Charity number: 1202330
WALTON MK FC
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
WALTON MK FC
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Examiner's Report | 5 - 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 13 |
WALTON MK FC
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 31 JULY 2024
| Trustees | S Potter, Chair (appointed 14 March 2023) |
|---|---|
| M McGinlay, Trustee (appointed 1 April 2024) | |
| G Clark, Trustee (appointed 14 March 2023) | |
| D Rowell, Trustee (appointed 14 March 2023) | |
| L Tomlin, Trustee (appointed 14 March 2023) | |
| L Martin, Trustee (appointed 14 March 2023) | |
| M Humes, Trustee (appointed 14 March 2023) | |
| Charity registered number 1202330 Principal office 116 Studley Knapp Walnut Tree Milton Keynes MK7 7NE Accountants MHA Chartered Accountants The Pinnacle 150 Midsummer Boulevard Milton keynes MK9 1LZ |
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WALTON MK FC
TRUSTEES' REPORT FOR THE PERIOD ENDED 31 JULY 2024
The Trustees present their annual report together with the financial statements of the Charity for the period 1 September 2023 to 31 July 2024.
Objectives and activities
a. Policies and objectives
The objectives of the charity are to promote community participation in healthy recreation by the provision of facilities for the playing of association football.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
We operate numerous policies and rather than listing them all here they can be found on our comprehensive website at Club Information | Walton MK FC
[https://www.waltonmkfc.com/club-information]
b. Strategies for achieving objectives
Walton MK FC is a charity that wants to create successful teams of well-adjusted, confident children. To achieve this it's important that we create an environment that allows them to develop and understand their responsibilities.
We ensure every single one of our managers passes at least the first recognised FA qualification and we will support their development should they want to take their footballing journey further.
We offer excellent facilities at all of our playing venues and we have installed defibrillators to ensure the wellbeing of players, supporters and managers is at the forefront of or objectives.
We have a dedicated committee of volunteers who work tirelessly to grow our charity and ensure football is available to all, regardless of ability.
c. Activities undertaken to achieve objectives
In the last year we had 24 teams consisting of boys, girls and adult teams. All of our volunteer managers have successfully passed all the required training and the volunteer committee meet at least once a quarter to discuss any issues to ensure the objectives of the charity are achieved. The committee are extremely dedicated and pride themselves on their collective values to ensure they provide the best provision of football in the local area.
d. Main activities undertaken to further the Charity's purposes for the public benefit
The demand for football within Milton Keynes continues to grow and therefore we are restricted by the space available to host football matches. The charity is very proud that we have not increased the cost to participate in football for the last 9 years and are extremely grateful to our local sponsors to help us on our journey.
We have held a number of fundraising activities including our first football tournament, a bbq and several separate fundraising events to ensure we can the costs of providing football as low as possible, something we are very proud of.
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WALTON MK FC
TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2024
Achievements and performance
a. Main achievements of the Charity
What a year we have had!
On average we provided football facilities to c700 people every week.
We have worked with the local council to improve the local facilities, we have made donations and contributions to local foodbanks, we have trained every one of our new football managers \ coaches and continue to ensure football is available to everyone regardless of ability.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity 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.
b. Reserves policy
Purpose:
We maintain an appropriate level or reserves to manage uncertainty and to ensure we have adequate resources to fund equipment and pitch hire.
This allows us to manage our cashflow as our expenditure is not linear and means we can meet our goals and objectives of promoting community participation in healthy recreation by the provision of facilities for the playing of association football
The committee review the level of reserves based on expected future cashflow requirements rather than as a percentage of income.
The reserves will be used to fund our winter training costs and to cover any unforeseen expenses. In addition they are used to fund our hardship fund and also to make charitable donations such as the local foodbank.
The Trustees will take all necessary steps to ensure that at no time would it be possible for the cessation of one or more funding streams to present so serious a challenge to the future of the charity that it could not be managed so as to continue to meet its Charitable objectives.
As at the end of our accounting year our free cash reserves were £ 36,210.
Structure, governance and management
a. Constitution
Walton MK FC is a registered charity, number 1202330, and is constituted under a Trust deed.
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WALTON MK FC TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 31 JULY 2024 Structure, governance and management {continued) b. Methods of appointmtnt or electlon of Trustees The management of the Charity is the responsibdity of the Trustees are ethted and ¢>)wOPted under the terms of the Trust deed. Statement of Trustees. responslbllStles The Trustees are responsiblè for preparing the Twstees, Report and the financial statements in accordance with applicable law and United Klngdom Accwntirig Slandards (United Kingdom Generally Acc8p18d Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statemenls for each financial period which give a true and fair view of the stste of affairs of the Charity and of its incoming resources and application of resources. induding its income and expenditure. for that period. In preparing these finenclal staternents, the Trustees are required to: select suitsble accounting policies and then 8Y them consistently, observe the methS and principles of the Charitiès SORP {FRS 102)., make ludgmenls and accounting estimates that are reasonable and Prudent. state whether appllcable UK Accounting Stsndards (FRS 1021 have been followed, sublect to any material departures disclosed and explained in the finanual stalements., prepare the financial stslements on the going con¢em basis unless it is inapproprlate lo presume that the Charity will continue in business. The Trustees are responsibl8 for keeping adequate accounting records Ihat are sufficient to show and explain the Charitys transactions and disclose with reasonable accaJracy at any tlm8 the financi81 position of the Charity 8nd enablé them to 8nsur8 that the financial ststements comply vAlh the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsibl8 for safeguarding the assets of the Charty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitles. Approved by order of the members of the board of Trustees and signed on thelr behalf by. S Pottor (Chair of Trustees) Date:
WALTON MK FC
INDEPENDENT EXAMINER'S REPORT FOR THE PERIOD ENDED 31 JULY 2024
Independent Examiner's Report to the Trustees of Walton MK FC ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the period ended 31 July 2024.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
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 accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
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WALTON MK FC
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2024
Signed: Dated: 27/05/2025 Elizabeth Newell BA (Hons) FCA
MHA Chartered Accountants Milton Keynes
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WALTON MK FC
STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 JULY 2024
| Note Income from: Charitable activities 3 Expenditure on: Charitable activities 4 Total expenditure Net movement in funds Reconciliation of funds: Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 108,069 71,859 71,859 36,210 36,210 36,210 |
Total funds 2024 £ 108,069 |
|---|---|---|
| 71,859 71,859 |
||
| 36,210 | ||
| 36,210 36,210 |
The Statement of Financial Activities includes all gains and losses recognised in the period.
The notes on pages 9 to 13 form part of these financial statements.
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WALTON MK FC BALANCE SHEET AS AT 31 JULY 2024 2024 Note Flxod assets Tangible assets 2,546 Current as8et8 Cash at bank and in hond 33,664 N•t current assets 33,664 Total a$sots less Gurr•nt Ilabllltlos 36,210 Total not asset• 36.210 Chartty funds Restricted funds Unreslricted funds 10 10 36,210 Totsl funds 36,210 The financi81 statements were approved and authorised for Issu6 by the Trustee8 and signod on their behalf by. S Potter (Chair of Trustees) Date.. la- The notes on zJ- ages to 13 form part of ihese financial slatements.
WALTON MK FC
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024
1. General information
Walton MK FC is a registered Charity in England and Wales and is unincorporated. The address of the principal office is 116 Studley Knapp, Walton Tree, Milton Keynes MK7 7NE.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Walton MK FC meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
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.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
2.4 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 allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
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WALTON MK FC NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024 Accountlng pollclos Icontlnuedl 2.5 Tangible fixed assets and depreciation Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be meaSUd reliably. Tangible fixed assets are initialty recognised at cost. After recognition, undef the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Al costs incurred to bring a tangible fixed asset into its intended worklng condition sh)uld be included in the measurement of cosL Depreciation is charged so as to alktat8 th6 Cost of tangible fixed assets less their residual value over their estimated useful lives, - Depreciation is provided on the following basis: Office equipment 33% Straight line 2.6 Cash at bank and In hand Cash at bank and in hand includes cash and short-tem highly liquid investments wilh a short maturity of thr88 months or less from the date of acqui8ition or opening of the dep051t or similar account. 2.7 Flnanclal Instruments The Charity only has financial assels and financial liabilities of a kind that qualify 0$ basic financial instruments. Basic financial instruments are initially recognised 81 Iransaction value and subsequently measured at their settlement valuè Vth the exception of bank loans which are subsequendy measured at amortised cost using the 8ffectiv8 interest method. 2.8 Fund accountlng General funds are unrestricted funds %thich are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Income from charitable acttvitiès Unrestricted funds 2024 Total funds 2024 Income from charitable activilies 108,069 108,069
WALTON MK FC
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024
4. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted | ||
|---|---|---|
| funds | Total | |
| 2024 | 2024 | |
| £ | £ | |
| Direct costs | 71,859 | 71,859 |
5. Analysis of expenditure by activities
| Activities | ||
|---|---|---|
| undertaken | Total | |
| directly | funds | |
| 2024 | 2024 | |
| £ | £ | |
| Direct costs | 71,859 | 71,859 |
Analysis of direct costs
| Pitch/venue hire Equipment & kits League costs Match costs Professional training Sundry costs/expenses Non football expenses Bank charges Depreciation |
Activities 2024 £ 29,923 23,369 2,387 3,775 1,885 8,618 667 68 1,167 71,859 |
Total funds 2024 £ 29,923 23,369 2,387 3,775 1,885 8,618 667 68 1,167 71,859 |
|---|---|---|
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WALTON MK FC
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024
| 6. | Independent examiner's remuneration | |
|---|---|---|
| 2024 | ||
| £ | ||
| Fees payable to the Charity's independent examiner for the independent examination of | ||
| the Charity's annual accounts | 1,900 |
| 7. | Trustees' remuneration and expenses |
|---|---|
| During the period, no Trustees received any remuneration or other benefits. | |
| During the period ended 31 July 2024, no Trustee expenses have been incurred. |
8. Tangible fixed assets
| Cost Additions At 31 July 2024 Depreciation Charge for the period At 31 July 2024 Net book value At 31 July 2024 9. Financial instruments Financial assets Financial assets measured at fair value through income and expenditure |
Office equipment £ 3,713 3,713 1,167 1,167 2,546 2024 £ 33,664 |
|---|---|
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WALTON MK FC
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024
10. Statement of funds
Statement of funds - current period
| Balance at | |||
|---|---|---|---|
| Income | Expenditure | 31 July 2024 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| Reserves | 108,069 | (71,859) | 36,210 |
11. Summary of funds
Summary of funds - current period
| Balance at | |||
|---|---|---|---|
| Income | Expenditure | 31 July 2024 | |
| £ | £ | £ | |
| General funds | 108,069 | (71,859) | 36,210 |
12. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Tangible fixed assets 2,546 Current assets 33,664 Total 36,210 |
Total funds 2024 £ 2,546 33,664 36,210 |
|---|---|
13. Related party transactions
One of the trustees also runs another football club, Football Feeders. During the period, Walton MK FC have paid pitch hire fees on behalf of Football Feeders amounting to £990 to aid the development of football within the local community. In return, Football Feeders have helped to support Walton MK FC by helping the development of their new U7 teams.
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