The Trustees present their report and financial statements for the year ended 31 August 2023.
Peterborough United Foundation is a company Limited by Guarantee incorporated in England and Wales at Companies House under company number 06982786 and is also registered with the Charity Commission for England and Wales under registration number 1132364.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's governing document, the Companies Act 2006 and "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).
Peterborough United Foundation has all the required policies from a governance, financial and safeguarding viewpoint and has reached an Exemplary standard in the Capability Code of Practice standard set by the Premier League Charitable Fund and English Football League Trust.
The board of eleven trustees meet on a quarterly cycle and are responsible for the strategic direction and policy of the charity. Sub committees are in place for Finance and Equality, Diversity and Inclusion which also meet in addition to the full board on a quarterly basis. A scheme of delegation is in place and day-to-day responsibility for the provision of the services rest with the CEO, supported by department managers, coaching and marketing staff. The CEO is responsible for ensuring that the charity delivers the services specified and that key performance indicators are met. The CEO also provides individual supervision of the staff team and ensures that the team continues to develop their skills and working practices in line with good practice.
Since the Foundation was formed in 2009 the charity has delivered across the four key themes set out by EFLT, namely Social Inclusion, Sports Participation, Health, and Education. Our inclusive activities support all ages from the community of Peterborough and the surrounding areas.
The Foundation aims to provide activities that will positively impact all in the city and surrounding areas. Peterborough has an extremely diverse population, some of which come from very deprived areas. We use the brand, reach and reputation of Peterborough United Football Club to help us to work with those from difficult to reach groups to improve lives and communities.
The Foundation aims to help improve the mental and physical health and wellbeing of people of all ages in the local community. We aim to reduce health inequalities by promoting a broader understanding of how to live a healthier, happier lifestyle by providing activities and support that foster improved life choices.
To provide and promote community participation in healthy recreation by providing facilities for the playing of sports, other sports, and other physical activities.
To promote and assist in providing facilities for sport, recreation or other leisure time occupation for such persons who need such facilities by way of their age, infirmity, disablement, poverty, or social economic circumstances or for the interests of social welfare and with the object of improving their conditions of life.
Any charitable purposes that the trustees deem fit.
The Foundation carries out its objectives by providing a wide range of sport related and educational based projects planned to cover our key areas. The English Football League Trust and Premier League Charitable Fund provide funding for core expenditure.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable company should undertake.
The charity acknowledges the valuable contribution made by all of its volunteers and the support of so many organisations to allow it to deliver its objectives.
The activities of the Foundation are linked to the education sector by providing support for local primary and secondary schools. The Foundation, in partnership with Nene Park Academy, offers a football in education programme. The aim of this is to keep year 12 and 13 students engaged with their education by including football training and matches as part of their timetable. We currently have 36 boys and 20 girls on the programme.
The charity delivers a variety of sports-based provision within the local community, which include evening and holiday based coaching for all ages.
This year we started to develop our Health & Wellbeing department. We have a walking football session to support physical and mental health in adults. There is also an Xtra time Hub to help prevent isolation for the retired and semi-retired. This session is a social event for those aged 55 and over and involves games, local speakers and visits out. We are working with the Peterborough Dementia Centre and various care homes to deliver chair-based exercises to effected groups. We also hold a weekly yoga session for adults. In 2022-23 we started a weight management programme, which involved support around eating habits, nutrition, and physical exercise.
Our boys and girls football pathway which encourages young people to remain active has over 400 young people, boys and girls, participating on a weekly basis. The pathway starts in our early years (4 to 7) and goes through to 16 years. The feedback we receive is that this is helping both their physical health and mental health and wellbeing too.
Primary Stars is funded by the Premier League Charitable Fund and is delivered in local primary schools, offering support to teachers. Our coaches help the teachers to build their confidence in the delivery of PE and school sport. We also work with students for targeted interventions.
PL Kicks engaged with over 300 young people across 3 sites in Peterborough offering both boys and girls aged 8 to 16 the opportunity to engage with sport for the first time or to re-engage with it. The sessions are free to attend.
Our holiday camp provision continues to expand and in 2023-24 will be held at the Peterborough United Training Ground. The camps see an average of 50 primary school attending per day.
The general fund is unrestricted and represents the total reserves of the charity.
In determining the level of reserves required the trustees consider the level to ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised.
The Foundation's reserve policy is that the balance of funds should cover two months' salary costs. Whilst as at 31 August 2023, free reserves were not at this level, we consider that this was due to the effects of COVID-19 and various lockdowns during recent years. The current year will show an increase in free reserves.
The Foundation's Statement of Financial Activities shows net resources expended of £9,668 for the year. The reserves of the Foundation at 31 August 2023 were £33,503.
The financial position of the Foundation at 31 August 2023 is considered satisfactory and more than adequate to meet the objectives of the Foundation.
The Trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The risks are RAG rated and reviewed regularly by key management personnel and The Board of Trustees.
The Trustees have considered the guidelines issued by the Charity Commission on Public Benefit and are of the opinion that the criteria are being met within the Objectives and Activities of the charity.
The Foundation plans to continue its core activities outlined above in forthcoming years after securing continued funding from The Premier League Charitable Fund and The English Football League Trust.
Peterborough United Foundation is a company limited by guarantee governed by its Memorandum and Articles of Association. The company is also registered as a charity with the Charity Commission.
The charity's trustees are also the directors for the purposes of the Companies Act.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
The Trustees administer the charity. Trustees are recruited after due procedure and induction training is provided.
None of the Trustees have any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £10 in the event of a winding up.
The Trustees, who are also the directors of Peterborough United Foundation for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees' report was approved by the Board of Trustees.
I report to the Trustees on my examination of the financial statements of Peterborough United Foundation (the charitable company) for the year ended 31 August 2023.
As the Trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Since the charitable company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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 charitable company as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 financial statements to be reached.
Institute of Chartered Accountants In England and Wales
Price Bailey LLP
36 Tyndall Court
Commerce Road
Lynchwood
Peterborough
PE2 6LR
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Peterborough United Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is London Road Stadium, London Road, Peterborough, PE2 8AL.
The financial statements have been prepared in accordance with the charitable company's governing document, the Companies Act 2006 and "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 charitable company is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future.
Future funding has been secured from Premier League Charitable Fund and the contract with Nene Park Academy is still in place.
Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
All incoming resources are recognised when the charitable company is legally entitled to the income after any performance conditions have been met, the amount can be quantified with sufficient accuracy, it is probable that the income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount.
Government grants relating to revenue are recognised as income over the periods when the related costs are incurred. This includes the Government Coronavirus Job Retention Scheme grant which is included as 'other income'.
Expenditure is accounted for on an accruals basis.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Cash and cash equivalents include cash in hand and deposits held at call with banks.
The charitable company 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.
Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.
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 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 payments 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.
Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
In the application of the charitable company’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Other grants received
Scholarship programme
Football in the community
School sports programme
Boys development and elite training
Community work
Premier League Charitable Fund
National Citizen Service
Motor expenses
Facility hire
Rent
Repairs and maintenance
Printing, postage and stationery
Telephone
Catering
Sundry expenses
Subscriptions
Sports equipment
Charitable donation
Marketing and entertainment
Insurance
Legal and professional fees
100% Charitable activities
Payroll fees
100% Charitable activities
Bank charges
100% Charitable activities
Independent examination fees
The average monthly number of employees during the year was:
The remuneration of key management personnel during the year amounts to £48,237 (2022: £49,074).
The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was £16,564 (2022 - £11,104).
National Citizen Service - funds received from EFL Trust to deliver a programme of activities for young people to undertake personal and social development.
Premier League Charity Fund - a three year Kicks and Stars grant with funds provided from the Premier League to reach out to children in within the community and local schools.
Street Games UK – received from the Youth Justice Sport Fund to deliver football activities to vulnerable young people who are at risk of becoming involved in crime.
Cambridgeshire Police - Youth Fund – funds received to go towards free football sessions for young people, particularly teenagers.
National Lottery - Healthy Goals - funds received from the National Lottery to deliver a programme to assist with weight management.
At the reporting end date the charitable company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The company is limited by guarantee and does not have a share capital. The directors are members of the company and each member, during his or her membership or within one year afterwards, undertakes to contribute a sum not exceeding £10 to the assets of the company in the event of it being wound up.
During the year the charitable company entered into the following transactions with related parties:
An amount of £19,352 (2022: £24,574) was invoiced by the Foundation to Peterborough United Football Club Ltd for expenses and sponsorship recharge. Amounts of £25,877 (2022: £23,976) were charged by Peterborough United Football Club Ltd for pitch hire, £8,023 (2022: £7,729) for various playing and coaches kit, £4,680 (2022: £Nil) for rental of office space and £11,624 (2022: £10,388) for other miscellaneous recharged expenses. At the year end the Foundation was owed £353 to Peterborough United Football Club Ltd (2022: £900).
At the year end the Foundation was holding £Nil (2022: £16,433) on behalf of the Chris Turner statue fund. This fund has been used to maintain the appearance of the statue.
The charitable company had no debt during the year.