Company Registration No. 9495670 (England and Wales)
BUCKINGHAMSHIRE COMMUNITY FOUNDATION (KOP HILL CLIMB) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
BUCKINGHAMSHIRE COMMUNITY FOUNDATION (KOP HILL CLIMB) LIMITED
COMPANY INFORMATION
Directors
Mr J W Biggs
Mrs L V Cannon Clegg
Mr G C Corney
Mr P J Manktelow
Mr W Pettinger
(Appointed September 2022)
Mr W M Stewart
Company number
9495670
Registered office
70 New Road
Weston Turville
Aylesbury
Bucks.
HP22 5QT
Auditor
Azets Audit Services
Suites B&D
Burnham Yard
Beaconsfield
Buckinghamshire
HP9 2JH
BUCKINGHAMSHIRE COMMUNITY FOUNDATION (KOP HILL CLIMB) LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Profit and loss account
7
Balance sheet
8
Notes to the financial statements
10-13
BUCKINGHAMSHIRE COMMUNITY FOUNDATION (KOP HILL CLIMB) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023OR THE YEAR ENDED 31 MARCH 2022
The directors present their annual report and financial statements for the year ended 31 March 2023.
Principal activities
The principal activity of the company continued to be that of organising a vintage car rally in September of each year known as The Kop Hill Climb. This event is a fund-raising event and the surplus made is gift-aided to the holding company Buckinghamshire Community Foundation, a registered charity.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr A K Bacon
(Resigned September 2022)
Mr J W Biggs
Mrs L V Cannon Clegg
Mr G C Corney
Mr P J Manktelow
Mr W Pettinger
(Appointed September 2022)
Mr W M Stewart
Auditor
Azets Audit Services were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company's auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditor is aware of that information.
information of which the company's auditor is unaware. Additionally, the directors individually have taken all necessary steps that they ought to have taken as directors to make themselves aware of all relevant audit information and to establish that the company's auditor is aware of that information.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
Companies exemption
On behalf of the board
Mr W M Stewart
Director
10 August 2023
- 1 -
BUCKINGHAMSHIRE COMMUNITY FOUNDATION (KOP HILL CLIMB) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 2 -
BUCKINGHAMSHIRE COMMUNITY FOUNDATION (KOP HILL CLIMB) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BUCKINGHAMSHIRE COMMUNITY FOUNDATION (KOP HILL CLIMB) LIMITED
Opinion
We have audited the financial statements of Buckinghamshire Community Foundation (Kop Hill Climb) Limited (the 'company') for the year ended 31 March 2023 which comprise the profit and loss account, the balance sheet, the statement of changes in equity 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 FRS 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 company's affairs as at 31 March 2023 and of its profit 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 company 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 directors' 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 company'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 directors 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 directors 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.
- 3 -
BUCKINGHAMSHIRE COMMUNITY FOUNDATION (KOP HILL CLIMB) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BUCKINGHAMSHIRE COMMUNITY FOUNDATION (KOP HILL CLIMB) LIMITED
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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters where 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors 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 directors 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 directors are responsible for assessing the company'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 directors either intend to liquidate the 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.
- 4 -
BUCKINGHAMSHIRE COMMUNITY FOUNDATION (KOP HILL CLIMB) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BUCKINGHAMSHIRE COMMUNITY FOUNDATION (KOP HILL CLIMB) LIMITED
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:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
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.
- 5 -
BUCKINGHAMSHIRE COMMUNITY FOUNDATION (KOP HILL CLIMB) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BUCKINGHAMSHIRE COMMUNITY FOUNDATION (KOP HILL CLIMB) LIMITED
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 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.
Christopher Nisbet BA(Hons) FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
11 August 2023
Chartered Accountants
Statutory Auditor
Suites B&D
Burnham Yard
Beaconsfield
Buckinghamshire
United Kingdom
HP9 2JH
- 6 -
BUCKINGHAMSHIRE COMMUNITY FOUNDATION (KOP HILL CLIMB) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
2023
2022
Notes
£
£
Turnover
274,280
207,030
Cost of sales
(149,728)
(100,306)
Gross profit
124,552
106,724
Administrative expenses
(29,449)
(28,517)
Other operating income
22,505
34,288
Profit before taxation
117,608
112,495
Tax on profit
3
-
-
Profit for the financial year
117,608
112,495
- 7 -
BUCKINGHAMSHIRE COMMUNITY FOUNDATION (KOP HILL CLIMB) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
935
-
Current assets
Debtors
6
1,386
341
Cash at bank and in hand
56,459
29,523
57,845
29,864
Creditors: amounts falling due within one year
7
(7,942)
(7,484)
Net current assets
50,838
22,380
Total assets less current liabilities
50,838
22,380
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
50,838
22,380
Total equity
50,839
22,381
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 board of directors and authorised for issue on
10 August 2023
10 August 2023
and are signed on its behalf by:
Mr W M Stewart
Director
Company Registration No. 9495670
- 8 -
BUCKINGHAMSHIRE COMMUNITY FOUNDATION (KOP HILL CLIMB) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 31 March 2021
1
8,711
8,712
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
112,495
112,495
Distributions to parent charity under gift aid
4
-
(98,826)
(98,826)
Balance at 31 March 2022
1
22,380
22,381
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
117,608
117,607
Distributions to parent charity under gift aid
4
-
(89,150)
(89,150)
Balance at 31 March 2023
1
50,838
50,839
- 9 -
BUCKINGHAMSHIRE COMMUNITY FOUNDATION (KOP HILL CLIMB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
Company information
Buckinghamshire Community Foundation (Kop Hill Climb) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 70 New Road, Weston Turville, Aylesbury HP22 5QT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
- Section 7 ‘Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures;
- Section 11 ‘Basic Financial Instruments' and Section 12 ‘Other Financial Instrument Issues': Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
- Section 26 ‘Share based Payment': Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
- Section 33 ‘Related Party Disclosures': Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Buckinghamshire Community Foundation. These consolidated financial statements are available from its registered office, Sunley House 4th Floor, Oxford Road, Aylesbury, Buckinghamshire HP19 8FQ.
1.2
Going concern
Following cancellation of the 2020 event due to the Covid-19 situation, The Kop Hill Climb returned in 2021 with a very successful event. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.
.
- 10 -
BUCKINGHAMSHIRE COMMUNITY FOUNDATION (KOP HILL CLIMB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
1.3
Event income
Event income includes the participants' entrance fees, spectator tickets, sponsor fees, pitch charges levied on traders and sundry merchandising.
Revenue is recognised by reference to the year of the event that it attaches to.
1.4
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:
Plant and equipment
Straight line over 5 years
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Gifts in kind
Being a wholly owned subsidiary of a charity, the accounting policies that apply to the charity have been adopted by the subsidiary. This includes the recognition of gifts in kind, this may be either donated goods or services.
- 11 -
BUCKINGHAMSHIRE COMMUNITY FOUNDATION (KOP HILL CLIMB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
These employees are directors who received no remuneration in the period or the prior year.
3
Taxation
2023
2022
£
£
Total current tax
-
-
All of the accounting profits will be paid to the parent charity within nine months of the reporting date and as such, there is no taxable profit.
See Note 4.
4
Dividends and distributions
2023
2022
Distributions to parent charity under gift aid
£
£
Interim gift aid payment
68,640
92,850
Final gift aid payment in respect of prior year
20,510
5,976
89,150
98,826
- 12 -
5
Tangible fixed assets
Plant and equipment
£
Cost
At 31 March 2022
3,963
Additions
1,169
At 31 March 2023
5,132
2
Depreciation and impairment
At 1 April 2022
3,963
Depreciation charged in the year
234
At 31 March 2023
4,197
-
Carrying amount
At 31 March 2023
935
At 31 March 2022
-
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,386
341
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
-
Other creditors
7,942
7,484
7,942
7,484
- 13 -
falseCCH SoftwareiXBRL Review & Tag 2022.22023-03-312022-04-0194956702022-04-012023-03-3194956702023-03-3194956702021-04-012022-03-319495670bus:FRS1022022-04-012023-03-319495670bus:PrivateLimitedCompanyLtd2022-04-012023-03-319495670bus:Audited2022-04-012023-03-319495670bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP