistencies or apparent materi81 mi$statement$, we are required to determine whether this gives rise to a m8terial misstatement in the financial statements themselves. If, based on the work we have perfomed, we conclude that there is a material misstatement of this other information, we are reouired to report that fact We have nothing to report in this regard
The National Football Trust Company limited by guarantee Independent Auditorfs Report to the members and Trustees of The National Football Trust (continued) Year ended 31 March 2024 Opinions on othèr mattèrs proscribèd by thè Compania$ Aet 2006 In our opinion, based on the worf( undertaken in the course of the audit.. the information given in the Trustees, report lincorporating the directors, report) for the finanual year for which the fi'nancial stat8tn8nts ar8 prepared is consistent wth the financial stat8tn8nts". and the directors, report has been ppad in accordance wth applicable legal requirements. Matters on which we are required to report by 8xc8ption In th8 light of our know18dg8 and understanding of the group and p8rent charitab18 company and its environment obtained in the course of the audit, we have not Identified material misstatements In the directors. report. We have nothing to port in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion." adequate and suffirient accounting records have not been kept by the parent charitable company, or retums adequate for our audit have not b88n received from branches not visited by us," or the parent charitable company's financial statements are not In agreement with the accounting e0rd$ and retums", or rtain disclosures ol directors, remuneration specified by law a not made", we have not reiVed all the infomation and explanations we require for our audit," or the Trustees wert not entilled to prepare the Iinanaal statements In accordance with the small companies. regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report. Responsibilities of Trustees As explain8d mor8 fully in the Trustses, re5ponsibilit18s ststement set out on pag8 7, the trust8e5 (who are also the directors of the par8nt charrtable company for the purposes of company lawl are responsible for the pparatIOn of the financial statements and for being satisfie(I that they give a true 8nd fair view, and for such intemal control as th8 trust8es det&rmine is necessary to enab18 th& pr8paration of financi81 ststements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Ttustees are respon51ble for asses51ng the group and parent charitable cotnpany'5 ability to continue as a going concern. disclosing. as applicable. matters related to going COnM and using the going concern basis of accounting unless th8 truste8s either intend to liquidate the group or the parent chsritab18 Cotnpany or to C8558 operations. or hav8 no rea115tic alternative but to do so.
The National Football Trust Company limited by guarantee Independent Auditorfs Report to the members and trustees of The National Football Trust (continued) Year ended 31 March 2024 Auditor's rèsponsibilities for thè audit of thè financial statemonts We h8ve been appointed under the Cornpani8s Act 2006 and Section 151 of the Chariti8s Act 2011 and report in accordanc8 Wth tho58 Acts. Our obiectiV8s sre to obtain res50nabl8 assurance about whether the financi81 st8tem8nts ss a whole ar8 free from material misststement, whether due to fraud or error, and to issue an Buditor's report that includes our opinion. Reasonable assuran is a high level of assurance, but is not a guar8nt8e th8t an 8udit conduct8d in accord8nce with ISAS IUKI wll 81ways det8Ct a material misstst8ment wh8n It 8xistS. Misstatements can arise from fraud or error and are considertd material if. individually or in the aggregate, they could asonablY be expected to influence the 8conomic decisions of users taken on the basis of these fin8ncial 5t8tements. Irregularities. induding fraud, a instances ol non-complian with laws and regulations. We design produ$ in line with our re5ponsibilitl8s. ouUin8d above, to detsct mat8rial misstat8rn8nts in r85P8Ct of irr8gularities. including fraud. Th8 extent to which our prOdureS a capable of detecting irregularities. induding fraud is detailed below.. Enquiry of tnsnagetn8nt and those chsiged vAth govemsnce to confirrn th8r8 ar8 no in5tance5 of fraud or non-complianc8 with laws and regulations. Reviewing journal entries to ensu they are appropriate and do not indicate management override. Performing audit work over the risk of management override ol controls, including testing ofjournal entries and other adjustments for appropnateness, evaluab.ng th8 rationsle of significant transactions outside th8 normal cours8 of activitie5 and r8viewing accounting estimates for bias. Review of discjosures within the financial statem8nts and vouching th8S8 to supporting docum8nt8tion to ensure complianc8 with 2pplicable12ws and wulations. Because of the inh8r8nt limitations of an 8udit. ther8 15 8 risk that We will not d8tect all irregularities. including those leading to a rnat8rial misstatement in the financial statements or non-compliance with wulation. This risk increases the more that compliance with a law or regulation is removed from the events and tr8ns8Ctions r8fl8ct8d in the financial ststem&nts, as we will be less likely to b8come aware uf Instances ol non-compliance. The risk is also greater regarding Irregularities occurring due to fraud rather than error, as fraud involves intentional nalMernt. forgery. Collusion. omission or misrepresentation A further description of our SponSibl1111es is av8il8ble on the FRC'S website at https..IIm.Ir¢.Org.uk1audl1orslaudlt-a$Suran1audltor-$- re5ponsibilitl8s-for-th8-audit-of-th8-fildesciiption-0f-the-suditooE2O8oo9?S-r5ponSibilities-f0r. This d8scription forms part of our auditors report. We communicate with those charged with governan regarding, amount other rnatters, the planned scope and tsming ol the audit and significant audit findings, including any significant d8fici8nae5 In int8rnal control thst we id8ntify during out audit. Us• of our r•port This report Is made solely to the charitable company s metnbets. as a body. In accordan wth Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company's trustees. as a body, in accordanTr with Part 4 01 the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company s members its Trustees those rnatter5 we are required lo state to them in an auditor's report and lor no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone oth8r th8n th8 charitsble cotnpany and the ch8rrtab18 COmP8ny 5 members as a body and th8 chsritsb18 company's Trustees as a bocly, for our audit work, for this report, or lor the opinions we have formed. Mark Proctor FCA DChA (Senior Statutory Auditor) For and on behalf of Lovewell Blake LLP Chart8red Accountants & Ststutory Auditor Bankside 300 Peachman Way Broadland Business Park Nomich NR7 OLB 10
The National Football Trust Company limited by guarantee Consolidated Statement of Financial Activities (incorporating income and expenditure account) Year ended 31 March 2024 Notes Unrestricted Restricted Funds Funds 2024 Total 2023 Total Income and endowments from.. Charitable activities other trading a1vIlle5 Other income Inve5trnent income 6,074,074 2,413.443 38,312 7.431 125,000 6,199,074 2,413.443 38,312 7.431 4,059,799 1,529.602 17,191 Total income and endowments 8,533.260 125.000 8,658.260 5,606.592 Expenditure on.. Raising funds Charitable activities 1,177,109 6,528.308 1,177,109 6,530.808 744,998 4,380.553 2,500 Totsl expenditure 7,705.417 2.500 7,707.917 5,125.551 Nel rnoverllenl in funds and nel incorne for the year 827.843 122,500 950.343 481.041 Reconciliation of fund¥= Total funds brought forward 1,872,851 1,872,851 1,391,810 Total funds carried forward 20 2,700,694 122,500 2,823,194 1,872,851 All income and expenditure derive from continuing activities. The statement of financial activities includes all gains and losses recognised during the year. The notes set out on pages 15- 25 form an integral part of the accounts
The National Football Trust Company limited by guarantee Consolidated and Charity Balance Sheet Year ended 31 March 2024 Note5 31 March 2024 Charity Group 31 March 2023 Charity Group Fixed Assets Intangible assets Tangible assets Invesbnents 14 15 16 118,914 70,858 96.415 37,148 189,773 133,564 Current Assets Stock Debtors Cash at bank and in hand 17 18 58,916 360,841 3,238,165 38.211 143.768 2,164,406 7.435 6,163 890,659 890,659 3,657,922 13,598 2,346,385 Current Liabilities Creditors". amounts falling due within one year 19 126,1581 11.024,5011 112.1201 1607.0981 Net current assets 864,501 2,633,421 1,478 1,739,287 N8t assets 864,501 2,823,194 1,478 1,872,851 Funds of the charity Unrestricted funds Restricted funds 20 20 742,001 122,500 2.700,694 122,500 1.478 1,872.851 Totsl funds 884,501 2,823,194 1,478 1,872,851 During the year. the charity made a surplus of £863,02312023.. defiut of £1.0401. These finants81 statements were approved and authorised for issue by the Trustees on w.0.?1. the and are signed on their behalf by". James Kendall Trustee Compsny registration number.. 11535526 The notes set out on pages 15- 25 form an integral part of the ac¢ounts 12
The National Football Trust Company limited by guarantee Consolidated statement of cash flows Year ended 31 March 2024 2024 2023 Cash flows from operating activities Net income for the year 950,343 481,041 Adjuslments for.. Depreoialion of tangible fixed 855els Other interest receivable and similar income 36,129 17,4311 3.078 Changes in.. Ilncreaselldecrease in debtors Increase in creditors Ilncreasel in stock 1217,0731 417,403 120,7051 115,9681 223,353 130,4541 Cash generated from operations 1,158,66S 661,050 Interest received 7,431 Net cash provided by operating activities 1,166,097 661,050 Cash flows from inv8Sting aetivitiès Purchase of tangible fixed a5set5 Purchase of intangible assets Proceeds from disposal of investment in subsidiary 169,8391 122,4991 140,2261 196.4151 Nèt eash flow (usèd in) invasting aetivitiès 192,3381 1136,6401 Net Increase In cash and cash equlvalents 1,073,759 524,410 Cash and cash equivalents at 1 April 2023 2,164,406 1,639,996 Cash and cash equivalents at 31 March 2024 3,238,165 2,164,4( Cash and cash equivalents consist of: Cash at bank and in hand 3,238,165 2,164,4C Cash and cash èquivalènts at 31 Mareh 2024 3,238,165 2,164,406 The notes sel out on pages 15- 25 form an integral part of the 8ccount$ 13
The National Football Trust Company limited by guarantee Charitable Company Statement of cash flows Year ended 31 March 2024 2024 2023 Cash flows from operating activities Net incomellexpenditurel for the year 863,023 {1,0401 Adjuslments for.. Qlhei interest receivable and similar income 17,4311 Charjges i. Decreasellincreasel in debtors In¢re8se in creditors 7,435 14,038 17,4351 6,900 Cash generated from operations 877,065 {1.5751 Interest received 7,431 Net cash provided byllused inl operating activities 884,4S 11,5751 Nèt iner8aselldeereas81 in eash and cash equivalents 884,4 11,5751 Cash and cash equlvalents at 1 Aprll 2023 6,163 7,738 Cash and cash 8quivalents at 31 March 2024 890,659 6,163 Cash and cash èquivalènts eonsist of= Cash at bank and In hand 890,659 6,163 Cash and cash equivalents at 31 March 2024 890,659 6.163 The notes set out on pages 15- 25 fomi an integral part of the accounts 14
The National Football Trust Company limited by guarantee Notes to the Accounts Year ended 31 March 2024 1 General Informatlon The charity is a public benefit entity and a piivate company limited by guarantee. registered In England and Wales and a registered charity in England and Wales. The address of the registered office is Wembley Stadium, Wembley Park, Wembley, London, HA9 ows. 2 Ststement of compliance The group constitutes a public benefit entity as defi'ned by FRS 102. The financial statements have been prepared in accordan th Accounting and Reporting by Char"e$.. Statement of Recommended PractiTr 3pplic3ble to ch8rities preparing their acwunts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued In October 2019, the Financial Reporting Standard applicable In the United Kingdom and Republic ol Ireland IFRS 1021, the Charth"es Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. 3 Aecounting polieiès The principal accounting policies adopted, judgements and key SoUrS of estimation unTrrtainty in the preparation of the financial statements 8re 85 follows. These acoounts.ng policjes have been applied consistently Ihioughout the period. lal Basls of accountlng The financial statements have been prepared on the historical cost basis The financial staternents are prepared In 5teiling. which 15 the function81 currency of the group. Ibl Fund a¢¢ounting Unrestricted funds are available lor use at the discretion of the Trustees to further the group's purposes. Icl Going concern The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure lor the 12 months from aulhorising these financial staternents. The budgeted income and expenditure is sufficient with the level ol reserves lor the group be to able to continue 35 8 going cOnrn. Idl In¢ome All income is included in the statement ol linanaal activities when entitlement has passed to the group, it is probable that economic benefits associated with the transaction will flow lo the group and the amount can be reliably measured. The followng specific polioies ale applied to parbcular categoiies of income. Income from trading activities Indudes Income eamed from activities to raise funds lor the group and is recognised when entiuement has occurred. Incorne from charitable activities Includes incorne earned frorn charitable activib.es and Is iecognised when entiuernent has Occur. Incorne Irorn grants, where related to performanTr and specific deliverables, are accounted for as the group earns the right to consideration by its performance. lel Expendoture Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates". Expenditure on charitable activities includes all costs incurred by a group in undertaking activities that further its charitable aims for the benefit of its benefici8ries, including those support oosts 8nd $t$ relats.ng to the governance of the group apportioned to charitable activities. Expenditure on raising funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to 8 single activity are allocated direcuy to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
The National Football Trust Company limited by guarantee Notes to the Accounts Year ended 31 March 2024 3 Accounting policies continued lfj Intangible a55ets Intangible asset5 are initially recorded at cost, and are subsequently stated al cost less any accumulated amortisation and impairrnenl losses. Arnort15alion wll be charged on the finali5alion of the development of the website. Igl Tangible assets Tangible 28sets arè initially recorded at cost. and subsequently stated at cost less any accumulated depreuation and impairment sses. Ihl Depreciation Depreciation is cakulaled so as to write off the cost or valuation of an as5el. ks5 its residual value, over the useful economic lrfe of that asset as follows". Equipment- 33Qh straight line Motor vehicles- 33% straight line lil Stocks Stocks are measured al the lower of c051 and estimated selling price 5S COSt5 to complete and sell. Cost includes all costs of purchase. cos15 of conversion and other c051s incurred in bringing the stock lo 115 present location and condrtion. til Financial instruments A finanaal asset or a finanoal liability is recognised onty when the entity becomes a party to the contractual provisions of the Instrument Basic financial instruments are initially recognised at the amount receivab or payable including any related transaction costs, unless the arrangernenl conslilule5 a financing transaction, where it is recognised at the present value of the future payments discounted at a rnarkel rate of Interest for a similar debt instrutnent. Current assets and current liabilities are subsequenly measured at the cash or other consideration expected to be paid or received and not discounted. Ikl Consolidation The financial ststemenls nsliate the Su$ from it's wholty owned subsidiaries. Leisure United, The Sheffield Football Trust and The Sunderland Football Trust on a line by line basis. A separate Ststement of Financial Activities of lin¢luding In¢ome and Expenditure ac¢ounll. for the charity itself is not presented because the charity has taken advantage of the exemption of Section 408 of the Companies Act 2006. The financials ststemenls of Leisu United Enterprises Limited have not been ¢onsolidaled within the group as the Company is dom)anl. The finan¢ial ststsmenls of The Sheffield Football Trust Trading Company Limited have also not been ¢Dnsolidaled within the group as the company was dissolved on 25 October 2022. 16
The National Football Trust Company limited by guarantee Notes to the Accounts Year ended 31 March 2024 2024 2023 4 Income from eharitabla aetiviti•s Pitch income Gym memberships Education income Grant income 4.092,434 1,552,361 402,929 151,350 2,955,832 801,633 302,334 6.199,074 4.059.799 During the period ended 31 March 2024 £125,000 12023.. £Nill incorne from charitable activitie5 W85 attributable to restricted fvnds. 2024 2023 S Income from other trading activities Cateiing Income Othei tiading incorne 2,301,345 112,098 1,438,919 90,683 2,413,443 1,529,602 During the period ended 31 March 2024 £Nil 12023." £Nill income from other trading activities was attributable to restried fund5. 2024 2023 6 Other income Other income 38,312 17,191 38,312 17,191 During the period ended 31 March 2024 £Nil12023'. £Nill other income was allributable lo restricted funds. 2024 2023 7 InveBtment income Bank interest receivable 7,431 7,431 During the period ended 31 March 2024 £Nil12023'. £Nill investment income was attributable lo restricted funds. 17
The National Football Trust Company limited by guarantee Notes to the Accounts Year ended 31 March 2024 2024 2023 8 Co¥ts of other trading a¢tivitie Catering costs 1,177,109 744,998 2024 2023 9 Charitable activities Wages and salaries Rates and water Light and heat Repairs and maintenance Insurance Equipment purchase Telephone Other office costs Uniform Licences and subscriptions Advertlsing and marketing Support services Depreciation Bank charges Govemanee costs 3,883,349 243,573 861,489 387,955 81.551 63,263 32.968 220,865 7,181 218,143 180.077 83,875 36,129 198,829 31,561 2,733,883 141,554 471,271 252,463 5,276 29,828 29.460 154,395 2.813 159,469 121.308 134,520 3,078 119,958 21,277 6.530,808 4.380.553 During the period ended 31 March 2024 £2,500 12023.. £Nill expendrfture from charitable activities was attributable lo restricted funds. 2024 2023 Analysis of Governance costs Audit fees- The National Football Trust Audit fees- Leisure United Other non-audil fees- Leisure United 13,211 17,850 500 10,185 11,092 31,561 21,277 10 Audito5 r8mun8ration The auditorfs remuneration amounts to an audit fee of £31,561 12023.. £21,277) and other professional services of £80312023: £3451. 18
The National Football Trust Company limited by guarantee Notes to the Accounts Year ended 31 March 2024 2024 2023 11 Net income Depreciation of tangible assets 36.129 3.078 12 Staff costs All staff are employed by Leisure United, there were no employees in The National Football Trust during the period. 2024 2023 The aggregate payroll costs were.. Wages and salaries Social security sts Pension contributions 3,384,842 238.279 1eo,444 2,405,528 175.482 88,651 3,783,565 2,669,661 Self ernploy8d instrLJCtor5 99,784 64,222 3,883.349 2.733,883 Particulars of ernployees.. The average number of staff employed by the Leisure United during the period amounted to 21412023.. 1591. The number of employees that received ernolurnenls in the following bands.. £60,0(XJ - £69,999 £90,000 - £99.999 £110,(KJO- £119,999 £120,000- £129,999 2024 2023 The key management personnel of Leisure United comprise of the Managing Director, Director of Operations, ExecLrtive Consultant, Head of Finance and Re50uices and Head of Business Sy5tetns. The total etnployee benefits of the key rnanagernent personnel of the Leisure United were £578.871 12023.. £487.426 relating to five ernployeesl. In the prior the Executive Consultant also provided management consultancy services reIving fees totalling £5,415, no wnsujtanry was provided in the ¢urrenl year, detailed on note 24. 13 Trustee Remuneratlon The TIu5tees were not entided to or received any remuneration. Foul Trustee5 had expenses totalling £3,82912023.. three Trustees totalling £1.8251 reimbursed for travel costs. 19
The National Football Trust Company limited by guarantee Notes to the Accounts Year ended 31 March 2024 14 Intangible assets- Group Website development Totsl Cost At 1 April 2023 Additions 96,415 22,499 96,415 22,499 At 31 March 2024 118,914 118,914 Amorti¥ation At 1 April 2023 and 31 March 2024 Carrying amount Al 31 March 2024 118,914 118.914 At 31 March 2023 96.415 96.415 15 Tangibl$ fixad assèts - Group Motor vehlcles Equlpment Total Cost At 1 April 2023 Addition5 18,468 21,758 69.839 40,226 69.839 At 31 Marth 2024 18,468 91,597 110,065 Depreciation At 1 April 2023 Charge foi the period 3,078 6,156 3,078 36,129 29,973 At 31 March 2024 9.234 29,973 39,207 Net book value At 31 March 2024 9,234 61,624 70,858 At 31 March 2023 15,390 21,758 37,148 20
The National Football Trust Company limited by guarantee Notes to the Accounts Year ended 31 March 2024 31 March 2024 Charity Group 31 March 2023 Charity Group 16 Investments Subsidiary undertakings.. All investments shown above are held at cost. The National Football Trust 15 the sole member of charitable companies Leisure United. The Sheffield Football Trust and The Sunderfand Football Trust. Leisure United EntetPri5es Lirnited wa5 incotpoiated on 28 Maich 2021, the company Is a wholly owned subsidiary of Leisure United. The cornpany has been domiant frorr dale of incorporation to 31 March 2024. The summary financial perfomance of the Leisure United alone is.. 2024 2023 Total incorne Total expenditure 8.525.829 5.$06.592 17,688,481) 15,114,511) Sutplus 837.348 492.081 Amount transferred lo The National Football Trust 750.028 10.000 Net assets 1,946,324 1.859,004 The Sheffield Football Trust was dormant throughout the year. The Net assets of the charity al the 31 March 2024 were £3,781. The company was dissolved on 28 May 2024. The Sunderland Football Trust was dormant throughout the year. The net liabilities of the charity at the 31 March 2024 were £942. The company was dissolved on 28 May 2024. 31 March 2024 Charity Group 31 March 2023 Charity Group 17 Stocks Items for resale 58,916 38,211 31 March 2024 Charity Group 31 March 2023 Charity Group 18 Debtors Trade debtors Prepayments and accrued income Amounts owed from group undertakings Other debtors 59.523 301,318 98,1e4 7.435 45,604 360.841 7.435 143.768 21
The National Football Trust Company limited by guarantee Notes to the Accounts Year ended 31 March 2024 31 March 2024 Charity Group 31 March 2023 Charity Group 19 Cr8ditors= Arnounts falling due within one yèar Trade creditors Amounts owed to group undertakings Tax and social security Accruals and deferred incorne other ereditors 6,385 9,405 380,164 2,520 189,736 84,812 536.696 22.828 105,907 299,355 12,099 10,388 9,600 26,158 1.024.501 12,120 607,098 Deferred Income Deferred income brought forward Income released In the year Income deferred in the year 52,480 110.7711 114,000 16,890 116,8901 52,480 Deferred income carried forward 155,709 52,480 Deferred income relates to membership lees received for future periods. 20 Funds Year ended 31 March 2024 At 1 Aprll 2023 Income Expendlture At 31 March 2024 Group Unréstrietèd funds General funds 1,872,851 8,533,260 17,705,417) 2,700,694 Restrtcted funds ReplaTrment facility signage NFT strategic development 120.000 5.000 125.000 8,658.260 120,000 2,500 122,500 2,823, 194 12,500 12,5001 17,707,917) 1,872,851 At 1 April 2023 Ineomè Expènditur• At 31 Mareh 2024 Charlty Unrestrled funds General funds 1.478 757.459 116.9361 742.001 Re¥tricted funds Replatsment facility signage NFT strategic development 120.000 5.000 125.000 862.459 120,000 2,500 122,500 864,501 12,5001 12,5001 119,4361 1,47S Replacement facility signage.. represents funding reTrived to support the costs related to the replacement facility signage at Sheffield, Liverpool and Sunderland Hub sites. NFT strategy development.. represents funding reiVed to support the costs related to the development of the Nation81 Footb811 Trust strategy. 22
The National Football Trust Company limited by guarantee Notes to the Accounts Year ended 31 March 2024 20 Funds Icontinuedl Year ended 31 March 2023 At 1 April 2022 Income Expenditure At 31 March 2023 Group Unre8tricted fund8 General funds 1,391,810 5,606,592 15,125,551) 1,872,851 At 1 April 2022 In¢ome Expenditure At 31 Maroh 2023 Charity Unrestricted funds General funds 10,000 11.040 Fund¥ arg represented by thg following a$ts= As at 31 March 2024 Restricted Unrestrictèd Funds Funds 2024 Total Group Intangible assets Tangible assets Investments urrenl assets Creditors '. Due within one year 118,914 70,858 118,914 70.858 122.500 3.535.422 3.657.922 11,024,501) 11,024,501) 122,500 2,700,694 2,823,194 Restricted UnrtrIcted Funds Funds 2024 Total Charity Current ass8ts Creditors .' Due within one year 122,500 768,159 126,1581 890.659 126,1581 122.500 742,001 864,501 As at 31 March 2023 Restricted Unrèstrietèd Funds Funds 2023 Total Group Intangible assets Tangible assets Investments Current assets Creditors '. Due within one year 96,415 37,148 96,415 37.148 2.346,385 1607,0981 2,346,385 1607,0981 1,872,851 1,872,851 23
The National Football Trust Company limited by guarantee Notes to the Accounts Year ended 31 March 2024 20 Funds Icontinuedl Restricted Funds Unrestricted Fund¥ 2023 Totsl Charity Current assets Creditors ." Due within one year 13,598 112,1201 13,598 112,1201 1,478 1,478 21 Analysis of changes in net debt At 1 April 2023 Cash flows At 31 March 2024 Cash 2.164,406 1.073,759 3,238.165 Total 2.164,406 1.073,759 3,238.165 22 Company limitèd by guarantè8 The Trust is a company limited by guarantee. Each member of the company undertakes to contribute such amount (not exceeding £101 as may be required In the event of winding up. 23 Results of The National Football Trust During the year, the charity incuired net income 01 £863,02312023". net expendituie of £1,040). The chaiity is not required to produce their own Statement of Financial Activities because of the exemption provision in Section 408 of the Companies Act 2006. 24 Rèlatèd party transactions During the current and previous period the following related paty transactions were undertaken.. The group received administration and management support from DGEMS Ltd of which Mr D J Gallagher is a director. 2024 2023 DGEMS Ltd Adrllinislralion and management support 26,000 18.000 The group received administration and management support in the prior year from SQ1 Management which is controlled by Mr W Ormerod IExecutive Consultant to Leisure United). SQ1 Management Adrninistration and tn8nagement support 5,415 The Trust reiVed rnarketing support from Blue Dawn Pictures which is controlled by a close family member of the key management personnel. Blue Oawn Pictures Marketing support 200 24
The National Football Trust Company limited by guarantee Notes to the Accounts Year ended 31 March 2024 24 Related party transactions Icontinuedl The group received grant income from The Football Assoo3lion of which Mr J Kendall is a Director of Football Development. 2024 2023 The Football A¥$ocation Grant income 5,000 The group received gr8nt incorne frorn the Football Foundation which Mrs K Shah 15 3 spouse lo a member of key rnanagement personnel. Football Foundation Grant income- The National Football Trust 120,000 Grant income- Leisure United 23,350 52,480 25