THE FOOTBALL ASSOCIATION BENEVOLEI NT FUND FINAIYCIAL STATEI MENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE fiooTBALL ASSOCIATION BEI NEI VOLE( NT FUND riOR THE< YEI AR ENDED 31 DEI CEI MBER 2023 LEGAL AIYD ADMINISTRATIVE DEI TAILS Cliai-ity Naine: The Football Associatioii Bei)evoleiit Flind Legal StatLIS: Tlie Charity was originally known as The football National Wai. Fiind establislied on 12 Deceinber 1917 under the Wai. Chai'ities Act 1916. It ceased to opei'ate as a War Charity on 25 Fcbriiaiy 1938 and the fiinds tliei-eof continiied to be applied iindei. the iianie of The Football Association Benevoleiit Fiiiid, Nvhich was foi'inally establislied Liiidei. a tl'LlSt deed dated 13 Octobei. 1976. A i'evised tl'LlSt deed was issiied dated 10 Mai-ch 1988. Tlie Charity is regist¢i'¢d with tlie Chai-ity Coinmission (registration nLiiiibei' 299012). Addi'ess of Cliai'ity: The Football Associatioii Beiievoleiit Flind Weinbley Stadiiiin Weinbley Middlesex HA9 OWS Ti'iistees: G Tlioinpson M Leggett R Sliah Seci'etary to tlie Ti'ustees: R McDei'mott Investinent Advisoi's.. HSBC Global Asset Maiiageinent Bankei's: Bai'clays Bank PIC Aiiditoi's.. Roddis Tayloi. Robinson Cl)aitei'ed Accoiintants Uiiit 6 Acoi'ii Busiiiess Pai'k Woodseats Close Slieffield S8 OTB
THE fiooTBALL ASSOCIATION BEI NEI VOLEI NT fiUND TRUSTEI ES, ANNUAL REPORT r4 OR THE YEI AR ENDED 31 DEI CEI MBER 2023 STRUCTURE GOVEI RNANCI AND MANAGEMEI NT 'nie Ti'LlStees are responsible foi- prepai-iiig the Triistees, Aniiiial Repoi't and tlie Financial Stateinents in accoi'daiice witli applicable law aiid Uiiited Kiiigdom Accoiiiiting Standards (Uiiited Kiiigdoiii Genei'ally Accepted Accouiiting Pi-actice). The law applicable to Cliai'ities in England and Wales I'equii-es tlie Ti'ustees to pi-epai'e Financial Statemeiits foi. eacli fiiiancial yeai. wliicli give a ti'iie and fail. view of the state of affairs of the Chai'ity and of tl)e incoilliiig I'esoiii-ces and application of i-esoiii-ces of the Charity for that period. In pi'eparing these Financial Statemeiits, tlie Trustees are reqiiii-ed to.. select siiitable accoLintiiig policies and thei) apply thein coiisisteiitly. obsei-ve the metliods and pi'iiiciples iii tl)e applicable Cliarities SORP 2019 (FRS 102). niake jiidgeinents aiid estiimates tliat al-e i'easoiiable and pi-lident. state ivliether appl icable accoiiiiting standai'ds have been followed, siibject to any matei'ial departLires disclosed aiid explaiiied in tlie financial statements; aiid prepai'e the financial stateinents on the goiiig coiicei'ii basis iinless it is inappi-opriate to pi-esLiine that th¢ Charity will coiitiiiiie iii opei'atioii. The Ti-iistees al'e I'espoiisible for keeping pi'oper accoiinting i'ecoi'ds tliat disclose with reasoiiable acciii'acy at any time tlie financial position of tlie Charity and eiiable tliein to ensLlI'e that the Fiiiaiicial Stateineiits comply with the Cliarities Act 2011, the Charities (Accoiints aiid Repoi-ts) Regiilatioiis 2008 aiid the pi'ovisioiis of the Triist Deed. They al'e also I'esponsible for saf¢LTiiai'ding tli¢ assets of tlie Cliarity and lieiice foi. takiiig I'easonable steps foi. tl)e pi'eveiition and detection of fi'aiid aiid otliei. ii'regiilai-ities. Trustees arc iisiially recruited fi'om the Football Association's Coiincil Membei's, wlio are expei'ienced in both the Football Association inattei-s and of the objectives of the Chai'ity- Ti'iistees are also recriiited foi. their vaiyiiig pi'ofessioiial skills. Mi. R McDei'inott, Seci-etai'y to tlie Triistees, is in cliai-ge of day to day adilliiiisti'ation inatters. Tlie Ti-LlStees are aware of tlie inajor i-isks to wliich the Cliai'ity is exposed and cali confirm tliat i'easonable measiii'es al'e being taken to Initigate the effect of tliese risks on the Cliarity. OBJECTIVES AND ACTIVITIES Tlie Cliarity's pi-incipal objective is to pi'ovide support to persons, and tlieii. depei)dants, wliicli is necessary by reasoii of poveity oi. age oi. pl)ysical ot. meiital iiifii'inity 01- disability, who are connected or previously have been coniiected to Association Football. Tlie Ti'LlStees confii'in tliat they Iiave refei'red to the giiidance contained iii tlie Chai'ity Commissioii's geiiei'al giiidaiice 01) piibli¢ beiiefit wlieii i-¢viewing tlie Triist's aiins aiid objectives aiid iii plaiiiiiiig fLltiii'e activities aiid settiiig tli¢ gi'aiit Inakiiig policy foi. the year. Applicatioiis for assistaiice fi'om the fiind al'e inade through Couiity Football Associatioiis aiid each aiid every application foi. assistaiice is coiisidei'ed by the Ti'LlStees. This policy is consisteiit with pi'evious yeai's.
THE FOOTI3ALL AS.%OCIATION BINEVOLENT fiUND TRUSTEES, ANNUAL REI PORT (CONTINUED) FOR THE YEIAR r.NDf.D 31 DF.CEMBER 2023 ACHIII VEMEI NTS AND I)Ei Rf4OIIMANCE Total gi'aiits payable lids dcci'case(I by 40/0 to £82,597 (2022: £86,074). Tliei'e wci'e 46 beiieficiai'ies in tlie year (2022: 32). Inv¢stment income incrca.8ed by 27% to £139,117 (2022: £109,622) and the value of investments increased by 90/0 10 £5,723,783 (2022: £5,246,825). The I'eserves policy aims to liold siifficient reserves to maintain tlie Charity's abil ity to fLilfil it8 objectives in the long tei'm. The Trustccs are satisfied tliat the current level of reserves is adeqiiate foi. this pui'pose. FINANCIAL RF.VIF,W All assets are being held for tlie purpose of meetiiig tlie Charity's objective. The principal objective of tlie Charity's investment policy is to earn the higliest total retiirn on the investment poitfolio whilst acceptiiig ali overall mediiiin level of risk. The Cliarity I'elies on specialists to advise on stock Inarket investin¢nts ai)d also seciire liaveiis for bank deposits. All investin¢iits held by tlie Cliarity have beeii acqiiired in accoi'dance with tlie powei's available to Trustees. Due to tlie sti'eiigtli of tlic balaiice slieet the Cliai'ity is independent of Football AssOLiatioii Limited. The Chai-ity's net asscts amoiiiit to £5,885,357 and tlie Trustees believe them to be adeqLiate to be able to fulfil the obligatioiis of tlie Cliai'ity, PLANS FOR FUTURE PERIODS The plans foi. the fiiliire are to contilllie to siipport, by way of gi?nts, those beneficiaries whose application has beeii approved by tlie 'l'riislees. A specific designation of £150,000 from tlic a.ssets of tlie Benevolent Fund have been made available to suppoit the players and families of tlie England 1966 Woi'ld Clip squad who qualify as "beneficiaries" in accordance with the objectlves of tlie Charity. Additionally, the definition of "beneficiaries" now includes individuals who are in need of siipport by reason of abuse, neglect or other ti'auma experienced tlii'ougli football. Approved by tlie Trustees on 30 October 2024 and signed on their belialf by.. G Thonipson
INDII PEI NDENT AUDITOR'S RE4 POIIT TO THE TRUSTEI fi S OF THE fiOOTBALL ASSOCIATION BE< NEI VOLEI NT fiUND Opinioii We l)ave aLidited the fiiiaiicial stateiT]ents of Tlie Football Association Beiievoleiit FLiiid (tlie 'cliai-ity') for tlie yeai. elided 31 Deceinber 2023 wliicli coinprise the Stateiiient of Fiiiiliicial Activities, tlie Balaiice Sheet aiid the notes to tlie t51l¢111cial stateiiieiits, iiiclLiding sigiiificaiit accoiiiitiiig pol icies. The finaiicial reporting fi-ainework tl)at has beeii applied ii) tl)eii' pi'epc11'ation is applicable law aiid Uiiited Icingdoiii Accoiii)ting Stand¥1rds, inclLiding Fiiiancial Repoi-tiiig Staiidai-d 102 Tlie fiiiancial Reporting Standai'd applicable li) tl)e UK ciiid RepLiblic of Ii'elaiid (Uii ited Icinirdoin Generally Accepted Accoiii)tiiiLJ Pi'cictice). Ili OLlI- opin ioii tlie financial stateineiits.. give a tl'Lie and fair view of the state of the cliai'ity's affaii's as at 31 Deceinbei. 2023, aiid of its incoiniiig I'esoiii'ces aiid applicatioii of resoiirces, incliiding its incoine and expenditiii'e, foi. the year tlien elided. liave beeii pi'operly pi'epai'ed in accordance witli Uiiited Icingdom Geiiei'ally Accepted Accoiiiiting Pi'actice. and liave been prepai'ed in accoi'daiice with tlie i-eqiiii'einents of the Charities Act 2011, Basis foi" opinion We coiidiicted OLir aiidit in accoi'dance with Ii)teriiational Standai'ds 011 Aiiditin(r (UK) (ISAS (UK)) aiid applicable law. OLII. responsibilities Lll)dei- those standai'ds al-e fiiitliei. described in tlie Aiiditor's I'esponsibilities for tl)e aiidit of tl)e financial stateineiits section of OLir report. We al'e independent of tlie charity in accoi'dan¢¢ witli th¢ etliical I'equii'einents tliat are relevant to Olir aiidit of tlie financial stateineiits in tlie UK, iiicliiding tlie FRC'S Etliical Standai'd, aiid we have fLilfilled OLII. Otlier etliical i-espoiisibilities iii accoi'daiic¢ witli these i-eqiiireilleiits. We believe tliat tlie aiidit evidence we liave obtained is siifficient and appi'opriate to pi-ovide a basis foi. oiii. opiiiioii. Conclusions relating to going eoneei'n In aLiditing the fiiiaiicial statements, we have coiicluded that tl)e ti'ustees, use of tlie goiiig concei-n basis of accoiinting iii the pi-eparation of the fiiiancial stateiiients is appi'opriate. Based on tlie work we have perfoi'med, we liave iiot ideiitified any Inatei-ial Lincertainties i'elatiiig to events oi. coiiditioiis tl)at, ii)dividLially oi. collectively, Inay cast sigiiificaiit doubt oii the cliarily's ability to coiItIllLie as a going coiicerii for a pei-iod of at least twelve montlis from wheii the finaiicial stateinents al'e aiithoi'ised foi- issiie. Oui- respoiisibilities and tlie responsibilities of the tl'LlStees witli respect to going concei'n are described in the I'elevant sections of this report. Other xnfoi'mation Tlie othei- iiifoi'imation coinpi-ises tlie infoi'ination incliided in the trustees, annLial i-eport, othei. thali the fiiiancial stateinei)ts and oiir aiiditoi s repoi-t thei'eon. The ti'ustees are respoiisible foi- tli¢ othei. infoi'ination coiitained witliin the aiiniial report. Oiir opiiiion on tlie fiiiancial statements does not cover the otliei. infoi-lnation and, except to tlie exteiit otliei'wise explicitly stated in oiir I'epoi't, we do not expi-ess aiiy forin of assiii'ance coiiclusion thei'eon.
INDIPENDENT AUDIT()II'S REPORT TO THE TRUSTEII S OF'fiiE,: FOOTIIALL ASSOCIATI()N Bri Nl,:VOLfi.NT FUND {COIYTIIYUED) Oui. i'espoiTrsibil ity is to read tlie otlier iiiforination aiid, in doing so, coiisidei. whetliei. the otlier inforination is matei-ially iiiconsisteiit witli tlie finaiicial stateineiits or oiir knowledge obiaiiied iii tlie coiii'se of tlie aiidit oi. otliei'wise appeal's to bc matei'ially Inisstat¢d. If we ideiitify SLiclI Inatei'ial iiiconsisteiicies oi. apparent Inatei'ial misstaleineiits, we al'e i-eqLllI'ed to detei'miiie wlietliei. tliis gives rise lo a matei'ial misstaleineiit in tlie financial staleinents tliemselves. If, based 011 tlic woi'k we liave perforined, we coiielude tliat tliei'e is a matei'ial Inisstateiiient of tliis other infoi'ination, we al'e I'eqiiired to I'eport that fact. We have nothing to report in tliis regard. Matters on which we are require(I to report by exception We liave iiothiiig to report in respect of the following Inatters in relation to which the Charities (Accoiints and R¢ports) Regulations 2008 reqiiire lis to report to yoii if, in our opinion: the infom]ation given in the financial stateillents is inconsistent in any Inaterial respect with tlie trustees, repoil. or tlie charity lias i)oi kept adeqiiate accoiinting iEcords' or the financial stateinents air Iiot in agreeineiit with the accounting records aiid i'eliirns. or we have not received all the inforiiiatioii and explaiiations we i-equii-e for our aiidit. Responsibilities of trii.stee$ As explaiiied moi'L fiilly in the ti'iistees, i'esponsibilities stateinent set out on page 2, tlie ti'ustees are responsible foi. the pi'eparation of fiiiancial statements aiid for beiiig saligfied tliey give a tl'Lie aiid fair view, aiid for sucli intei'iial coiiti'ol as the tl'LlStees d¢t¢i'mine is neccssai'y to enable tlie prLpai'ation of financial stateinents tliat are free froin matei-ial In isstatemcnt, wlietliei- due to fi'aLid or eri'oi,. In pi'epariiig tlie fiiiancial stateinents, the trustees are responsible foi. assessing tlie cliai'ity's ability to continiie as a going concern, disclosing, as applicable, matters i'elated to going concei'n aiid using the going concei'n basis of accoLintiiig iinless the trustees eithei. iiitend to liqiiidate the cliarity or lo ccase i)perations, or have no realistic alternative biit to do so. Auditor's responsibilities for the au(lit of the financial statements We have been appointed as aiiditor linder section 145 of the Charities Act 2011 and report in accordance with regulations made ui)der section l 54 of ihat Act. Our objectives are to obtain IEasonable assurance about wlicther the financial slatcments as a whole are free from matei'ial misstatement, whetlier diie to fraud or error, and to issue an auditor's report tliat incliides oui. opiiiion. Reasonable as.sui'aiice is a high level of assiirance but is not a giiai'anlee that an audit conducted in accordaii¢¢ with ISAS (UK) will always delect a material misstatement wlien it exists. Misstateinents can arise fi-oin fi'aud oi. eri'oi. and are considered Inatei'ial if, individually or iii the aggi'egate, tliey could i'easonably be expcctcd to influ¢ii¢e tlie econoinic decisions of usei's takeii based oil tliese finaiicial statetnents. IrregLilai'ities, iiiclLiding fraLid, al'e iiistances of non-compliance witli laws aiid t'egu lations. We design procedlires iii liiie witli OLII. responsibi lities, oiitlined above, to detect matei'ial Inisstateinents in I'espect of iri'egularities, incliidiiig fi'aiid. The exteiit to which our procedures al'e capable of detecting irregularities, including fi'aLid is detailed below:
INDEIPEINDENT AUDITOR'S RLIPORT TO THE TRUSTEI s ofi THE fiOOTBALL ASSOCIATION BEI NEI VOLEI NT f4UND (CONTINUII D) Tlie cliaj'ity is siibject to laws ai)d i'egiilatioiis tliat directly and iiidii'ectly affect tlie fiiiaiicial stateiiiejits. Based on our iindei-staiidiii(y of tlie chai-ity aiid tlie envii'oiiineiit in wliicli it 01)ei-ates, we detei-miiied tliat tlie laws aiid regulalions wliicli wel'e inost sigiiificaiit iiicliided the Cliai'ities Act 201 l. We coiisidei-ed tlie exteiit to wliich iioii-ooinpliaiice witli laws aiid i-egulations iniglit Iiave a iiiaterial effect oil tlie fiiiaiicial stateineiits, iiicliiding liow fi'aiid Iniglit occiii-. We evaluated the iiiceiitives aiid oppoi-tiiiiities foi- fi-aiiduleiit iiiai)ipiilatioii of tlie fiiiaiicial stateineiits (iiicludiiig tlie i'isk of oveii'ide of coiitJ'ols} aiid detei'iiiined tliat tlie pi-iiicipal i'isk i'elated to gi'aiits being paid to iiidividuals wlio do iiot ineet tlie stated objectives of tlie Cliai-ity. Aiidit pi'ocedui'es pei'foi-lned by tlie eiigageineiit teaTn iiicliided: Disciissioiis witli maiiageineiit to obtaiii an iindei'staiiding of tlie legal aiid i-egulatoi'y fraiiieivork applicable to tlie cliai-ity and Iiow it eiisui'es Goinpliaiice, iiicludiiig consideratioii of known oi. suspected iiistaiices of noii-coinpliaiice with laws and i'egiilatioiis aiid fraud. Reviewing docuinelitatioii to eiisui-e tliei-e is no evidence of Iioii-coinpliaii¢¢ witli laws aiid regulatioiis. Reviewing iniiiutes of Ti'iistees meetiiigs. Ideiitifying aiid assessiiig tlie effectiveiiess of iiiteriial conti'ols in place to Initigate risks of fi'aiid and Iioii-coillpliaiice witli laws aiid i'egiilatioiis wliicli iiicliides tests desigiied to eiisure gi'ant claiins are pi-operly vetted and appropi-iately aiitliorised. EIiquii'ii](F of iiiaiiageineiit as to actiial and poteiitial litigatioii aiid claiins. Ideiitifyiiig ai)d testiiig joiiriial eiitries, iii pai-ticiilai- any joui-iial eiitries posted witli iiiiiisiial a¢couiit coinbinatioiis. Tliere are inliei'ent limitatioiis iii the audit procedures desci'ibed above aiid tlie iiioi'e i'einoved Iioii-coinpliaiice with laws and regulatioiis is from tlie eveiits aiid ti'ansactions i'eflected iii tlie fiiiaiicial stateineiits, tlie less likely we al-e to become aware of it. Also, tlie I'isk of Iiot detecting a inaterial misstatement diie to fi'aud is l)igliei- t111 the risk of iiot detecting one resulting fi'oin eri-oi-, as fi'aiid inay iiivolve delkbei'ate concealtnent by, foi. example, foi'gery oi. iiiteiitioiial inisrepresentatioii oi. tlll'oligli colliisioii. A fuitliei. desci'iptioii of our i'esponsibilities foi- tlie audit of tlie fiiiaiiGial stateinents is located 011 tlie Fiiiaiicial Reporting Coiincil's website at wwiv.frc.org.uklauditoi.srespoiisibilities This desci-iptioii foi'ins pai-t of oui. Report of the Aiiditors. Use of our i'epoj't Tliis i-eport is inade solely to tlie cliai'ity's ti'ustees, as a body, iii accoi'daiice witli Pai't 4 of the Cliai'ities (Accouiits aiid Repoi-ts) Regulations 2008. Oiir aiidit woi-k lias beeii uiidertakeii so iliat we iniglit state to tlie cliai-ity's trustees tliose iiiatters we al'e i-eqiiii-ed to state to tliein in ali auditor's i'epoi't and foi. iio otlier pui'pose. To tlie fiillest exteiit pei-lnitted by law, we do iiot accept or assiime i-espoiisibility to anyoiie otlier tliaii tlie cliai'ity and tlie chai'ity's trustees as a body, foi. oui. aiidit woi'k, foi. this repoi't, or foi. the opiiiions we liave foi-lned. Roddis Taylor Ro Cliartered Accoiiiitaiits Statutoiy Aiiditoi- Unit 6 Acokii Busiiiess Pai'k Woodseats Close Slieffield S8 OTB soil 31 Octobei. 2024 Roddis Tayloi. Robiiison is eligible to act as an auditor in tei'ins of section 1212 of tlie Coinpaiiies Act 2006.
THE F(OOTBALL ASSOCIATION BENEI VOLENT FUND STATEI MEI NT OF FtNANCIAL ACTIVITIfi S FOR THE YCI AR EI NDEI D 31 DEI CEI MBEI R 2023 Uiii'estricted Total Total 2023 2022 Notes INCOME Investineiit iiicoine Doiiations 139,117 109,622 TOTAL INCOME 139,117 109,622 I XPENDITURE Cost of I'aising fiinds.. Investinent inaiiageinent fees 40,546 43,427 Cliat'itable activities: Grants payable 82,597 86,074 Govei'iiance costs- Manageinent and adininisti'ation 34,860 21,225 TOTAL EXPEI NDITURE 158,003 150,726 NET EI XPENDITURE BEFORE GAINSI(LOSSES) ON IfivEI STMEI NTS (18,886) (41,104) Net gai1is1(losses) on investineiit assets 368,510 (489,799) NET MOVEMENT IN FUNDS 349,624 (530,903) RECONCILIATION OF FUNDS Flind balances bi'oLight foi'ward 5,535,733 6,066,636 Fiiiid balai)ces cari'ied forwai'd 5,885,357 5,535,733
THE fiOOTBALL ASSOCIATION BEI NE( VOLENT FUND BALANCE SHEI Ei T AS AT 31 DEI CEI MBf.R 2023 Notes Total f4 unds 2023 Total Fuii(Is 2022 FIXED ASSETS Iiivestinents 5,723,783 5,246,825 CURRENT ASSII TS Debtors Casli at baiik 924 184,650 3,122 308,232 TOTAL CURREI NT ASSETS 185,574 311,354 CREI DITORS: AMOUNTS DUE WITHll¥ ONE AR 24,000 22,446 NET CURRENT ASSETS 161,574 288,908 TOTAL ASSETS LEI SS CURRENT LIABILITIES 5,885,357 5,535,733 NET ASSETS 5,885,357 5,535,733 FUNDS UNRESTIIICTED INCOME FUNDS Genei'al flind 5,885,357 5,535,733 Tlie Fiiiancial Statements wei'e approved by tli¢ Ti'iistees on 30 Octobei. 2024 and wei'e sigiied oil theii. belialf by: G Tl)ompson M Leggett
THE FOOTBALL ASSOCIATION BE( NEI VOLEI NT fl UND NOTES TO THE ACCOUNTS FOR THE YEI AR Il NDED 31 DEI CEI MBER 2023 ACCOUNTll¥G POLICIEI S The accouiits 111( ve beeii pi-epared linder tlie histoi'ical cost coi)veiitioii witli iteins I'ecogiiised at cost oi. ti-aiisactioii valiie uiiless othei'wise stated iii tlie i-elevaiit notes to these accoiiiits. Tlie cl)ai'ity constitLltes a piiblic benefit entity as defined by fRS 102. The financial stateinents liave beeii pi'epared iii c1CCOI-daiice with Aceouiiting aiid Repoi'ting by Cliarities.. Stateinent of Recoininended Pi'actice applicable to cliarities pi'epai'itig theii. accoiiiits iii accordance witl) the Finaiicial Reporting Staiidai'd applicable in tlie UK and Repiiblic of Ii'elaiid issued in October 2019, tlie Finaiicial Reporting Standai'd applicable ii) tlie United Iciiigdoin and Repiiblic of Ireland (FRS 102), the Cliai'ities Act 2011 and UK Genei'ally Accepted AccoLinting Pi'actice. The finaiicial stateineiits have beeii prepai-ed to give a 'tl'Lie aiid fail view aiid liave departed from tlie Cliai'ities (Accouiits and Repoits) RegLilatioi)s 2008 oiily to tlie extent reqiiired to provide a 'tl'Lie and fail. view,. This depaitLlI-e lias involved following tlie AccoLllltiiig aiid Reportiiig by Cliarities: Statement of Recomineiided Pi'actice applicable to cliai'ities pi'eparing their accoiints in accoi'daiice with tlie financial Reportiiig Staiidai'd applicable iii tlie UK ai)d Repiiblic of Ii'elaiid (FRS 102) issiied iii October 2019 l-atlier than the AccoLintiiig and Reportiiig by Cliai-ities: Statement of Recomiiieiided Pi'actice effective fi-oin l Api'il 2005 whicli lias sinc¢ been withdi'awii. The fiiiaiicial stateiJ)ents al'e pi-esented in sterling which is the fiiiaiicial ciii'lEncy of tlie Cliarity aiid rouiided to tlie nearest £ l. All grants, donatioiis and vollintai'y incoine al'e accoiinted for gross when receivable, as long as tliey are capable of finaiicial Ineasiii-ement. All expei)ditiire is accounted foi- gl'oss, oli an accriial's basis. Direct cliai'itablc expenditLlI'e incliides tlie dii'ect costs of tlie activities. Gi'ants payable al'e I'ecogiiised as expenditiii'e wheii an applicatioii lias beeii appi'oved and tlie commitinent is entei'ed iiito. Wliei'e such a grant is to be paid over instalineTIts, tlie OLltstanding balance is disclosed as a liability. Debtoi's and ci-editoi-s al'e i'ecorded at transaction valiie. Investments al'e initially i'ecogiiised at tlieii. ti'ansaction valiie and SLibseqLiently measiii'ed at tlieii. mai'ket value as at tlie balaiice slieet date using the closiiig quoted Inai-ket price. Tlie Stateinent of Fiiiancial Activities includes the iiet gaiiis aiid losses ai'ising on revaliiatioii of disposals tlii-oiiglioiit the yeai.. Tlie cliai-ity does not acquire, oi. use put optioiis, dei'ivativ¢s oi. otliei. complex fiiiancial investineiits.
THE FOOTBALL ASSOCIATION BEI NEVOLFNT fiUND NOTES TO THEI ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DE4 cfl MBER 2023 INVEI STMEI NT INCOME 2023 2022 Baiik iiitei'est I'eceivable Iiicoine I'eceivable from UK listed investments Income i'eceivable fi'oin UK uiilisted iiivestiiieiits Incoine I'eceivable fi-oin overseas listed investments Iiicoine I'¢ceivable fi-om overseas uiilisted investineiit 9,829 9,665 59,567 30,688 29,368 3,772 9,116 49,234 34,049 13,451 139,117 109,622 GRANTS PAYABLE 2023 2022 Payable to individiials 82,597 86,074 All the gi'ants air paid in accoi'dance witl) the Cliarity's pi'incipal objective as set oiit in the Ti'LlStees Repoit. MANAGEMEI NT AND ADMll4llSTRATION COSTS 2023 2022 Baiik charges Aiidit fees Other siippoit costs 360 3,150 31,350 3,150 18,075 34,860 21,225 10
THE FOOTBALL ASSOCIATION BEI NEI VOLINT fuND NOTES TO THE ACCOUNTS (CONTINUEI D) r4OR THE YEI AR E( NDED 31 DE4 CE( MBER 2023 INVEI STMEI NTS 2023 2022 Mai'ket valiie as at l Jaiiiiaiy Additions Disposal pi'oceeds Net iiivestineiit gaiiis/(losses) 5,246,825 5,571,413 2,667,131 2,634,388 (2,558,683) (2,469,177) 368,510 (489,799) Mai'ket valiic as at 31 Deceinbei. 5,723,783 5,246,825 liivestiiienls are i'epresented by.. UK listed investinents UK Liiilisted investinents Ovei'seas listed investments Ovei'seas uiilisted ii)vestineiits 273,369 278,731 2,705,978 2,549,875 2,110,718 1,821,297 633,718 596,922 5,723,783 5,246,825 DEBTORS 2023 2022 Otliei. debtoi's Prepaynieiits Accriied iiicoine 800 2,812 310 124 924 3,122 CREDITORS: AIVIOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Gi'aiits payable A¢ci'iials 250 23,750 4,984 17,462 24,000 22,446
THE f4OOTBALL ASSOCIATION BEI Nli VOLENT FUND NOTEI S TO THE ACCOUNTS (CONTINUED) ri OR THE YEI AR EI NDID 31 DEI CEI MBEI R 2023 FUND REI CONCILIATION Balaiice at l Janiiaiy 2023 Gaiiis/ ExpeiiditLlI'e (Losses) Balaiice at 31 Deceinbei. 2023 Iiicome Unresti'icted 5,472,733 (Gei)eral) Designated 139,117 (158,003) 368,510 5,822,357 63,000 63,000 5,535,733 139,117 (158,003) 368,510 5,885,357 Fuiid (lesci'iptions Uni-esti'icted {geiiei'al) Geiiei'al fiiiids are iiiii'esti-icted fiiiids wliicli are available foi. iise at tlie disci'etion of tlie Trustees in fiii-tliei'ance of tlie general objectives of tlie cliai'ity and whicli have iiot been designated foi. othei. piii-poses. Designated Ai) aiTiOLint of £150,000 was designated to siipport the playei's aiid families of tlie 1966 Woi'ld Clip Sqiiad wlio l)ave encoiiiitered fiiiaiicial hardsliip. No gi-aiits wei'e awarded diii'ing the yeai. elided 31 Deceinbei. 2023 fi'om tliese fiiiids (2022: iioiie} tlie total to date aiiioLlllts to £87,000. RELATED PARTIES No Ti-iistee oi. connected person i'eceived any I'einuneration either dii'ectly or indirectly. No Ti-LlStee received any i'eimbui'sed expenses. No indeiniiity iiisiii-aiice was pui-chased diii'iiig tlie yeai.. Thei'e is no ultiinate conti'olling pai-ty. Tlie Football Association Benevolent Fiind and Football Association Liinited are coiisidei'ed to be I'elated parties diie to liaviiig senioi. officials in coinmon. Thei'e wei'e no h'ansactioiis witli Tlic Football Associatioii Liinited in tlie yeai.. 12