The charitable arm of Wasps Rugby Club has closed after a steep drop in revenue since 2018 and a failure to submit its accounts.
Wasps Community Foundation (WCF), set up by the Coventry-based club in 2008 to “promote the education, motivation and inspiration of people through the power of sport”, was dissolved on 16 August by Companies House.
WCF’s annual return and accounts for the year ending 30 June 2021 are overdue by more than 100 days and the Charity Commission is considering investigating the organisation despite its closure.
“We are assessing this matter to determine whether there is a role for the Commission,” a spokesperson for the regulator said.
The Commission has the power to assessing potential concerns about former charities, should it determine that would be necessary.
Wasps Rugby Club said it plans to launch a new charitable foundation shortly.
Steep decline in income
According to WCF’s most recently filed accounts, for the year to June 2020, its total income was just £1,600.
But the year before, its revenue was £68,000 and in 2017-18 it received £850,000, most of which came from rugby club’s parent company, Wasps Holdings Limited, as a waived loan.
WCF said, in its accounts for 2018-19, that it had “reviewed the way in which the foundation and the club's community department delivers its programme”.
“Centrally funded Premiership Rugby Limited programmes have been transferred to Wasps Holdings and are delivered by the Wasps Holdings Community team,” it said.
“All charitable activity remains to be delivered via WCF. The revised methodology of delivery […] reflects the reduction in income and associated costs.”
Plans for new foundation
A Wasps spokesperson said: “The Community Foundation was removed from the record due to the fact accounts will be filed late and will be re-instated shortly. No donations have been received during this period.
“We’re currently in the process of restructuring our community and foundation activities, which will be split into two distinct arms structured to improve and increase our community outreach and delivery of funded programmes.
“The Wasps Community will deliver activities such as matchday experiences, and paid-for rugby and netball camps. The new charitable foundation, which will be launched shortly, will focus on not-for-profit programmes and activities funded by donations or third parties.”
