Report of the Directors and |
Financial Statements |
for the Year Ended 30 June 2024 |
for |
London Football Association Limited |
Report of the Directors and |
Financial Statements |
for the Year Ended 30 June 2024 |
for |
London Football Association Limited |
London Football Association Limited (Registered number: 04102875) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Balance Sheet | 5 |
Notes to the Financial Statements | 6 |
London Football Association Limited |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
8-10 South Street |
Epsom |
Surrey |
KT18 7PF |
London Football Association Limited (Registered number: 04102875) |
Report of the Directors |
for the Year Ended 30 June 2024 |
The directors present their report with the financial statements of the company for the year ended 30 June 2024. |
REVIEW OF BUSINESS |
We write this report following another successful season of growth in the grassroots game across London. We affiliated just over 1,000 clubs and passed 5,000+ teams for the first time two seasons ago and this season we have seen our numbers grow to its highest level ever: 5,610 teams. |
The driver for this growth has primarily been through our youth game and also our women & girls game, though it is important to highlight that the men's adult game has also stabilised. For the adult men's game we have been pleased to see some growth across our small-sided formats, as we have focused heavily in this area. The women & girls game is demonstrating the most impressive levels of growth, having increased from 7,046 players last season to 9,144 players this season - well over our target of 6,433 set out in our original strategy. Our disability pathway also now boasts 662 players, again well above our target of 596 players. |
There is no doubt that the grassroots game in London is thriving and our role at London FA is to ensure that it can continue to grow and thrive into the future. This means focusing on the game's wider infrastructure, such as facility availability, referee and coach coverage and providing a varied competitive offering for all. As a result of this, a significant priority for the London FA over the first part of 2024 has been to develop a new strategy to tackle the key challenges the growing game in London is currently facing. |
To develop this new strategy, an extensive consultation took place with key London FA stakeholders. This involved three face-to-face sessions at Wembley, with our clubs and league members on the 6th March, external professional stakeholders on the 11th March and the London FA staff team on the 14th of March. A further online session took place with our London FA Council Members on Monday 18th March 2024. |
The format for all four of the above sessions was the FA's Grassroots Strategic Framework for County FAs, which was developed following the FA's 'A Conversation with the Game' series in the summer of 2023. |
Overall, 153 stakeholders participated in the consultation, and 50 of those responded to a follow-up survey on further strategic questions. The FA's 'A Conversation with the Game' online survey also added to this consultation exercise, which comprised a digital survey with just under 500 responses from London FA participants. |
The new London FA Strategy, 20204 - 2028 was presented to London FA members at our AGM on the 15th July 2024. It sets out a vision to ensure that London FA becomes much more externally facing, with a focus on serving the grassroots football community. The theme of partnership working runs right throughout the strategy, with a detailed list of stakeholders that can support the delivery of our objectives identified throughout the process. |
Each strategic priority is split into more detailed objectives and interventions which came from the consultation. The same applies for the three strategic drivers, and this is all directly aligned to the FA's own national Grassroots Strategy 2024 - 2028. Equality, diversity and inclusion interventions, and safeguarding interventions, have been fully integrated into this strategy, as opposed to being developed as separate plans. |
We hope members will see that this new strategy is the culmination of the firm foundations set for the organisation over the previous strategy period, alongside a very detailed and engaging consultation process. The support for the consultation from London FA members has been hugely positive and the plans set out are ambitious but achievable. This is undoubtedly a very exciting time for the London FA and presents us all with a tremendous opportunity to lead the development of the grassroots game across our capital city. |
The financial position of the London FA is strong, as demonstrated by our balance sheet, and we have committed to investing heavily back into the game through this strategy period, as well as creating new income streams. As they review these accounts, members will see that a significant amount has already been reinvested this season, to include grants to our women & girls clubs to better access facility space, a full rebrand to support our commercial efforts, and some additional staffing capacity in areas such as our refereeing, club and volunteer teams. This investment back into the game is set to continue into the new strategy period and so members should expect to see continued deficits over at least the next couple of seasons. |
In summary, at London FA our new vision is to 'serve London's grassroots football family, supporting them to improve the quality of football provision' and we believe that by working closely with our clubs, leagues, Council members and wider stakeholders, we are well placed to make a real difference in this great capital city. |
London Football Association Limited (Registered number: 04102875) |
Report of the Directors |
for the Year Ended 30 June 2024 |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
LIMITED BY GUARANTEE |
The company has no share capital and is limited by guarantee. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Williams & Co Epsom LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
London Football Association Limited (Registered number: 04102875) |
Report of the Directors |
for the Year Ended 30 June 2024 |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
London Football Association Limited (Registered number: 04102875) |
Balance Sheet |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
RESERVES |
Fair value reserve | 10 |
Income and expenditure account | 10 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
London Football Association Limited (Registered number: 04102875) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
London Football Association Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts are prepared on a going concern basis. |
Turnover |
Turnover is generated from a number of sources across the footballing community. |
Revenue Source | Description | Recognition Policy |
Affiliations and subscriptions |
Generated from member clubs and referees that wish to obtain the benefits of affiliation. |
Recognised on a straight line basis over the season to which the fees relate. |
Fines and costs |
Revenue generated from disciplinary offences, including on field offences such as yellow or red cards. |
Recognised on a receipts basis which is considered by the Directors to show no material difference than if it were accounted for under the accruals convention. |
Coaching income |
Commissions earned based on affiliates attending FA courses. |
Recognised in the period in which the course is run. |
Competitions, cups and tickets |
Income from sale of match day tickets and competition/cup entries |
Recognised in the period in which the competition, cup or match takes place. |
Tangible fixed assets |
Plant and machinery | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in surplus or deficit. |
London Football Association Limited (Registered number: 04102875) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial Assets |
Basic financial assets such as trade debtors are initially recognised at the transaction price. At the end of each reporting period the entity reviews the balances for impairment. If there is evidence of impairment, the entity recognises impairment losses in profit or loss immediately. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Fixed asset investments are carried at fair value and movements in the valuation are recognised through surplus or deficit. At the end of the reporting period, any movements are transferred to the fair value reserve. The basis of the valuation can be found within note 8. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical. |
Financial Liabilities |
Basic financial liabilities, including trade and other creditors, 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. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
The company is only subject to corporation tax on its investment and rental income. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Deferred tax is recognised on the temporary timing difference between the fair value and original cost of the investment property, factoring indexation, and the investment portfolio. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease. |
London Football Association Limited (Registered number: 04102875) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Grants received from the football association |
Grants are received as both revenue grants and grants to cover expenditure. Grants are recognised once entitlement passes to the company, performance conditions are met and the economic benefits can be measured reliably. |
Grants are usually received in advance of when the relevant expenditure is incurred and in these instances, will be recognised as a liability. Grants are derecognised as a liability when the expenditure is incurred and the income is recognised in profit or loss. |
Grants are disclosed within Other Income. |
Going concern |
The directors have considered the financial position, resources and income streams of the Company. The Company has retained income in excess of £1.3m, cash reserves just under £0.7m and a further investment portfolio valued at just over £1.16m. |
The Company has undergone an internal restructure to streamline its workforce and optimise its cost base moving forwards. Additionally, the Company is looking at additional income streams to further its ability to service the needs of its members. |
The directors note that although there is planned significant reinvestment into football, the company will still have adequate resources to continue in operational existence. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
London Football Association Limited (Registered number: 04102875) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
5. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
COST OR VALUATION |
At 1 July 2023 |
Additions |
Disposals | ( |
) |
Revaluations |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
The fixed asset investments are valued based on the middle price as at the 30th June 2024, provided by the entity's investment portfolio managers. |
Had the fixed asset investments not been revalued, they would be carried at their cost of £649,047 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
A desktop valuation was carried out on the freehold property in January 2024 by commercial property agents. The valuation is based on the property being sold with vacant possession, which the directors confirm would be the case if it were ever to be sold. |
The desktop valuation is consistent with the valuation carried out in October 2019, coming in at £1,200,000 in accordance with the Practice Statements of The Royal Institution of Chartered Surveyors (RICS) Valuation Standards. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors & prepayments |
Accruals |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Tax |
Other creditors |
Accruals and deferred income |
London Football Association Limited (Registered number: 04102875) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
9. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 247,359 | 231,189 |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Charge to Income Statement during year |
Balance at 30 June 2024 |
Deferred tax has been provided for in the event that either the property or investment portfolios are sold. Indexation allowance has been taken into account in calculating deferred tax on the property, but rollover relief which may be available on sale has not been factored in. Indexation allowance has not been factored into the deferred tax calculation on the investment portfolio due to the nature and fluctuation of the assets contained in the portfolio. |
10. | RESERVES |
Income |
and | Fair |
expenditure | value |
account | reserve | Totals |
£ | £ | £ |
At 1 July 2023 | 2,443,314 |
Deficit for the year | ( |
) | ( |
) |
Listed investment revaluation | (68,425 | ) | 68,425 | - |
Deferred tax | 16,170 | (16,170 | ) | - |
At 30 June 2024 | 2,310,886 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | ULTIMATE CONTROLLING PARTY |
The directors consider there to be no ultimate controlling party. |