**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.
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**79**
**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
**80**
**81**
**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|
|---|---|---|---|
**82**
**83**
**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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**CONTENTS**
**----- Start of picture text -----**
||||
|---|---|---|
|11. DEBTORS|
|2023|2022|
|£000|£000|
|Trade debtors|1,395|2,067|
|Prepayments and accrued income|671|306|
|Total|2,066|2,373|
**----- End of picture text -----**
## **12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**----- Start of picture text -----**
||||
|---|---|---|
|2023|2022|
|£000|£000|
|Trade creditors|68|78|
|Accruals and deferred income|329|697|
|Other taxation and social security|52|67|
|Total|449|842|
**----- End of picture text -----**
Deferred income relates to fundraising income and contributions from governing bodies recognised over more than one financial year in accordance with the accounting policy stated in note 1.
## **13. DEFERRED INCOME**
**----- Start of picture text -----**
||||||
|---|---|---|---|---|
|At|Amounts|Additional|At|
|1 January|released in|amounts|31 December|
|2023|the year|recognised|2023|
|£000|£000|£000|£000|
|Contributions from football|408|(1,482)|1,144|70|
|governing bodies|
|Coaching, education & training|27|(937)|942|32|
|Sponsorship income|49|(344)|323|28|
|Grant funding|109|(488)|424|45|
|Total|593|(3,251)|2,833|175|
**----- End of picture text -----**
## **14. FINANCIAL INSTRUMENTS**
The Foundation has the following financial instruments:
**----- Start of picture text -----**
||||
|---|---|---|
|2023|2023|
|£000|£000|
|Financial assets held at amortised cost|
|Trade debtors|1,395|2,067|
|Accrued income|633|165|
|Total|2,028|2,232|
**----- End of picture text -----**
## **Financial liabilities held at amortised cost**
**----- Start of picture text -----**
||||
|---|---|---|
|Trade creditors|68|78|
|Accruals|153|104|
|Total|221|182|
**----- End of picture text -----**
## **15. TAXATION**
The Foundation is a registered charity and, as such, is entitled to certain tax exemptions on income and profits from investments and surpluses on any trading activities carried on in furtherance of the Foundation’s primary objectives, if these profits and surpluses are applied solely for charitable purposes.
## **16. ANALYSIS OF CHARITABLE FUNDS**
## **Unrestricted Funds**
**----- Start of picture text -----**
|||
|---|---|
|£000|
|At 1 January 2023|1,653|
|Coaching, education and training|488|
|Other trading activities|23|
|-|
|Net outgoing resources before transfers|
|Transfer to restricted funds|(511)|
|At 31 December 2023|1,653|
**----- End of picture text -----**
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**CONTENTS**
## **16. ANALYSIS OF CHARITABLE FUNDS (CONTINUED)**
## **Restricted Funds**
## **20. FINANCIAL COMMITMENTS**
|**16. ANALYSIS OF CHARITABLE FUNDS (CONTINUED)**
**Restricted Funds**||
|---|---|
||**£000**|
|At 1 January 2023|**-**|
|Contributions from governing bodies|**1,482**|
|Sponsorship income|**344**|
|Grant funding|**937**|
|Net outgoing resources before transfers|**(3,274)**|
|Transfer from unrestricted funds|**511**|
|**At 31 December 2023**|**-**|
A transfer between funds is performed to relocate sufficient unrestricted funds to ensure that there is no overspend on the restricted fund for the year.
## **17. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**17. ANALYSIS OF NET ASSETS BETWEEN FUNDS**||
|---|---|
||**Restricted**
**Funds**
**Unrestricted**
**Funds**
**Total**
**Funds**
**£000**
**£000**
**£000**|
|Net assets|**-**
**1,653**
**1,653**|
|**Total**|**-**
**1,653**
**1,653**|
## **18. RELATED PARTY TRANSACTIONS AND ULTIMATE CONTROLLING PARTY**
Transactions with related parties included:
- Transactions with the Irish Football Association Limited of £862k (2022: £1,035k).
- Amounts receivable at the year-end of £1,359k (2022: £2,025k) due from the Irish Football Association Limited.
- Amounts payable at the year-end of £5k (2022: £0.4k) due to the IFA Stadium Development Company Limited.
- Purchases at normal market prices totalling £2.7k (2022: £1.4k) were made from Tri-sport Trophies Limited, who are controlled by a family member of a current trustee. The balance outstanding at 31 December 2023 was £0.08k (2022: £Nil).
## **19. LIABILITY OF MEMBERS**
Irish Football Association Ltd is a company limited by guarantee. The liability of the members is limited to an amount not exceeding £1.
**88**
**89**