Charity registration number SC039699 (Scotland)
Company registration number SC345199 (Scotland)
HIBERNIAN COMMUNITY FOUNDATION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
HIBERNIAN COMMUNITY FOUNDATION LIMITED
CONTENTS
Page
Trustees' report
1 - 5
Independent auditor's report
6 - 8
Statement of financial activities
9 - 10
Balance sheet
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
HIBERNIAN COMMUNITY FOUNDATION LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The trustees present their annual 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 Memorandum and Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), 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).

Objectives and activities

The charitable objectives of the Hibernian Community Foundation are:

 

Achievements and performance

2023/24 was a year of significant change and growth for the charity. Income more than doubled in the year, which allowed the expansion of services for children in the main, but also for vulnerable groups in the community.

 

The focus of the charity’s work reflected the interim strategy launched in the previous year. That is, alleviating the impact of cost of living crisis, addressing social isolation and loneliness in the community, support for those newly arrived in Scotland (New Scots) and the provision of community football for all ages and capabilities.

 

The latter strategic aim led to the charity initially exploring closer working with Team United – a smaller charity that builds skills and confidence of autistic children using the power of football. A meeting of minds took place when the respective boards took the decision to merge, with the view to offering even more autistic and neurodiverse children the opportunity regularly to play football. The merge was formalised on 1 September 2023, with the former CEO of Team United, Ann Brown, joining the Foundation as Head of Para Football. A second member of staff, under TUPE arrangements, also joined the Foundation.

 

At the time of the merger, Team United worked with 18 grassroots and charity-arms of professional clubs, supporting each to run a team for neurodiverse children aged 10-16. 220 children were participating in the programme.

 

In October 2023, the Foundation were awarded £150,000 by the SFA, in its partnership with the Scottish government, to engage school aged children in physical activity and supporting parents with employment. This enabled the launch of Ron Gordon’s Extra Time which allowed up to 60 children from five local primary schools to benefit, each receiving up to 10 hours of supervised activity, including football sessions, games as well as hot meals provided in the Community Hub at Easter Road Stadium.

 

HIBERNIAN COMMUNITY FOUNDATION LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

While the merger and Ron Gordon’s Extra Time accounted for the growth in services for children, the on-going development of the Community Hub enabled the expansion of services for vulnerable people in the community. Thanks to a growing and amazingly committed group of volunteers, meal provision grew to over 1,000 lunch and dinner servings a month. A pantry service offering essential groceries and free barber service were introduced, and Empty Kitchen, Full Hearts provide 30-40 home meal parcels a week for collection from the Hub. Social activities such as Hibs Memories, Monday Matchday Board Games, and Hibs Community Choir continued to attract good numbers, with the latter performing on special occasions, including match days. Activities to improve physical health continued or were introduced, such as chair yoga, Tai Chi and tea-dances; the latter were organised with neighbouring community charities and attracted over 130 guests. The charity’s commitment to men’s mental health continued with the running of the Changing Room and Supporting Our Supporters.

 

In community football, operations grew with the establishment of two hubs within high schools Trinity Academy and Leith Academy. These enabled after-school sessions to be delivered to new age groups, in greater numbers and girls-only groups. In the community academy programme, the 2011 boys’ team became the first children’s 11-aside team the Foundation has operated (winning two of the three competitions in its first season!).

 

The introduction of the SFA’s Next Generation for the most promising girls and women across Scotland saw the Foundation’s U14s, U16s and U18s teams enter the top tier of the programme. This was a reflection of the charity’s commitment to improving the facilities, coaching and support given to developing players at this level.

 

In fundraising, the charity ran its most successful Christmas Appeal, the highlight of which was the organising of Christmas Day Lunch for 500. This saw 335 people receiving a three-course meal in the stadium, and 172 meals being delivered to homes in Edinburgh. A Christmas online auction, the Kiltwalk (attracting over 300 participants including the men’s first team), a second year of The Ron Gordon Challenge and David Gray’s Cycle for Neurodiverse Children, which saw 50 fans cycle 53 miles with players/coaches from Hamden Park to Easter Road Stadium, all helped make 2023/24 a record breaking fundraising year.

 

In April 2024, the club began its extensive re-development of the Famous Five Stand, which meant the closure for five months of the Community Hub, and the de-canting of services to neighbouring locations.

 

The board of the Foundation remain deeply indebted to the generosity and goodwill of the Hibs family – the football club, the fans, volunteers, partner charities and groups, and of course our diverse range of funders that enable the Foundation to remain a force for good in the community.

 

Financial review

The charity has recorded a deficit of £4,191 for the year (2023: deficit of £1,142). Income increased by 104% from £435,456 in the prior year to £886,853 in 2024 largely due to the merger with Team United. The Company has a balance sheet comprising funds totalling £170,635 (2023: £174,826), including net current assets of £169,331 (2023: £174,752).

Reserves policy

 

Hibernian Community Foundation organises community programmes and football sessions for people of all ages at the club’s stadium and across the Lothians. Income is derived from a range of partnerships with charities, grantmakers, associations and companies, and by organising pay-to-play football sessions and fundraising events and appeals. Funds are retained by the directors in the form of an unrestricted reserve to enable the charity to continue to operate for a period of time should a sudden change of circumstances disrupt the anticipated flow of income to the charity.  The directors would wish to protect programmes that provide direct support to people from low-household incomes, such as its lunch clubs and the supply of food packages, and those which provide relief to people living in isolation, through social and health-related activities held in the stadium and on sports pitches. The directors would also wish to provide some security to the valued staff team and continue appropriately to remunerate them for their services. On this basis, the directors choose to retain funds that represent between two to four months of operating costs and associated overheads. These are estimated to be £70,000 per month, equating to a free reserve of between £140,000 and £280,000. The directors review this policy on an annual basis.

 

 

HIBERNIAN COMMUNITY FOUNDATION LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

Investment policy

The Trustees, having regard to the liquidity requirements of running the charity, have kept available funds in an interest-bearing account and seek to maximise interest where practicable.

Risk Management

The trustees have assessed the major risks to which the Charity is exposed, in particular those risks related to the operations and finances of the Charity, and are satisfied that systems are in place to mitigate the Charity’s exposure to such risks. The Charity’s Risk Register is reviewed by the Board of Directors on an annual basis.

Plans for future periods

The board aims to continue the grow the Foundation’s work by engaging with more members of the local community, developing both its free-to-play and pay-to-play football sessions and consolidating growth that has been achieved in para football.

There are plans grow the provision of community meals, and developing services that will benefit service users, such as participating in volunteering and social activities. This work relies heavily on an exceptionally committed volunteers, and the Foundation aims to professionalise its recognition and reward of everyone who gives up their time to further its work.

 

The Community Hub space is proving to be a valued resource in the community, with local people, groups and charities making use of the space and its facilities. Developing the range of community services offered from the Hub remains a priority, while ensuring those from low-income households and marginalised groups stand to benefit the most. Greater evening and weekend use of the space is anticipated.

 

Building relations with Hibernian FC, its board, staff, players, coaches and supporters, has proved enormously successful to date. Every effort will be made to continue to enable this relationship to flourish.

 

Structure, governance and management

The charity is a company limited by guarantee having no share capital and is governed by a Memorandum and Articles of Association dated 27 June 2008. The Company is registered as a charity in Scotland.

The trustees of the charity comprise a Chairperson and Board Members who possess relevant knowledge, skills and abilities to further the aims of the charity. At present, the Foundation’s constitution does not stipulate terms of tenure for directors, but it is expected that this will be introduced in the next financial year. The Board includes the chief executive officer of Hibernian Football Club.

 

In addition, the trustees may appoint additional trustees to replace any trustee who resigns or dies mid-term or to fill a vacancy that may arise. Any such trustee appointed must first be approved by the trustees as having the appropriate capabilities to perform the duties of trustee in the best interests of the charity.

 

The Board of Directors control the overall operations of the Foundation.

HIBERNIAN COMMUNITY FOUNDATION LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

Trustees:

Alastair Barr (resigned 24 January 2025)

Jan Cargill (resigned 22 October 2024)

Grahame Cumming

Sean Dunn (appointed 16 January 2024)

Katherine Gordon

Iain Gray (resigned 31 August 2023)

Ben Kensell (resigned 23 January 2025)

David Marshall (resigned 6 June 2024)

Margaret McPherson (resigned 20 February 2024)

Joseph Newell (appointed 2 October 2024)

Kieran Power

Daljit Singh

Alan Williamson (resigned 7 September 2023)

Steven Smith (appointed 20 February 2024)

 

Company Registered Number:

SC345199

 

Registered Address:

Easter Road Stadium

12 Albion Place

Edinburgh

EH7 5QG

 

Registered Charity Number:

SC039699

 

Independent Examiner:

Thomson Cooper

22 Stafford Street

Edinburgh

EH3 7BD

 

 

Bankers:

Virgin Money

83 George Street

Edinburgh

EH2 3ES

 

Solicitors:

Dentons UKMEA LLP

151 St Vincent Street

Glasgow

G2 5NJ

HIBERNIAN COMMUNITY FOUNDATION LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
Statement of trustees' responsibilities

The trustees, who are also the directors of Hibernian Community Foundation Limited 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 Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and 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.

Auditor

Thomson Cooper were appointed as auditor to the company and a resolution proposing that they be re-appointed will be put at a General Meeting.

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.

S Smith
Trustee
21 March 2025
HIBERNIAN COMMUNITY FOUNDATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF HIBERNIAN COMMUNITY FOUNDATION LIMITED
- 6 -

Opinion

We have audited the financial statements of Hibernian Community Foundation Limited (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, 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, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

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 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.

HIBERNIAN COMMUNITY FOUNDATION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF HIBERNIAN COMMUNITY FOUNDATION LIMITED
- 7 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

-

the information given in the financial statements is inconsistent in any material respect with the trustees' report; or

-

proper accounting records have not been kept; or

-

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

-

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

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

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: existence and timing of recognition of income, posting of unusual journals along with complex transactions and non-compliance with laws and regulations. We discussed these risks with management, designed audit procedures to test the timing and existence of revenue, tested a sample of journals to confirm they were appropriate and inspected minutes from meetings held by management and trustees for any reference to breaches of laws and regulations. In addition, we reviewed areas of judgement for indicators of management bias to address these risks.

 

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by the auditing standards).

 

We reviewed the laws and regulations in areas that directly affect the financial statements including applicable charity and company law and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

 

With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the charity.

 

HIBERNIAN COMMUNITY FOUNDATION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF HIBERNIAN COMMUNITY FOUNDATION LIMITED
- 8 -

We communicated identified laws and regulations and potential fraud risks throughout our team and remained alert to any indications of non-compliance or fraud throughout the audit. However the primary responsibility for the prevention and detection of fraud rests with the trustees.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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.

Other matters

In the previous accounting period, the trustees considered that the audit requirement of Regulation 10(1) (a) to (c) of the Charities Accounts (Scotland) Regulations 2006 (as amended) did not apply. Therefore, the prior year’s financial statements were not subject to audit.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Fiona Haro (Senior Statutory Auditor)
for and on behalf of Thomson Cooper, Statutory Auditors
Edinburgh
23 March 2025

Thomson Cooper is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

HIBERNIAN COMMUNITY FOUNDATION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
Current financial year
Unrestricted
Restricted
Total
Total
funds
funds
2024
2024
2024
2023
Notes
£
£
£
£
Income and endowments from:
Donations and legacies
2
104,929
17,600
122,529
131,554
Charitable activities
3
311,990
203,258
515,248
227,731
Other trading activities
4
120,411
-
120,411
72,696
Investments
5
10,978
-
10,978
3,475
Other income
6
39,917
77,770
117,687
-
Total income
588,225
298,628
886,853
435,456
Expenditure on:
Raising funds
7
7,328
18,542
25,870
6,401
Charitable activities
8
584,888
280,286
865,174
430,197
Total expenditure
592,216
298,828
891,044
436,598
Net expenditure
(3,991)
(200)
(4,191)
(1,142)
Transfers between funds
(5)
5
-
-
Net movement in funds
10
(3,996)
(195)
(4,191)
(1,142)
Reconciliation of funds:
Fund balances at 1 July 2023
162,326
12,500
174,826
175,968
Fund balances at 30 June 2024
158,330
12,305
170,635
174,826

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

HIBERNIAN COMMUNITY FOUNDATION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
Prior financial year
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
Notes
£
£
£
Income and endowments from:
Donations and legacies
2
131,554
-
131,554
Charitable activities
3
172,283
55,448
227,731
Other trading activities
4
72,696
-
72,696
Investments
5
3,475
-
3,475
Total income
380,008
55,448
435,456
Expenditure on:
Raising funds
7
6,401
-
6,401
Charitable activities
8
377,820
52,377
430,197
Total expenditure
384,221
52,377
436,598
Net income/(expenditure) and movement in funds
(4,213)
3,071
(1,142)
Reconciliation of funds:
Fund balances at 1 July 2022
166,539
9,429
175,968
Fund balances at 30 June 2023
162,326
12,500
174,826
HIBERNIAN COMMUNITY FOUNDATION LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
1,304
74
Current assets
Debtors
15
26,412
50,369
Cash at bank and in hand
204,056
153,408
230,468
203,777
Creditors: amounts falling due within one year
16
(61,137)
(29,025)
Net current assets
169,331
174,752
Total assets less current liabilities
170,635
174,826
Income funds
Restricted funds
19
12,305
12,500
General unrestricted funds
21
158,330
162,326
170,635
174,826

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 21 March 2025
S Smith
Trustee
Company registration number SC345199
HIBERNIAN COMMUNITY FOUNDATION LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
41,408
(3,754)
Investing activities
Purchase of tangible fixed assets
(1,738)
-
Investment income received
10,978
3,475
Net cash generated from investing activities
9,240
3,475
Net cash used in financing activities
-
-
Net increase/(decrease) in cash and cash equivalents
50,648
(279)
Cash and cash equivalents at beginning of year
153,408
153,687
Cash and cash equivalents at end of year
204,056
153,408
HIBERNIAN COMMUNITY FOUNDATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
1
Accounting policies
Charity information

Hibernian Community Foundation Limited is a private company limited by guarantee incorporated in Scotland. The registered office is Easter Road Stadium, 12 Albion Place, Edinburgh, EH7 5QG.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), 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 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 £.

1.2
Going concern

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 next 12 months. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

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 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.

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.

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.

Academy and holiday camp income is recognised in the period in which the related activities occur, regardless of when the payment is received. Income that is received in advance is recognised as deferred income and recognised in the period in which the service is provided.

Incoming resources from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance. Income is deferred when performance related grants are received in advance of the performances or event to which they relate.

HIBERNIAN COMMUNITY FOUNDATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
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.

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:

Computers
33.3% 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
Impairment of fixed assets

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).

1.8
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.

1.9
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.

HIBERNIAN COMMUNITY FOUNDATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
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.

1.10
Employee benefits

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

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

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

2
Income from donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Donations and gifts
104,929
17,600
122,529
131,554
-
131,554
HIBERNIAN COMMUNITY FOUNDATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
3
Charitable activities
2024
2023
£
£
Performance related grants
515,248
227,731
Analysis by fund
Unrestricted funds
311,990
172,283
Restricted funds
203,258
55,448
515,248
227,731
Performance related grants
Corporate partners
42,163
-
Football partners
185,608
35,870
Football subscriptions
146,695
81,752
Local authority funding
13,865
49,788
Trusts and foundations
20,848
-
Holiday camps
48,586
11,528
Charity partnerships
50,779
48,793
Football Events
6,704
-
515,248
227,731
4
Other trading activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Fundraising events
120,411
72,696
5

Investments

Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
10,978
3,475
HIBERNIAN COMMUNITY FOUNDATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
6
Other income
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Funds transferred from Team United
39,917
77,770
117,687
-
-
-

During the year the charity merged with Team United and received funds of £117,687.

7

Raising funds

Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Fundraising and publicity
Staging fundraising events
7,328
18,542
25,870
6,401
-
6,401
7,328
18,542
25,870
6,401
-
6,401
HIBERNIAN COMMUNITY FOUNDATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
8
Charitable activities
2024
2023
£
£
Staff costs
253,764
128,103

Administration

54,606
19,771

Training courses and tournaments

163,978
55,401

Equipment and kit

50,985
44,794

Hire of facilities

63,223
38,392
Marketing and advertising
27,029
-
613,585
286,461
Share of support costs (see note 9)
243,135
142,116
Share of governance costs (see note 9)
8,454
1,620
865,174
430,197
Analysis by fund
Unrestricted funds
584,888
377,820
Restricted funds
280,286
52,377
865,174
430,197
9
Support costs allocated to activities
2024
2023
£
£
Staff costs
207,077
104,812
Depreciation
508
100
Administration
3,923
591
IT/Telecommunications
21,275
25,590
Equipment Lease
2,420
6,862
Insurance
1,465
2,033
Professional Fees
6,467
2,128
Governance costs
8,454
1,620
251,589
143,736

Costs have been allocated on a direct basis.

10
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
508
100
HIBERNIAN COMMUNITY FOUNDATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
11
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
12
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
21
10
Employment costs
2024
2023
£
£
Wages and salaries
426,410
215,811
Social security costs
27,486
13,629
Other pension costs
6,945
3,475
460,841
232,915
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2024
2023
£
£
Aggregate compensation
196,935
98,052

The key management personnel is comprised of the Chief Executive, the Head of Community Development, the Head of Fundraising and Events, the Head of Community Football and the Head of Para Football.

 

In the previous year, the key management personnel was comprised of the Chief Executive, Head of Community Development and the Head of Football Development.

13
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

HIBERNIAN COMMUNITY FOUNDATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
14
Tangible fixed assets
Computers
£
Cost
At 1 July 2023
17,371
Additions
1,738
At 30 June 2024
19,109
Depreciation and impairment
At 1 July 2023
17,297
Depreciation charged in the year
508
At 30 June 2024
17,805
Carrying amount
At 30 June 2024
1,304
At 30 June 2023
74
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,043
18,899
Other debtors
2,275
-
Prepayments and accrued income
19,094
31,470
26,412
50,369
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Other taxation and social security
7,062
1,796
Deferred income
17
16,953
21,143
Trade creditors
21,488
3,726
Other creditors
430
-
Accruals
15,204
2,360
61,137
29,025
17
Deferred income
2024
2023
£
£
Arising from Deferred Income
16,953
21,143
HIBERNIAN COMMUNITY FOUNDATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
17
Deferred income
(Continued)
- 21 -

Deferred income is included in the financial statements as follows:

2024
2023
£
£
Deferred income is included within:
Current liabilities
16,953
21,143
Movements in the year:
Deferred income at 1 July 2023
21,143
-
Released from previous periods
(21,143)
-
Resources deferred in the year
16,953
21,143
Deferred income at 30 June 2024
16,953
21,143

Deferred income is wholly comprised of income received in advance for the holiday camp that took place in July and August 2023.

 

 

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
6,945
3,475

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.

HIBERNIAN COMMUNITY FOUNDATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
19
Restricted funds

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.

Movement in funds
Balance at
1 July 2023
Incoming resources
Resources expended
Transfers
Balance at
30 June 2024
£
£
£
£
£
Team United - ELC
-
500
(500)
-
-
ECCC Older Persons Event
-
500
(500)
-
-
SPFL Trust - Activity Worker
-
9,800
(9,800)
-
-
City of Edinburgh Council - Don't Start It
12,500
-
(195)
-
12,305
SFA
-
750
(755)
5
-
SAMH - The Changing Room
-
8,400
(8,400)
-
-
Dnipro Kids
-
11,700
(11,700)
-
-
Wood Mackenzie
-
3,500
(3,500)
-
-
Baillie Gifford
-
14,720
(14,720)
-
-
Theorise Ltd
-
2,500
(2,500)
-
-
Young Start
-
38,574
(38,574)
-
-
Awards For All
-
1,834
(1,834)
-
-
Shared Care Funding
-
25,251
(25,251)
-
-
NHS Summer Programme
-
6,036
(6,036)
-
-
West Lothian Council
-
4,061
(4,061)
-
-
Edinburgh Council
-
2,014
(2,014)
-
-
Erasmus
-
6,824
(6,824)
-
-
Ellen and Ian Graham Charitable Foundation
-
12,225
(12,225)
-
-
Christmas Appeal
-
2,375
(2,375)
-
-
EVOC
-
12,850
(12,850)
-
-
SFA - Extra Time
-
133,014
(133,014)
-
-
TU - Extra Time
-
1,200
(1,200)
-
-
12,500
298,628
(298,828)
5
12,305
HIBERNIAN COMMUNITY FOUNDATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
19
Restricted funds
(Continued)
- 23 -
Movement in funds
Balance at
1 July 2022
Incoming resources
Resources expended
Transfers
Balance at
30 June 2023
£
£
£
£
£
Game Changer PSP
9,429
-
(9,429)
-
-
City of Edinburgh Council - Employment Support
-
7,500
(7,500)
-
-
East Lothian Council - Employment Support
-
1,400
(1,400)
-
-
City of Edinburgh Council - Don't Start It
-
31,420
(18,920)
-
12,500
The Ripple Project
-
1,990
(1,990)
-
-
SPFL Trust
-
11,720
(11,720)
-
-
City of Edinburgh Council - Youth Suport
-
1,418
(1,418)
-
-
9,429
55,448
(52,377)
-
12,500
HIBERNIAN COMMUNITY FOUNDATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
19
Restricted funds
(Continued)
- 24 -

Game Changer PSP

To contribute towards salary costs.

 

City of Edinburgh Council - Employment Support

Income from Employer's Recruitment Incentive scheme.

 

East Lothian Council - Employment Support

To run introduction to employment courses in schools.

 

City of Edinburgh Council - Don't Start It

To run an alcohol awareness programme in primary schools.

 

The Ripple Project

To help deliver community meals served in the stadium (Mondays).

 

SPFL Trust

To help deliver community meals served in the stadium (Wednesdays).

 

City of Edinburgh Council - Youth Support

To run a youth club on Friday evening with local partners.

 

SFA

To run McDonald’s Fun Football (free football for children from certain schools)

 

Team United - ELC

Income from East Lothian Council to assist in running sessions in East Lothian.

 

ECCC Older Persons Event

This was funding from Edinburgh Council to assist in running Older Person's events which consist of tea dances and burns night events - fully allocated.

 

SAMH - The Changing Room

Funding from SAMH to run mental health programme called The Changing Room.

 

Dnipro Kids

Funding towards new scots activities, such as staff costs (direct and sessional), food, venue, activity materials, staff training, travel and IT.

 

Wood Mackenzie

Funding from Wood Mac to cover food provision costs for Wednesday lunch clubs.

 

Baillie Gifford

Funding towards the running costs of Team United.

 

Theorise Ltd

Sponsorship of team united player kits and apparel.

 

Young Start

Funding towards the Tea Leader project. This is 3-year funding.

 

Awards for All

Funding towards the project 'Team Up for the World Cup'.

 

Shared Care Funding

Funding for better breaks application to support carers.

 

NHS Summer Programme

Funding towards Team United summer camps.

HIBERNIAN COMMUNITY FOUNDATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
19
Restricted funds
(Continued)
- 25 -

West Lothian Council

Service level agreement to deliver services in West Lothian.

 

Edinburgh Council

To run a Sports Hub (to support keep fit activities for older people in the Community Hub)

 

Erasmus

Funding towards a research project (European funding for participating and data collection in a project)

 

Ellen and Ian Graham Charitable Foundation

Funding towards Christmas Day activities, such as staff costs (direct and sessional), food, venue hire, activity materials and community hub materials.

 

Christmas Appeal

Funding received to go towards Christmas Events.

 

EVOC

Funding towards New Scot and Ukrainian group activities.

 

SFA Extra Time

Funding provided by the Scottish Football Association for the Extra Time project.

 

TU Extra Time

Funding provided by the Scottish Football Association for the Extra Time project specifically for Team United.

20
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 30 June 2024:
Tangible assets
1,304
-
1,304
Current assets/(liabilities)
157,026
12,305
169,331
158,330
12,305
170,635
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
At 30 June 2023:
Tangible assets
74
-
74
Current assets/(liabilities)
162,252
12,500
174,752
162,326
12,500
174,826
HIBERNIAN COMMUNITY FOUNDATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
21
Unrestricted funds

The income funds of the charity include the following unrestricted funds which includes any designated funds that have been set aside by the trustees for specific purposes:

Movement in funds
Balance at
1 July 2023
Incoming resources
Resources expended
Transfers
Balance at
30 June 2024
£
£
£
£
£
Unrestricted fund
162,326
588,225
(592,216)
(5)
158,330
Movement in funds
Balance at
1 July 2022
Incoming resources
Resources expended
Transfers
Balance at
30 June 2023
£
£
£
£
£
Unrestricted fund
166,539
380,008
(384,221)
-
162,326
22
Related party transactions
Transactions with related parties

During the year the charity entered into the following transactions with related parties:

The Hibernian Football Club Limited, which is the sole Member of the Company and is a company with Directors in common with the Company, made donations of £12,564 to the Company (2023: £12,505). This was fully paid in the year.

 

The Hibernian Football Club Limited provided goods and services to the Company of £2,720 (2023: £4,993), all of which was paid during the year.

 

During the year Trustee Katherine Gordon, who is a Director of Hibernian Football Club Limited, made donations to the Company of £4,325 (2023: £nil).

 

During the year one (2023: one) Trustee received reimbursement for expenses of £16,712 (2023: £2,174).

 

 

HIBERNIAN COMMUNITY FOUNDATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
23
Cash generated from operations
2024
2023
£
£
Deficit for the year
(4,191)
(1,142)
Adjustments for:
Investment income recognised in statement of financial activities
(10,978)
(3,475)
Depreciation and impairment of tangible fixed assets
508
100
Movements in working capital:
Decrease/(increase) in debtors
23,957
(18,082)
Increase/(decrease) in creditors
36,302
(2,298)
(Decrease)/increase in deferred income
(4,190)
21,143
Cash generated from/(absorbed by) operations
41,408
(3,754)
24
Analysis of changes in net funds

The charity had no material debt during the year.

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