The trustees present their annual report and financial statements for the year ended 31 May 2024.
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 charity'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 charity's objectives are: -
To promote for the benefit of the inhabitants of Chester and the surrounding areas the provision of facilities for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disablement or for the public at large in the interests of social welfare and with the object of improving the condition of life of the said inhabitants. Without prejudice to the generality of the foregoing by the provision of the opportunity to participate in the sport of football in all ways and according to all abilities.
To protect and preserve the health of people in Chester and the surrounding areas in such ways as the Trustees think fit, including (but without prejudice to the generality of the foregoing) by he operation of healthy lifestyle initiatives.
For the public benefit to promote the education (including social and physical training) of people in Chester and the surrounding areas in such ways as the Trustees think fit: (the Trustees have taken into consideration the Charity Commission guidance on this.)
Such of other exclusively charitable purposes as the Trustees in their absolute discretion may determine from time to time.
During this reporting period, Chester FC Community Trust has continued to benefit communities across Chester and Cheshire West through the delivery of a wide range of projects and activities.
The Trust delivers both managed programmes and commissioned services, working with a number of partner organisations to ensure its programme of work responds to local needs. The Trust's activities support communities based in Chester and its surrounding areas without prejudice on the basis of race, sex, gender, ethnicity, religion or disability.
The Trust currently employs a total of 20 full time, part time and casual staff who are responsible for ensuring the delivery of high-quality coaching, education, social inclusion and health & wellbeing initiatives throughout the community.
These activities include: supporting primary schools, teachers, staff and pupils to enhance and improve the delivery of PE and school sport; youth provisions for children and young people within the Blacon area; working with partners to support adults experiencing a mental health problem or homelessness to sustain healthy and positive lifestyles; accessible fitness programmes including pilates and yoga; engaging older people in exercise and wellbeing activities including walking football to improve health and wellbeing and reduce social isolation; supporting children and adults to participate in physical activity through a varied football and sport development programme including women's and girls’ football, school holiday provision, player development centres and Mini Kickers sessions.
The trustees are grateful for the support and encouragement received from the Trust's funding partners, whose investment enables the charity to have a positive, lasting impact in the community.
During this reporting period, The Trust reported an operating loss of £97,687. Total income was £346,244 with total expenditure of £443,931. Grants and donations totalled £184,506.
The trustees remain committed to ensuring the sustainability of the Trust. The charity has completed a large capital project between 2021 and 2024 at King George V Community Sports Hub that required substantial grant funding and the incurring significant one-off expenditures, some of which were unforeseen. This project has been transformational for the charity and the trustees consider will ensure its long-term sustainability.
The Trust receives funding from a wide range of partners with differing payment cycles. Regular reviews are undertaken to ensure cash flow is managed. The Trust continues to work to identify new funding streams which meet its strategic plan.
The trustees consider an appropriate reserve, which are not invested in fixed assets, should be sufficient to meet at least three months of operating costs.
As of 31st May 2024, the Trust had unrestricted reserves of £376,299 and restricted reserves of £54,996 totalling £431,295 reserves.
The Trust has plans to extend its work through incremental growth to further support our communities, including an expanded post-16 education programme and additional health and wellbeing provisions. Due to the success of King George V Community Sports Hub, the Trust is also exploring the potential for additional facilities, which would be available for local groups and clubs to access.
The Trust has made progress in strengthening its monitoring and evaluation systems and this work will continue over the next 12 months, along with enhancing its finance function to ensure the charity’s continued sustainability.
The charity is a company limited by guarantee and governed by Articles of Assoociation.
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:
Trustees are apointedby resolutionof trustees as laid out in the Articles of Association.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The trustees' report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of Chester FC Community Trust Limited (the charity) for the year ended 31 May 2024.
As the trustees of the charity (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 charity 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 charity’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 charity’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 ICAEW, 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 charity 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.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Chester FC Community Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Deva Stadium, Bumpers Lane, Chester, CH1 4LT.
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. 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 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.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the charity 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.
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 are allocated on the portion of the asset’s use.
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 charity 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, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The charity 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 charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
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 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 charity’s contractual obligations expire or are discharged or cancelled.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
In the application of the charity’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.
Grants Receivable
Sale of goods
Sale of goods
Sale of goods
Sale of goods
Charitable expenditure Equipment & general costs
Charitable expenditure Light & heat
Charitable expenditure Insurance
Charitable expenditure Other establishment
Charitable expenditure Travel Costs
Charitable expenditure Legal & professional
Charitable expenditure Advertising
Charitable expenditure Events
Charitable expenditure Computer costs
Charitable expenditure Repairs & maintenance
Charitable expenditure Donations
Charitable expenditure HMRC late payment charges
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
Some grants are restricted in that the funds must be used towards delivery costs- the restrictions are agreed in the individual terms and conditions as part of the grant offer. This can include staff costs,facilities, kit, equipment,transport, training etc. At 31 May 2024 £54,996 of restricted funding was held unspent for future projects. Transfers from restricted funds are the costs spent on the sports hub which were not allocated through fixed assets.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
There were no disclosable related party transactions during the year (2023 - none).