2023-12-31-accounts - Irish FA Foundation Limited

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CONTENTS

STATEMENT OF FINANCIAL ACTIVITIES

CHARITY BALANCE SHEET

Registered No. NI642595

(INCLUDING INCOME AND EXPENDITURE ACCOUNT)

for the year ended 31 December 2023

		2023		2022
		Restricted Un- Total	Restricted	Un-	Total
		Funds restricted Funds Funds 2023	Funds	restricted Funds	Funds 2022
	Note	£000 £000 £000	£000	£000	£000
Incoming resources
Incoming resources from generated funds	4
Contributions from governing bodies		1,482 - 1,482	1,478	-	1,478
Coaching, education and training		- 488 488	-	526	526
Sponsorship income Grant funding Income from other trading activities Income from other trading activities Total incoming resources/income Resources expended/expenditure Charitable activities Support costs Total resources expended/expenditure	5 6 7	344 - 344 937 - 937 - 23 23 2,763 511 3,274 (3,004) - (3,004) (270) - (270) (3,274) - (3,274)	312 1,313 - 3,103 (3,289) (269) (3,558)	- - 46 572 - - -	312 1,313 46 3,675 (3,289) (269) (3,558)
Net (outgoing)/incoming resources before transfers		(511) 511 -	(455)	572	117
Transfer between funds		511 (511) -	455	(455)	-
Net movement in funds		- - -	-	117	117
Reconciliation of funds
Total funds brought forward		- 1,653 1,653	-	1,536	1,536
Total funds carried forward		- 1,653 1,653	-	1,653	1,653

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

All income and expenditure derive from continuing activities.

at 31 December 2023

	2023	2022
	Note £000	£000
Fixed assets
Tangible assets	10 22	-

Current assets
Debtors	11 2,066	2,373
Cash and cash equivalents	14	122
	2,080	2,495
Creditors: amounts falling due within one year Net current assets Net assets The funds of the charity Unrestricted funds Restricted funds Total funds	12 (449) 1,631 1,653 16 1,653 16 - 1,653	(842) 1,653 1,653 1,653 - 1,653

The notes on pages 81 to 89 are an integral part of these financial statements.

The financial statements on pages 78 to 89 were approved by the trustees on 18 April 2024 and were signed on its behalf by:

David Martin Trustee and Chairman Date: 18 April 2024

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

CONTENTS

STATEMENT OF CASH FLOWS

for the year ended 31 December 2023

	2023	2022
	£000	£000
Cash generated from operating activities Net outgoing/(incoming) resources before transfers Depreciation of tangible assets Movement in debtors Movement in creditors Cash outfow from operating activities	- 1 307 (393) (85)	117 - 218 (854) (519)

Cash fow from investing activities Purchase of tangible assets Cash outfow from investing activities Net decrease in cash in the year Cash and cash equivalents at the beginning of the year Total cash and cash equivalents at the end of the year	(23) (23) (108) 122 14	- - (519) 641 122

Cash and cash equivalents consists of: Cash and cash equivalents Total cash and cash equivalents at end of the year	2023 £000 14 14	2022 £000 122 122

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2023

1. ACCOUNTING POLICIES

value unless otherwise stated in

expenditure in the period of receipt.

The Irish FA Foundation Limited is a private company limited by guarantee, incorporated in Northern Ireland. The registered office is the National Football Stadium at Windsor Park, Donegall Avenue, Belfast, BT12 6LU.

the relevant accounting policy note(s). The financial statements are prepared on a going concern basis. Taking account of the risk review undertaken by the Trustees they do not consider there to be a risk to the going concern status of the Foundation.

Income from government and other grants, whether ‘capital’ or ‘revenue’ grants, is recognised when the Foundation has entitlement to the funds, any performance conditions attached to the grant have been met, it is probable that the income will be received and the amount can be measured reliably.

The trustees have agreed with the auditors that the auditor’s liability to damages for breach of duty in relation to the audit of the charity’s financial statements for the year to 31 December 2023 should be limited to the greater of £5m or 5 times the auditor’s fees, and that in any event the auditor’s liability for damages should be limited to that part of any loss suffered by the charity as is just and equitable having regard to the extent to which the auditor, the group and any third parties are responsible for the loss in question. The board approved this limited liability agreement, as required by the Companies Act 2006, by a resolution dated 18 April 2024.

b) Going concern

d) Resources expended

At the time of approving the accounts, the trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future and it is not anticipated that significant losses will be incurred over the period of 12 months from signing the financial statements. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Support costs are those functions that assist the work of the Foundation but do not directly undertake charitable activities.

c) Incoming resources

Charitable expenditure comprises those costs incurred by the Foundation in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to supply them. Support costs are allocated to their relevant activity based on the income received.

Income is recognised when the Foundation is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of Preparation

Donations are recognised on receipt. Other donations are recognised once the Foundation has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under gift aid or deeds of covenant is recognised at the time of the donation.

The Foundation’s financial statements have been prepared 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) effective 1 January 2015 (Charities SORP (FRS 102) and the Companies Act 2006.

Pension Costs

The Foundation operates a defined contribution scheme for its employees. Contributions are charged to the statement of financial activities in the period to which they relate.

On receipt, donated facilities or gifts in kind are recognised on the basis of the value of the gift to the Foundation which is the amount the Foundation would be willing to pay to obtain services and facilities of equivalent economic benefit on the open market, a corresponding amount is then recognised in

e) Fund accounting

The Foundation has various types of funds for which it its responsible and which require specific disclosure. A definition of the different types is as follows:

Irish FA Foundation Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost and transaction

CONTENTS

1. ACCOUNTING POLICIES CONTINUED

there is a valid expectation by the recipients that they will receive the grant.

Restricted Funds

Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of overheads and support costs.

Where a grant is awarded for a period of greater than one year, future instalments of which are subject to satisfactory reports to the Foundation, the future grant instalments are included in commitments but are not recognised in the accounts until satisfactory reports are received. This is because the terms on which these grants are awarded do not create a valid expectation of receipt until the Foundation’s trustees are satisfied with the reports received on the use made of the previous year’s instalments.

Unrestricted Funds

Funds which are expendable at the discretion of the Foundation in furtherance of the purpose of the charity. In addition to expenditure on activities, such funds may be held in order to finance capital investment and working capital.

f) Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks.

i) Financial instruments

The Foundation has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

g) Foreign currency

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period- end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Financial Activities.

Financial instruments are recognised in the Foundation’s balance sheet when the Foundation becomes party to the contractual provisions of the instrument.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Financial Activities. Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest

h) Grants payable

Grants are recognised in the accounts as liabilities after they have been approved by the trustees even if there are conditions attached to them. This is because

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are

recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2. CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATION UNCERTAINTY

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical judgements in applying the entity’s accounting policies.

3. LEGAL STATUS OF THE FOUNDATION

There are no critical judgements in applying the Foundation’s accounting policies.

The Foundation is a company limited by guarantee and has no share capital. The liability of each member in the event of winding-up is limited to £1.

Critical accounting estimates and assumptions.

There are no critical estimates and assumptions.

4. INCOMING RESOURCES FROM GENERATED FUNDS

	Contributions from football governing bodies Coaching, education & training Sponsorship income Grant funding Total	2023 £000 1,482 488 344 937 3,251	2022 £000 1,478 526 312 1,313 3,629

5. INCOME FROM OTHER TRADING ACTIVITIES

			2023 £000	2022 £000
	Other	income	23	46

6. CHARITABLE ACTIVITIES EXPENDITURE

	Wages and salaries Events & competitions Equipment & facilities Grants provided Total	2023 £000 1,815 365 585 239 3,004	2022 £000 1,607 958 526 198 3,289

CONTENTS

7. SUPPORT COSTS EXPENDITURE

10. TANGIBLE ASSETS

2023 2022 £000 £000 Wages and salaries 107 121 Administration & professional fees 148 136 Fees payable to the charity’s auditors 15 12 Total 270 269 8. NET (OUTGOING)/INCOMING RESOURCES 2023 2022 £000 £000 This is stated after charging: Salaries 1,674 1,482 Social security costs 137 142 Other pension costs 111 104 Staf costs 1922 1728	Fixtures and fttings
	£000
	Cost or valuation:
	At 1 January 2023 -
	Additions 23
	At 31 December 2023 23

	Accumulated depreciation:
	At 1 January 2023 -
	Charge for the year 1
£000 £000
	At 31 December 2023 1
This is stated after charging:

Salaries 1,674 1,482
	Net book value:
Social security costs 137 142
	At 31 December 2023 22
Other pension costs 111 104
	At 31 December 2022 -
Staf costs 1922 1728

This is stated after charging: Salaries Social security costs Other pension costs Staf costs	2023 £000 1,674 137 111 1,922	2022 £000 1,482 142 104 1,728

9. EMPLOYEES AND DIRECTORS

Employees

The average monthly number of employees employed by the Foundation during the year was:

	2023	2022
	Number	Number
Average	54	57

Trustees

During the year no trustee received any emoluments (2022: £Nil).

Key management compensation

The compensation paid or payable to key management for employee services is shown below

Key management compensation	2023 £000 293	2022 £000 232

£208k of Key Management Compensation was paid, and the charge borne, by the Irish Football Association (2022: £155k).

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|||| |---|---|---| |11. DEBTORS| |2023|2022| |£000|£000| |Trade debtors|1,395|2,067| |Prepayments and accrued income|671|306| |Total|2,066|2,373|