The Trustees presents their report and accounts for the year ended 31 December 2023.
The Trustees, who are also directors of the Charitable Company for the purposes of the Companies Act 2006, present their report, which is a directors' report as required by section 417 of the Companies Act 2006, and financial statements for the year ended 31 December 2023. The Trustees have adopted the provisions of the Charities SORP (FRS 102) and the Companies Act 2006.
DIRECTORS AND TRUSTEES
The directors of the Charitable Company are its Trustees for the purposes of company law and throughout this report are collectively referred to as the Trustees.
The Trustees who held office during the year was as follows:
Directors and Trustees:
Mr E Collins (Director & Trustee)
Mr R Fenwick (Director & Trustee)
Mr A Harding (Director & Trustee)
Mr A Loudon (Trustee) (Resigned 07 November 2023)
Mr R Marshall (Director & Trustee)
Mr O Philips (Director & Trustee)
The Sporting Ambition Foundation has been set up by its Trustees to help children and young people in the UK through the medium of sport.
The aim of the foundation is to support a wide variety of new and existing sporting initiatives primarily in underprivileged communities that promote the emotional, mental and physical well-being and development of young people across the country.
The charity will provide grants to fund sporting opportunities for underprivileged children in the UK, with a particular focus on developing provision and increasing participation in the London area. Sport disciplines would include, but would not be limited to: golf, karting, horse racing, boxing, cycling and more.
The foundation will provide grant funding directly or indirectly to a registered charity to enable the use of facilities by schools, colleges, other educational or sports establishments as well as youth and community centres. Funding will also be provided to support the organisation of sports and recreational extra-curricular activities for children and young people.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Income Generation
The organisation’s income was donations received of £4,892 (2022: £3,193).
Resources expended and services
The organisation’s total expenditure for the year was £1,868 (2022: £1,868).
The financial results for the year and the financial position at 31 December 2023, which the Board considered to be satisfactory, are set out on page 5. The Board confirms that the financial statements comply with the statutory requirements, the requirements of the charity’s governing document and the requirements of the Statement of Recommended Practice (the Charities SORP 2019).
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 considers 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 Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.
The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The Sporting Ambition Foundation is a company limited by guarantee incorporated on 7th December 2015. It is registered as a charity with the Charity Commission.
The charity has no share capital. There are currently 6 Trustees, all of whom are directors. None of the Trustees have any beneficial interest in the company. All of the Directors are members of the company and guarantee to contribute £10 in the event of a winding up.
Appointment of Trustees
Trustees are elected by the Board in accordance with the Memorandum and Articles of Association. The chair and treasurer are elected at the first Board meeting following the AGM.
Trustee Induction and Training
New Trustees are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making process. During the induction day they are able to meet other staff members. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
Risk Management
The Trustees have a risk management strategy which comprises:
An annual review of the risks the charity may face;
The establishment of systems and procedures to mitigate those risks identified in the plan; and
The implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.
During the year, the Trustees reviewed the major risks which, if they occurred would have a severe impact on the operational performance, objectives and reputation of the Charity. A risk assessment exercise and consultation process involving the Trustees was undertaken. A risk policy has been drafted. The major risks identified by the Trustees have been included in the Risk Register, which will be reviewed on an annual basis or as required by the risk management strategy. A key element in the management of financial risk is the setting of a reserves policy and its regular review by the Trustees.
This report has been prepared in accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities and in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
The trustees report was approved by the Board of Trustees.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Sporting Ambition Foundation for the year ended 31 December 2023, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/
It is your duty to ensure that The Sporting Ambition Foundation has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of The Sporting Ambition Foundation. You consider that The Sporting Ambition Foundation is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.
The accounts have been prepared in accordance with the Companies Memorandum and Articles incorporated on 7 December 2015, 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). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The accounts are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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 foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
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.
Cash and cash equivalents include cash in hand and deposits held at call with bank.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
Donations
Charitable donations, bank charges and other costs
Governance Cost
Legal and professional fees
Accountancy fees
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.