Charity registration number 1140911
Company registration number 07574103 (England and Wales)
THE SIR BOBBY CHARLTON FOUNDATION
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
THE SIR BOBBY CHARLTON FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Lady N Charlton
Mr S W Cross
Mr J T Shiels
Mr R L A Cecil
Ms J E Bateman
Founder
Sir R Charlton
Ambassadors
Mr S Hughes
Mr G Duley
Charity number
1140911
Company number
07574103
Principal address
Booths Hall
Booths Park
Chelford Road
Knutsford
Cheshire
WA16 8GS
Registered office
Booths Hall
Booths Park
Chelford Road
Knutsford
Cheshire
WA16 8GS
Auditor
Azets Audit Services
4 Greek Street
Stockport
Cheshire
Sk3 8AB
THE SIR BOBBY CHARLTON FOUNDATION
CONTENTS
Page
Founder's report
1
Trustees' report
2 - 5
Statement of trustees' responsibilities
6
Independent auditor's report
7 - 9
Statement of financial activities
10 - 11
Balance sheet
12
Statement of cash flows
13
Notes to the financial statements
14 - 28
THE SIR BOBBY CHARLTON FOUNDATION
FOUNDER'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
Statement from the Founder, Sir Bobby Charlton
‘While visiting Cambodia in 2008 I was shocked to see the continued suffering of the people long after the war had ended, especially those living in poor farming communities.
I committed myself to doing all I could to help these people. Today I am proud to be surrounded by a committed group of people who share my vision and determination to do all they can for the victims of conflict.'
THE SIR BOBBY CHARLTON FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

The trustees, who are also directors for the purposes of company law, present their report and financial statements for the year ended 30 June 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)” (as amended for accounting periods commencing from 1 January 2016).

Objectives and activities

Overview

The period 2023-24 was marked by the death of Sir Bobby Charlton on 21 October 2023, founder and President of the Sir Bobby Charlton Foundation. The subsequent outpouring of grief from the football community and beyond was remarkable, engendering incredible coverage of his life: his stunning playing career, his close family life, together with his humility, and the respect he commanded as a football legend and as a gentleman. It also brought to the fore his extraordinary benevolence and compassion to those less fortunate than himself, encapsulated by his charity, and the opportunity to tell that story more.

 

Sir Bobby’s passing also led to considerable donations from football bodies such as Manchester United, FIFA and UEFA, as well as smaller organisations and individuals, totalling in excess of £120k. These donations were received with great appreciation, and will be invested into project delivery in the next financial year.

 

In the weeks preceding his death, the Trustees had continued to recognise the ongoing, challenging economic situation, with the Ukraine war still in play, high costs of living across the country and the uncertainty threatened by a change of government. With the Charity’s sustainability of paramount importance, reducing the cost base and overheads of the Charity in 2023-24 was a key driver of strategy and operations. In practice, this approach meant pursuing the plan to narrow the focus of the workstreams, reviewing the governance and structure of the charity, and reviewing all outgoings. Alongside this, much effort was focused on communications to bring to life Sir Bobby’s humanitarian story, a side of Sir Bobby less known to the world.

Governance & Staffing

In October 2023, the SBCF COO (and only permanent employee) left the Charity along with the part-time book-keeper. In March 2024, the Trustees appointed Collette Hall to the role of EA to the Board in a virtual capacity, significantly reducing staff overheads. Alan White of Higher Capacity was brought in as an adviser on governance, and the partnership with the design and marketing agency Bella was reviewed and upscaled to raise the profile of SBCF through an updated website and pro-active social media campaigns.

 

Following the COO’s departure, tasks relating to the management of the Charity were temporarily delegated to Trustees in voluntary capacities. For example, Jane Bateman led much of the day-to-day administration and Rupert Cecil the financial matters, including the wholesale review of SBCF investments and banking. This cost-effective mix of volunteering and service contracts stabilised the Charity during this period. In May 2024, following consultation with lawyers, Jane Bateman was appointed Vice Chair and Executive Director on a consultancy basis. The Trustees are satisfied that the current combination of executive and voluntary support is adequate to service the management of the Charity and its current and projected commitments.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

THE SIR BOBBY CHARLTON FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Achievements and performance

Projects

The Trustees adhered to the strategic direction agreed which was a narrower focus to create improved opportunities for fundraising and provide the Charity with a more sustainable future. The three activity areas agreed were:

 

Cambodia

Visiting Cambodia was the inspiration for Sir Bobby to establish his charity in 2011. Here he witnessed the continuing, devastating impact of decades-old landmines on communities, where the reality of losing limbs was still prevalent. The Trustees agreed to extend the partnership with Exceed Worldwide to provide and fit 800 prosthetic limbs for people suffering from blast injuries and other disabilities Jane Bateman met with Exceed Worldwide in Cambodia in May 2024, and was introduced to beneficiaries of the SBCF funding, including those with life-restoring prosthetic limbs, to observe progress on behalf of the Board. A memorial service was also held for Sir Bobby.

 

Ukraine

Having worked previously in Ukraine, the Trustees looked for a new opportunity which would address the effect on children in this war-torn country through the vehicle of football, signing an

agreement in April with FC Shakhtar’s ‘United Together’ project. The SBCF funds three football hubs in Ukraine where 180 youngsters can play football safely three times a week, with specialist psychologists trained to deal with suffering from the impact and emotional stress of conflict.

 

Manchester

As Sir Bobby’s adopted home, Greater Manchester was identified as a key project workstream and fundraising focus for SBCF. A partnership with the Lowry, Salford, with its tour of its flagship artwork by LS Lowry around the Northwest, was signed in February 2024. The display of “Going to the Match” has been supported with dedicated workshops for refugee communities, and will culminate with its return to Manchester in summer 2025. The Trustees also prepared to support the Manchester United Foundation’s community programme in Moss Side, first kicked off by Sir Bobby and Lady Norma in 2017, engaging and upskilling youngsters from challenging communities through football. (This project was launched in August 2024).

 

In 2024/25, the Trustees will also:

 

Financial review

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will 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. This level of reserves has been maintained throughout the year.

THE SIR BOBBY CHARLTON FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

Investment Policy

The board has reviewed its investment policy and a policy is in place, designed with the help of expert advisors. This is a comprehenshive policy covering all areas including ethical investing and management of risk. The chair and board members maintain oversight of these investments. Investment management is to be reviewed biannually with the policy reviewed annually by the trustees. A formal appraisal is to be conducted on a three-year basis. In making such investments, the charity seeks a long-term appreciation of the portfolio.

The investment portfolio is managed by HSBC Private Bank and following the appraisal of the management of the investment fund as noted above, the board has decided to engage with Weatherbys and transfer all of the assets from HSBC Private Bank. This is a discretionary service aiming for growth and income with a medium level of risk that is appropriate for the time horizon and purposes agreed. SBCF ensures that no investments are made in the manufacture of landmines or cluster munitions in accordance with the SBCF investment policy.

Risk Management

The board continues to recognise the importance of managing risk to enable the charity to continue to perform at the highest level. The trustees require a continuous review of the risk register and the senior management team are challenged to report routinely to the trustee meetings.

Structure, governance and management

The charity is a company limited by guarantee. The charity was incorporated on 22 March 2011 and is constituted under its Articles of Association. It is a registered charity under charity number 1140911 and company number 07574103.

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:

Lady N Charlton
Mr S W Cross
Mr J T Shiels
Mr R L A Cecil
Ms J E Bateman

Existing trustees have the power to appoint new trustees.

 

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.

 

Trustee Recruitment & Governance

The board of trustees are responsible for the strategic direction and governance of the organisation. Operational decision making is currently undertaken by the board of trustees following the resignation of the CEO and subsequent restructure of the SBCF. All trustees give their time freely and receive no remuneration or financial benefit in their capacity as trustees. Details of trustees’ expenses are disclosed in the accounts. Trustees are required to declare all relevant interests and the charity maintains a register of interests as an internal record of trustees’ interests.

Trustees are recruited for their individual knowledge and expertise to help benefit the objectives of the charity. Trustees are expected to use their influence and assist in fundraising efforts to financially support the charity. They are also expected to help in raising awareness of the charity’s work and support its advocacy efforts.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the charitable company will be put at a General Meeting.

THE SIR BOBBY CHARLTON FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

Mr R L A Cecil
Trustee
21 March 2025
THE SIR BOBBY CHARLTON FOUNDATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -

The trustees, who are also the directors of The Sir Bobby Charlton 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 charity 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 charity 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 charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE SIR BOBBY CHARLTON FOUNDATION
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE SIR BOBBY CHARLTON FOUNDATION
- 7 -

Opinion

We have audited the financial statements of The Sir Bobby Charlton Foundation (the ‘charity’) for the year ended 30 June 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 30 June 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

-

the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and

-

the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.

THE SIR BOBBY CHARLTON FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE SIR BOBBY CHARLTON FOUNDATION
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-
certain disclosures of trustees' remuneration specified by law are not made; or
-

we have not received all the information and explanations we require for our audit; or

-

the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

THE SIR BOBBY CHARLTON FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE SIR BOBBY CHARLTON FOUNDATION
- 9 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Ward (Senior Statutory Auditor)
for and on behalf of
21 March 2025
Azets Audit Services
Chartered Accountants
Alpha House
4 Greek Street
Stockport
Cheshire
SK3 8AB
THE SIR BOBBY CHARLTON FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
Unrestricted
Endowment
Restricted
Total
Unrestricted
Endowment
Restricted
Total
funds
funds
funds
funds
funds
funds

designated

designated

2024
2024
2024
2024
2023
2023
2023
2023
Notes
£
£
£
£
£
£
£
£
Income from:
Donations and legacies
3
127,452
-
-
127,452
5,787
-
1,058
6,845
Other trading activities
4
505
-
-
505
-
-
-
-
Investments
5
60,143
-
-
60,143
44,101
-
-
44,101
Total income
188,100
-
-
188,100
49,888
-
1,058
50,946
Expenditure on:
Raising funds
6
44,268
-
-
44,268
19,810
-
-
19,810
Charitable activities
7
156,152
178,064
-
334,216
311,681
237,979
-
549,660
Other
12
-
-
-
-
4,293
-
-
4,293
Total expenditure
200,420
178,064
-
378,484
335,784
237,979
-
573,763
Net gains/(losses) on investments
13
94,586
-
-
94,586
57,485
-
-
57,485
THE SIR BOBBY CHARLTON FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
Unrestricted
Endowment
Restricted
Total
Unrestricted
Endowment
Restricted
Total
funds
funds
funds
funds
funds
funds

designated

designated

2024
2024
2024
2024
2023
2023
2023
2023
Notes
£
£
£
£
£
£
£
£
- 11 -
Net incoming/(outgoing) resources before transfers
82,266
(178,064)
-
(95,798)
(228,411)
(237,979)
1,058
(465,332)
Gross transfers between funds
(27,875)
27,875
-
-
502,290
(502,290)
-
-
Net income/(expenditure) for the year/
Net movement in funds
54,391
(150,189)
-
(95,798)
273,879
(740,269)
1,058
(465,332)
Fund balances at 1 July 2023
1,902,595
194,695
10,222
2,107,512
1,628,716
934,964
9,164
2,572,844
Fund balances at 30 June 2024
1,956,986
44,506
10,222
2,011,714
1,902,595
194,695
10,222
2,107,512

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

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
THE SIR BOBBY CHARLTON FOUNDATION
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
15
1,311
2,417
Investments
16
77,525
1,948,377
78,836
1,950,794
Current assets
Debtors
17
2,162
5,641
Cash at bank and in hand
1,949,362
161,908
1,951,524
167,549
Creditors: amounts falling due within one year
18
(18,646)
(10,831)
Net current assets
1,932,878
156,718
Total assets less current liabilities
2,011,714
2,107,512
Income funds
Restricted funds
19
10,222
10,222
Endowment funds - designated
44,506
194,695
Unrestricted funds
1,956,986
1,902,595
2,011,714
2,107,512
The financial statements were approved by the Trustees on 21 March 2025
Mr R L A Cecil
Trustee
Company registration number 07574103
THE SIR BOBBY CHARLTON FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
23
(238,126)
(779,454)
Investing activities
Other investment transactions
(28,772)
-
Purchase of  investments
(580,946)
(1,073,628)
Proceeds on disposal of  investments
2,575,155
1,030,609
Investment income received
60,143
44,101
Net cash generated from investing activities
2,025,580
1,082
Net cash used in financing activities
-
-
Net increase/(decrease) in cash and cash equivalents
1,787,454
(778,372)
Cash and cash equivalents at beginning of year
161,908
940,280
Cash and cash equivalents at end of year
1,949,362
161,908
THE SIR BOBBY CHARLTON FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
1
Accounting policies
Charity information

The Sir Bobby Charlton Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Booths Hall, Booths Park, Chelford Road, Knutsford, Cheshire, WA16 8GS, United Kingdom 10 Queens Street Place, London, EC4R 1BE.

 

The principal activities of the charity can be split into three separate categories:

 

1.1
Accounting convention

The financial statements have been prepared in accordance 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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

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.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

 

However, the management has confidence that by building the profile and work that the charity undertakes through public, corporate, national and international governments, trusts and foundations that over the coming years the charity will be able to build on its present adequate resources.

 

1.3
Charitable funds

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 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.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes.

1.4
Income
Income is recognised when the charity 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 SIR BOBBY CHARLTON FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -

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.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5
Expenditure

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.

Resources expended are included in the statement of financial activities on an accruals basis, inclusive of VAT where it is not recoverable.

 

Charitable expenditure comprises those costs incurred by the charity 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 support them.

 

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.

 

All costs are allocated between the expenditure categories in the Statement of Financial Activities (SOFA) on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly whilst others are apportioned on an appropriate basis.

1.6
Tangible fixed assets

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:

Office equipment
20% straight line

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.

1.7
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

THE SIR BOBBY CHARLTON FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.8
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible 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).

1.9
Cash and cash equivalents

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.

1.10
Financial instruments

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

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

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

THE SIR BOBBY CHARLTON FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting estimates and judgements

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.

 

There are no critical accounting estimates or judgements.

3
Donations and legacies
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
2024
2023
2023
2023
£
£
£
£
Donations and gifts
127,452
5,787
1,058
6,845

 

4
Other trading activities
Unrestricted
Total
funds
2024
2023
£
£
Trading activity income
505
-
THE SIR BOBBY CHARLTON FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
5
Investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Income from listed investments
35,032
43,411
Interest receivable
25,111
690
60,143
44,101
6
Cost of generating funds
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Fundraising and publicity
Advertising
27,566
-
Investment management
16,702
19,810
44,268
19,810
THE SIR BOBBY CHARLTON FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
7
Charitable activities

Humanitarian

Research

Education

General

Total
2024
Total
2023
2024
2024
2024
2024
£
£
£
£
£
£

Travel expenses

-
-
-
1,442
1,442
261

Legal and professional fees

-
-
-
20,723
20,723
16,801
-
-
-
22,165
22,165
17,062
Grant funding of activities (see note 8)
140,496
25,568
12,000
-
178,064
237,979
Share of support costs (see note 9)
54,449
24,200
6,050
36,300
120,999
281,910
Share of governance costs (see note 9)
-
-
-
12,988
12,988
12,709
194,945
49,768
18,050
71,453
334,216
549,660
Analysis by fund
Unrestricted funds
54,449
24,200
6,050
71,453
156,152
311,681
Designated funds
140,496
25,568
12,000
-
178,064
237,979
194,945
49,768
18,050
71,453
334,216
549,660
THE SIR BOBBY CHARLTON FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
7
Charitable activities
(Continued)
- 20 -
For the year ended 30 June 2023

Humanitarian

Research

Education

General

Total
2023
£
£
£
£
£

Travel expenses

-
-
-
261
261

Legal and professional fees

-
-
-
16,801
16,801
-
-
-
17,062
17,062
Grant funding of activities (see note 8)
170,574
53,014
14,391
-
237,979
Share of support costs (see note 9)
126,859
56,382
14,096
84,573
281,910
Share of governance costs (see note 9)
-
-
-
12,709
12,709
297,433
109,396
28,487
114,344
549,660
Analysis by fund
Unrestricted funds
126,859
56,382
14,096
114,344
311,681
Designated funds
170,574
53,014
14,391
-
237,979
297,433
109,396
28,487
114,344
549,660
THE SIR BOBBY CHARLTON FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
8
Grants payable

Humanitarian

Research

Education

Total
2024

Humanitarian

Research

Education

Total
2023
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
£
£
Grants to institutions:
Glasgow University
-
25,568
-
25,568
-
17,046
-
17,046
-
-
-
-
97,156
-
-
97,156
Exceed
127,991
-
-
127,991
-
6,951
-
6,951
The Lowry Centre Trust
-
-
12,000
12,000
-
-
-
-
H Moasaes, Scholarship
-
-
-
-
-
-
14,391
14,391
Protheses Project
-
-
-
-
64,418
-
-
64,418
Training of Ukraine Nationals
-
-
-
-
9,000
-
-
9,000
University College London
-
-
-
-
-
29,017
-
29,017
Shakhtar Social
12,505
-
-
12,505
-
-
-
-
140,496
25,568
12,000
178,064
170,574
53,014
14,391
237,979
THE SIR BOBBY CHARLTON FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
9
Support costs
Support costs
Governance costs
2024
Support costs
Governance costs
2023
£
£
£
£
£
£
Staff costs
103,132
-
103,132
259,736
-
259,736
Depreciation
1,107
-
1,107
1,107
-
1,107
Exchange Losses
521
-
521
3,485
-
3,485

Sundry expenses

6,679
-
6,679
2,246
-
2,246

Rent and office costs

3,496
-
3,496
5,307
-
5,307

Postage and stationary

-
-
-
183
-
183

IT and telecommunications

4,598
-
4,598
6,968
-
6,968

Bank charges and interest

1,466
-
1,466
2,878
-
2,878
Audit fees
-
10,680
10,680
-
9,900
9,900
Accountancy
-
2,308
2,308
-
2,809
2,809
120,999
12,988
133,987
281,910
12,709
294,619
Analysed between
Charitable activities
120,999
12,988
133,987
281,910
12,709
294,619

Governance costs includes payments to the auditors of £10,680 (2023 £9,900) for audit fees.

10
Trustees

During the year trustees were reimbursed expenses totalling £1,077 (2023 £100).

 

Included in the financial statements is accrued expenditure totalling £5,472 (2023 £nil) payable to Jane Bateman, a Trustee of the Charity, for consultancy services provided. The Board of Trustees have referenced this in their Trustees Report on page 3.

 

 

THE SIR BOBBY CHARLTON FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
11
Employees
Number of employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Office and management
1
2
Employment costs
2024
2023
£
£
Wages and salaries
92,187
230,599
Social security costs
9,427
23,102
Other pension costs
1,518
6,035
103,132
259,736
The number of employees whose annual remuneration was £60,000 or more were:
2024
2023
Number
Number
£160,001 - £170,000
-
1

The key management personnel of the charity comprise the trustees and the Chief Executive. The total employee benefits of the key management personnel of the charity was £NIL (2023 £165,015).

12
Other
Total
Unrestricted
funds
£
2024
2023
Net loss on disposal of tangible fixed assets
-
4,293
-
4,293
13
Net gains/(losses) on investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Gain/(loss) on sale of investments
94,586
57,485
THE SIR BOBBY CHARLTON FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
14
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

15
Tangible fixed assets
Office equipment
£
Cost
At 1 July 2023
15,164
At 30 June 2024
15,164
Depreciation and impairment
At 1 July 2023
12,746
Depreciation charged in the year
1,107
At 30 June 2024
13,853
Carrying amount
At 30 June 2024
1,311
At 30 June 2023
2,417

 

THE SIR BOBBY CHARLTON FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
16
Fixed asset investments
Listed investments
£
Cost or valuation
At 1 July 2023
1,948,377
Additions
580,946
Valuation changes
94,586
Other investment transactions
28,771
Disposals
(2,575,155)
At 30 June 2024
77,525
Carrying amount
At 30 June 2024
77,525
At 30 June 2023
1,948,377
17
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
507
Prepayments and accrued income
2,162
5,134
2,162
5,641
18
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,762
687
Other creditors
5
4
Accruals and deferred income
16,879
10,140
18,646
10,831
THE SIR BOBBY CHARLTON FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
19
Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
Movement in funds
Movement in funds
Incoming resources
Balance at
1 July 2023
Incoming resources
Balance at
30 June 2024
£
£
£
£
SafePlay Fund
-
9,222
-
9,222
Syrian Refugees
-
1,000
-
1,000
-
10,222
-
10,222
20
Designated funds
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Projects supporting both the immediate humanitarian needs of those caught up in current conflicts and the longer-term development challenges of people living with the legacy of past wars.

 

Through our conflict recovery centres and partnerships, The Sir Bobby Charlton Foundation offers vocational and small business training for people in conflict-affected communities who have a disability and for those living in poverty.

 

We support innovative research into both medical and technological solutions that assist the physical and psychological rehabilitation of war victims and aid the clearance of landmines and unexploded ordnance.

 

The designated fund at year end is £44,506, this is comprised of the following balances:

 

LS Lowry painting tour - £8,000

Shakhtar Foundation - £12,506

Street Reds - £24,000

THE SIR BOBBY CHARLTON FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
21
Analysis of net assets between funds

Unrestricted

Designated

Restricted

Total

Unrestricted

Designated

Restricted

Total
2024
2024
2024
2024
2023
2023
2023
2023
£
£
£
£
£
£
£
£
Fund balances at 30 June 2024 are represented by:
Tangible assets
1,311
-
-
1,311
2,417
-
-
2,417
Investments
33,019
44,506
-
77,525
1,892,485
55,892
-
1,948,377
Current assets/(liabilities)
1,922,656
-
10,222
1,932,878
7,693
138,803
10,222
156,718
1,956,986
44,506
10,222
2,011,714
1,902,595
194,695
10,222
2,107,512
THE SIR BOBBY CHARLTON FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
22
Related party transactions

The only related party transactions relates to transactions with Trustees, these are disclosed on note 10 of these financial statements.

23
Cash generated from operations
2024
2023
£
£
Deficit for the year
(95,798)
(465,332)
Adjustments for:
Investment income recognised in statement of financial activities
(60,143)
(44,101)
(Gain)/loss on disposal of tangible fixed assets
-
4,293
Gain on disposal of investments
(94,586)
(57,485)
Depreciation and impairment of tangible fixed assets
1,107
1,107
Movements in working capital:
Decrease in debtors
3,479
55,824
Increase/(decrease) in creditors
7,815
(273,760)
Cash absorbed by operations
(238,126)
(779,454)
24
Analysis of changes in net funds

The charity had no debt during the year.

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